Summary
Garmin Ltd. announced on June 4, 2010, a significant corporate restructuring event: the approval from the Grand Court of the Cayman Islands for a change in the place of incorporation of its group holding company from the Cayman Islands to Switzerland. This move is expected to be completed by June 28, 2010, prior to market open, assuming all closing conditions are met. Investors should note that this change in incorporation location is primarily a legal and administrative maneuver. Garmin's reporting obligations with the SEC will continue uninterrupted, and its shares will remain listed and traded on the NASDAQ Global Select Market under the existing ticker symbol "GRMN." This transaction is not expected to alter the company's operational structure or its commitment to shareholder transparency.
Key Highlights
- 1Garmin Ltd. has received approval to reincorporate its group holding company from the Cayman Islands to Switzerland.
- 2The company anticipates completing this change in place of incorporation by June 28, 2010.
- 3The transition is subject to the fulfillment of all necessary closing conditions.
- 4Upon completion, Garmin's SEC reporting requirements will remain in effect.
- 5The company's shares will continue to be listed on the NASDAQ Global Select Market.
- 6Garmin's trading symbol "GRMN" will remain unchanged.