An investment broker and a Cycle Country Accessories executive own more than 50 percent of the company following a recent purchase by the investor, the Sioux City (Iowa) Journal reported.
Paul DeShaw acquired nearly 1.9 million shares of Cycle Country on April 20, according to a filing with the Securities and Exchange Commission. The stocks were purchased for $.25 each, for a total of $473,315. Combined with previously owned stock, DeShaw now owns 36.2 percent of the shares of the company.
Along with Bob Davis, Cycle Country’s CEO, chief operating officer and chief financial officer, the two own 52 percent of the total stock, according to the report. Davis told the newspaper that Cycle Country has 1,000 to 1,200 smaller shareholders. Davis said he and DeShaw have no plan to make the company private.