American IronHorse Motorcycle co-founder Tim Edmondson has resigned his board position with the company and sold all of his stake in the company to its leading shareholder Xponential, Inc.
Xponential purchased Edmondson's 190,000 shares of American IronHorse Motorcycle Company, Inc. common stock at $8.50 per share, for a total consideration of $1,615,000, which was paid partly in cash and partly by a three year unsecured promissory note.
The acquisition increases the holdings of Xponential to 988,659 shares, or 17.7% of the common stock outstanding. Xponential also owns a warrant to purchase an additional 100,000 shares at $15 per share.
Dwayne A Moyers is Chief Executive Officer and Chairman of the Board of Xponential, and also serves as Chairman of the Board of American IronHorse. Robert Schleizer, the Company's Chief Financial Officer, previously served as Chief Financial Officer of American IronHorse from January 2004 to March 2005. Mr. Moyers and other directors and officers of Xponential own or control, either directly or through affiliated entities, an additional 967,262 shares, or 17.3% of the outstanding common stock of American IronHorse.
Edmondson co-founded American IronHorse in 1995 with Bill Rucker, and served as an American IronHorse director since the formation of the board in 1999. He served as president of the company until 2003, after which he assumed the role of chief designer. He resigned from his day-to-day role at American IronHorse in 2004.
Edmondson plans to focus on further developing a new company he started about a year ago named ECB (Edmondson Custom Built). ECB is a 15,000-sq.-ft. custom bike and design studio in the Fort Worth area that will manufacture full-custom motorcycles and a range of parts and accessories. He also plans to debut several new ECB products at 2006 Daytona Bike Week.
Copyright 2006 Powersports Business