NEWTON GOLF Announces $1 Million Share Repurchase Authorization

Rhea-AI Summary

NEWTON GOLF (Nasdaq: SPGC) has announced a $1 million share repurchase authorization approved by its Board of Directors. The program will run from January 31, 2025, to January 31, 2026. The company, which specializes in golf technology products including putters, shafts, grips, and accessories, may conduct repurchases through open market or private transactions.

The repurchase program is discretionary based on market conditions, business factors, and legal requirements. The company maintains flexibility to extend, suspend, or discontinue the program without prior notice. Executive Chairman Greg Campbell cited growing adoption of Newton Motion replacement shafts and confidence in the company's continued growth and path to breakeven as key factors enabling this share repurchase initiative.

Positive

• Authorization of $1 million share repurchase program indicating financial strength
• Growing adoption of Newton Motion replacement shafts
• Management's confidence in business outlook and growth trajectory
• Company progressing toward breakeven status

Negative

• Company not yet profitable (still on 'path to breakeven')
• size of buyback program ($1 million)
• No guarantee on number of shares to be repurchased

CAMARILLO, CA, Feb. 03, 2025 (GLOBE NEWSWIRE) -- NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, announces that its Board of Directors has approved a share repurchase authorization of up to $1 million of its common stock, effective January 31, 2025 and expiring January 31, 2026. The Company may repurchase the shares in open market transactions, privately negotiated transactions, or a combination thereof. Share repurchases are subject to the Company’s discretion based on market conditions, business considerations, legal requirements, and other factors. There is no guarantee as to the number of shares that will be repurchased, and the repurchase program may be extended, suspended, or discontinued without prior notice at the Company’s discretion.

“Our share repurchase authorization reflects the confidence we have in our business, our outlook for continued growth, and a path to breakeven. Growing adoption of our Newton Motion replacement shafts is a significant factor that provides us the flexibility and discretion to repurchase our common stock,” commented NEWTON GOLF Executive Chairman Greg Campbell.

About NEWTON GOLF: A Sacks Parente Company

NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

Investor Contact for NEWTON GOLF
CORE IR
516-222-2560
investors@sacksparente.com

FAQ

What is the size and duration of SPGC's share repurchase program?

NEWTON GOLF's share repurchase program authorizes up to $1 million in stock buybacks from January 31, 2025, to January 31, 2026.

How will SPGC implement its share repurchase program?

The company may repurchase shares through open market transactions, privately negotiated transactions, or a combination of both methods.

What products does SPGC currently offer in its portfolio?

NEWTON GOLF offers a range of golf products including putters, golf shafts, golf grips, and other golf-related accessories.

What factors influenced SPGC's decision to authorize the share repurchase?

The decision was influenced by growing adoption of Newton Motion replacement shafts, confidence in continued growth, and progress toward reaching breakeven status.

Can SPGC modify or cancel the share repurchase program?

Yes, the program can be extended, suspended, or discontinued at the company's discretion without prior notice.