Lazydays Holdings announced that Ron Fleming has been appointed CEO. Fleming has served as the company’s interim CEO and a member of its board of directors since September 2024.
Robert DeVincenzi, chairman of the board, said, “Since assuming the role of Interim CEO, Ron has led Lazydays with vision and passion, implementing an operational turnaround plan and executing a series of transactions meant to stabilize the business and position it for the future. As a longtime Lazydays executive, he understands our business from the inside out, and his deep industry experience, relationships and commitment to our people, customers, OEM partners and shareholders make him the right leader at this important time for the company.”
Fleming added, “It is a privilege to assume the CEO role on a permanent basis, and I am excited to continue to build on the progress we have made over the past ten months. While there remains work to be done, Lazydays has a strong foundation and a dedicated team, and I am confident in our ability to return the Company to its leadership position while creating sustainable value for all our stakeholders.”
Fleming has been a leader in the RV industry for more than 40 years. Prior to rejoining Lazydays last year, he worked at the company from November 2013 to August 2023, first as general manager of the company’s flagship Tampa dealership until his promotion to vice president and national general manager overseeing all Lazydays locations. He rose to the position of senior vice president of operations, overseeing all operations at Lazydays, and was a key member of the senior leadership team that successfully led the company through a transaction to become a public company in 2018.
In addition, the company announced that the company’s board of directors has approved the implementation of a reverse stock split of the company’s issued and outstanding common stock, par value $0.0001 per share by a ratio of 1-for-30. The company will affect the Reverse Stock Split at a 1-for-30 ratio effective at 5 p.m. Eastern time on July 11.
The company’s common stock is expected to begin trading on a Reverse Stock Split adjusted basis on The Nasdaq Capital Market at market open on July 14 under the existing symbol “GORV” and the new CUSIP number 52110H209.
At the company’s annual Meeting of Stockholders held on July 3, stockholders approved a proposal to authorize a reverse stock split of the Common Stock by a ratio of at least 1-for-2 and up to 1-for-30, as determined by the company’s board.
The Reverse Stock Split is primarily intended to increase the company’s per share market price of its Common Stock to seek to regain compliance with the minimum per share bid price requirement for continued listing on The Nasdaq Capital Market.
“This strategic initiative reflects our commitment to the long-term strength and stability of Lazydays. We are grateful for the continued support of our shareholders and remain focused on executing our operational turnaround plan,” Fleming said.
As a result of the Reverse Stock Split, every 30 shares of the Common Stock will be automatically combined into one new share of Common Stock. No fractional shares will be issued in connection with the Reverse Stock Split. If the shares of Common Stock held by any holder of Common Stock immediately prior to the Reverse Stock Split are collectively reclassified pursuant to the Reverse Stock Split into a fractional number of shares of Common Stock, the company will issue to such holder such fractions of a share of Common Stock as are necessary to round the number of shares of Common Stock held by such holder immediately following the Reverse Stock Split up to the nearest whole number of shares. The Reverse Stock Split will not alter stockholders’ percentage ownership interest in the Company, except to the extent of any de minimis change due to rounding up as described above.
The company’s transfer agent, Continental Stock Transfer & Trust Company, will serve as the exchange agent for the Reverse Stock Split. Registered stockholders holding pre-reverse split shares of the Company’s Common Stock electronically in book-entry form are not required to take any action to receive post-reverse split shares. Those stockholders who hold their shares in brokerage accounts or in “street name” will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to each broker’s particular processes, and will not be required to take any action in connection with the Reverse Stock Split. Any stockholder of record holding shares of the company’s Common Stock in certificate form will receive a transmittal letter from Continental Stock Transfer & Trust Company with instructions as soon as practicable after the Reverse Stock Split.
