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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 29, 2023
SACKS PARENTE GOLF, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-41701 | 82-4938288 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
551 Calle San Pablo
Camarillo, CA 93012
(Address of principal executive offices, including ZIP code)
855-774-7888
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act of 1933 (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(e) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common stock, par value $0.01 per share | SPGC | The Nasdaq Stock Market, LLC |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective December 29, 2023, Timothy L. Triplett resigned as the Company’s Chief Executive Officer for family reasons. Greg Campbell, Chairman of the Company’s Board of Directors, will assume responsibilities as Executive Chairman to facilitate a smooth transition while the Company commences a search for a new Chief Executive Officer.
| Item 8.01 | Other Events |
On December 29, 2023, the Company issued a press release announcing the resignation of Mr. Triplett. A copy of the press release is filed as Exhibit 99.1 to this Current Report and is incorporated by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
|
99.1 |
Press Release regarding the resignation of Timothy Triplett | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| - |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: December 29, 2023 | SACKS PARENTE GOLF, INC. | |
| By: | /s/ Steve Handy | |
|
Steve Handy |
||
| Chief Financial Officer | ||
| - |
EXHIBIT 99.1
Sacks Parente Golf CEO Announces Resignation to Prioritize Family Health
CAMARILLO, CA, December 29, 2023 – Sacks Parente Golf, Inc. (Nasdaq: SPGC) (“SPG” 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 it has accepted the resignation of its Chief Executive Officer, Tim Triplett, effective immediately. Greg Campbell, Chairman of SPG’s Board of Directors, will assume responsibilities as Executive Chairman to facilitate a smooth transition while the Company commences a search for a new CEO.
Triplett’s decision to step down is driven by a deep commitment to his family as he redirects his focus to provide crucial support during a challenging time. To respect the privacy of his family, specific details will not be disclosed.
In a brief statement, Triplett said, “Family is my top priority, and in light of a significant health challenge faced by a close family member, I must step back to offer the care and attention they need. This decision is a personal one, and, while difficult, it is made with an unwavering dedication to those I hold dear.”
This decision is independent of SPG’s current performance or market conditions. Triplett stated, “I want to assure our stakeholders, employees, and partners that SPG is well positioned for continued success. The talented team and leadership in place will ensure the Company remains on its current trajectory of growth.”
The Board of Directors at SPG acknowledges and supports Triplett’s decision.
“Our thoughts are with Tim and his family during this very difficult personal time. We respect his commitment to his family and extend our best wishes them. We also appreciate the contributions Tim made during his tenure,” said Campbell. “Our focus at Sacks Parente remains on growing the Company.”
About Sacks Parente Golf
Sacks Parente Golf, Inc. is a technology-forward golf company, 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 (U.L.B.P.) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts. In consideration of its growth opportunities in shaft technologies, in April of 2022, the Company expanded its manufacturing business to include advanced 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, and distributors in the United States, Japan, and South Korea. For more information, please visit the Company’s website at https://sacksparente.com/.
Media Contact:
Beth Gast
BG Public Relations
beth.gast@bgpublicrelations.com
Investor Contact:
CORE IR
516-222-2560
investors@sacksparente.com