a.k.a. Brands Holding Corp. Announces Board’s Approval of Reverse Stock Split Ratio and Effectiveness Date
- Reverse stock split to maintain NYSE listing
- None.
The reverse split is primarily intended to bring the Company into compliance with the minimum bid price requirement for maintaining its listing on the NYSE. The new CUSIP number for the common stock following the reverse split will be 00152K200.
On August 24, 2023, the board of directors of the Company (the “Board”) approved, and on August 25, 2023, Summit Partners L.P., and its affiliates (collectively, “Summit”), the beneficial holder of a majority of the outstanding shares of the Company’s common stock, executed a written consent approving the adoption of a certificate of amendment (the “Amendment”) to the Company’s amended and restated certificate of incorporation to effect the reverse split at a ratio to be determined by the Board, in its sole discretion, ranging from one-for-five to one-for-50. On September 25, 2023, the Board approved the reverse split at a ratio of one-for-12.
The reverse split will affect all issued and outstanding shares of common stock. All outstanding options, restricted stock awards, warrants and other securities entitling their holders to purchase or otherwise receive shares of common stock will be adjusted as a result of the reverse split, as required by the terms of each security. Following the reverse split, the par value of the common stock will remain unchanged at
The reverse split will reduce the number of shares of common stock issued and outstanding from approximately 128 million to approximately 11 million.
About a.k.a. Brands Holding Corp.
a.k.a. Brands is a brand accelerator of next generation fashion brands. Each brand in the a.k.a. portfolio targets a distinct Gen Z and millennial audience, creates authentic and inspiring social content and offers quality exclusive merchandise. a.k.a. Brands leverages its next-generation retail platform to help each brand accelerate its growth, scale in new markets and enhance its profitability. Current brands in the a.k.a. Brands portfolio include Princess Polly, Culture Kings, mnml and Petal & Pup.
For additional information, please visit: https://aka-brands.com/.
Forward Looking Statements
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include statements related to our financial and operational results for the second quarter and long-term expectations, as well as our brands’ omnichannel expansion initiatives.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or outcomes include the effects of economic downturns and unstable market conditions; our ability to regain compliance with the NYSE minimum share price requirement within the applicable cure period; our ability in the future to comply with the NYSE listing standards and maintain the listing of our common stock on the NYSE; risks related to doing business in
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Investor Contact
investors@aka-brands.com
Source: a.k.a. Brands