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Apex Global Brands Inc. has entered into a merger agreement with Galaxy Universal LLC, valued at $2.00 per share in cash. This acquisition is expected to close in the second quarter of 2021. The Board of Directors believes this sale is the best route to deliver equity to shareholders. A special meeting for stockholders will be organized for voting on the merger. Additionally, Apex has extended its forbearance agreement with senior lenders in connection with the merger.
Apex Global Brands reported a revenue decline to $4.4 million in Q2 Fiscal 2021, down 22% from $5.6 million the previous year, attributed to non-renewal of brand licenses and COVID-19 impacts. The adjusted EBITDA decreased to $2.3 million from $2.5 million. A net loss remained stable at $1.3 million. Significant cost-saving measures led to a 32% reduction in SG&A expenses, totaling $2.1 million. The company also executed a 1-for-10 reverse stock split and has negotiated forbearance agreements with lenders as it navigates financial challenges due to the pandemic.
Apex Global Brands (NASDAQ: APEX) announced the launch of the Hi-Tec Venture Series, a new performance apparel line featuring built-in face masks, developed in partnership with Tharanco Lifestyles. The collection, designed for the changing consumer landscape and suitable for various activities, will be available this fall through major outdoor retailers. Bill Hackett of Tharanco emphasized the blend of fashion and function, allowing users to insert filter screens for added protection. CEO Henry Stupp noted the potential to strengthen brand partnerships while advancing Hi-Tec's market presence.
Apex Global Brands (Nasdaq: APEX) reported financial results for Q1 Fiscal 2021, with revenues declining to $4.0 million from $5.1 million year-over-year. Adjusted EBITDA fell slightly to $1.1 million, while the net loss improved to $1.8 million from $2.3 million. The company anticipates $9.0 million in tax refunds from the CARES Act and secured a $0.7 million PPP loan. Although facing challenges due to COVID-19 and non-renewed licenses, Apex is refining operations and reducing SG&A expenses. However, it did not provide revenue guidance for Fiscal 2021 due to ongoing uncertainties.
