Dreams Inc., parent of Mounted Memories, Field of Dreams and other sports memorabilia companies, has rallied it’s stockholders for a reverse stock split aimed at increasing the price enough for the company to list on the American Stock Exchange.
Dreams has received approval from a majority of its shareholders to effectuate a reverse stock split of its common shares. A 1 for 6 reverse stock split became effective on Tuesday.
The higher stock price is a requirement for Dreams, Inc.’s application to be considered for listing on the American Stock Exchange (AMEX). Although no assurances can be given, the Company believes it has now met each of the numerical listing requirements of the AMEX.
According to Ross Tannenbaum, president of Dreams, Inc., "The application for listing on AMEX is the next natural step in the maturation of the company. The actual acceptance to the exchange will be a defining moment in our history. Dreams has achieved tremendous success over the past few years, and interest in the company has been significant," he said. "We believe this move will allow us to attract institutional investors and improve the marketability and liquidity of our Common Stock."
Dreams Inc. is the parent company of Mounted Memories, Pro Sports Memorabilia and Fans Edge. The Plantation, Florida-based company currently lists on the Over the Counter Bulletin Board, under the "DRMN" ticker.
A story in the south Florida business journal last month recalled the company’s humble beginning to it’s status as a growing and diverse company, with net income last year of $2.5 million.
”We’re exceeding our expectations at this point,” said Ross Tannenbaum, Dreams’ president and chief executive. “It’s a very exciting time.”
Tannenbaum attributes Dreams’ success to a business model based on years of building strong relationships with professional leagues and athletes.