![]() In a third-quarter earnings release, Drive Shack reported total revenue of $89 million-a 16% increase compared to the same period in 2021. In 2019, it opened three Drive Shack “GEN 2.0 venues” in Raleigh, Richland, and West Palm Beach. That site was something of a beta test for the next generation of its entertainment golf venues, the company has said. It’s now opened locations in Charlotte Washington, DC Houston and most recently, Chicago, which opened last month.ĭrive Shack opened its first namesake location in Orlando in 2018. The two-story space includes themed nine-hole golf courses, swanky lounges, and multiple bars. Puttery opened the first of its indoor concept venues in The Colony at Grandscape in 2021. Puttery, which puts a high-tech spin on putting, is a modern mashup of mini-golf and immersive experience. President and Chief Executive Officer Hana Khouri recently told Dallas Innovates that “entertainment venues are an important growth driver” for Drive Shack Inc. The company’s focus has expanded to golf-related entertainment and what it refers to as “competitive socializing.” The 50-year-old company has more than 70 facilities currently under management, per its website. It owns, manages, and leases golf courses and country clubs across the U.S. ![]() The company claims its traditional golf roots in the American Golf brand. portfolio companiesĭrive Shack Inc., which relocated its headquarters to Dallas in 2021, has a brand portfolio that includes Drive Shack, Puttery, and American Golf. The company plans to apply to have its common stock quoted on the OTCQX platform, but there is no guarantee that this will happen or that the securities will be traded on any market, Drive Shack noted in its FAQ. The company expects its securities to be delisted from the NYSE on January 3, 2023.Īfter going dark, the company’s shares will no longer be publicly traded in a regulated market. The company noted that “low trading value, and the resulting low-volume of trading, limits our securities’ liquidity, affects our ability to raise capital from the public markets, effectively use our securities as transaction consideration, attract interest from institutional investors or market analysts and otherwise enjoy the traditional benefits of being a publicly traded company.”Īccording to Morningstar, Drive Shack stock was trading in a range of $0.18 to $0.21 on Thursday the year range is $0.15 to $1.97. Furthermore, the reduction in time spent by our management and employees complying with the requirements applicable to SEC reporting companies will enable them to focus more on managing the Company’s businesses and growing stockholder value, with a focus on long-term growth without an undue distraction by short-term financial results and stock price movement. “Following going dark, being a non-reporting company will not preclude opportunities for the Company to achieve significant growth. “Going dark” will allow management and employees to focus on running the business-without being distracted by the requirements of being a publicly traded company. The delisting doesn’t “preclude opportunities for the company to achieve significant growth,” Drive Shack noted in a FAQ that elaborated on the news announcement. Puttery has since expanded to five locations. An “undue distraction”ĭrive Shack is the company behind the Puttery brand, a modern spin on mini-golf, which debuted in North Texas at The Colony’s Grandscape in 2021. The company points to its “current inability to realize the traditional benefits of public company status” and expected cost savings.ĭespite that lack of benefits, the company said, “we incur all of the significant annual expenses and indirect costs associated with being a public company.” Indirect costs include the professional fees of lawyers and accountants, as well as printing, mailing, and other costs necessary to comply with SEC reporting and compliance requirements. In a news release this week, the company said it intends to “go dark” on the exchange after receiving a notice that its securities were not in compliance with NYSE standards.ĭrive Shack’s board-along with management and outside counsel-determined that delisting is the best path forward. Dallas-based Drive Shack Inc., which owns and operates golf-related leisure and entertainment businesses, plans to voluntarily delist from the NYSE.
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