American Outdoor Brands (AOBC) Prepares for Spin-Off With Name and Stock Ticker Symbol Change (SWBI)
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Smith & Wesson Brands, Inc. (NASDAQ: SWBI), (formerly American Outdoor Brands Corporation), one of the world's leading providers of firearms and quality products for the shooting, hunting, and rugged outdoor enthusiast, has changed its name from American Outdoor Brands Corporation to Smith & Wesson Brands, Inc. and its ticker symbol from AOBC to SWBI. The name change reflects the company's preparation for the previously announced spin-off of its outdoor products and accessories business as a tax-free stock distribution to its stockholders in late summer 2020, a transaction that would create two independent publicly traded companies: Smith & Wesson Brands, Inc. (which would encompass the firearm business) and American Outdoor Brands, Inc. (which would encompass the outdoor products and accessories business). The company also unveiled the logo for the American Outdoor Brands, Inc. spin-off company, which is also available for viewing at www.aout.aob.com.
Barry M. Monheit, Chairman of the Board, said, "The name change of our parent company is an important step toward spinning off our outdoor products and accessories business, which remains on track to occur in late summer. We believe that separating into two independent public companies will allow each organization to better align its strategic objectives with its capital allocation priorities. We also believe that this action will give the investment community clearer insight into the value creation potential in each of these independent companies, ultimately driving enhanced stockholder value."
The company's common shares continue to be listed for trading on the Nasdaq Global Select exchange under the ticker symbol 'SWBI'. In conjunction with the name and ticker symbol change, the company's common shares have been assigned a new CUSIP number of 831754 106.
The company also announced that it plans to release its fourth quarter and full fiscal 2020 financial results on Thursday, June 18, after the close of the market. The full text of the press release will be available on the Smith & Wesson Brands, Inc. web site at www.aob.com under the Investor Relations section.
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