Gander Mountain Company Completes Reverse Stock Split And Forward Stock Split; Announces Plans To Voluntarily Delist Common Stock From The Nasdaq Global Market

ST. PAUL, Minn., Jan. 14 /PRNewswire-FirstCall/ -- On January 14, 2010, Gander Mountain Company ( www.GanderMtn.com) (Nasdaq: GMTN), the nation's largest retail network of stores for hunting, fishing, camping, and marine products and services and outdoor lifestyle apparel and footwear, effected a 1-for-30,000 reverse split of its common stock followed by a 30,000-for-1 forward split of its common stock.  Today, the company confirms its intent to withdraw its shares of common stock from listing on the Nasdaq Global Market.

Going-Private Transaction

As previously announced, a special committee of the company's board of directors, comprised of independent directors, recommended, and the board of directors approved, plans to cease the registration of its common stock with the Securities and Exchange Commission under the Securities Exchange Act of 1934.

To accomplish this, on January 14, 2010, the company filed an amendment to the company's articles of incorporation to effect a 1-for-30,000 reverse stock split of its common stock. Any shareholder holding less than one share after the reverse stock split will receive a cash payment of $5.15 for each share held prior to the reverse split. Immediately following the reverse stock split, the company filed a second amendment to its articles of incorporation to effect a 30,000-for-1 forward stock split. As a result, shareholders owning 30,000 or more shares of common stock at the time of the reverse split will retain their current numbers of shares of common stock without change and not receive cash in the transaction.  The funding for the cash payment for the fractional shares described above was provided by the company's two largest shareholders, Gratco, LLC and Holiday Stationstores, Inc.

The company intends to file a Form 25 with the SEC on January 15, 2010 relating to the delisting of its common stock, with the delisting of its common stock to be effective ten days thereafter. Accordingly, the Company expects that the last day of trading of its common stock on the Nasdaq Global Market will be on or about January 25, 2010.