AUSTIN,
Texas, Aug. 21, 2023 /PRNewswire/ -- Digital
Brands Group, Inc. ("we", "us", "DBG" or the "Company") (NASDAQ:
DBGI), a curated collection of luxury lifestyle, digital-first
brands, announced today that it will effect a 1-for-25 reverse
stock split ("Reverse Stock Split") of its common stock, par value
$0.0001 per share ("Common Stock"),
that will become effective on August 22,
2023, at 12:01 a.m., Eastern
Time, pursuant to the vote of its shareholders on
August 21, 2023. DBG's Common Stock
will continue to trade on The Nasdaq Capital Market ("Nasdaq")
under the existing symbol "DBGI" and will begin trading on a
split-adjusted basis when the market opens on August 22, 2023. The new CUSIP number for the
Common Stock following the Reverse Stock Split will be 25401N
408.
Additional information about the Reverse Stock Split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission on July
19, 2023 (and as amended on July 21,
2023), a copy of which is also available on the Company's
Investor Relations page.
About Digital Brands Group
We offer a wide variety of apparel through numerous brands on a
both direct-to-consumer and wholesale basis. We have created a
business model derived from our founding as a digitally
native-first vertical brand. Digital native first brands are brands
founded as e-commerce driven businesses, where online sales
constitute a meaningful percentage of net sales, although they
often subsequently also expand into wholesale or direct retail
channels., Unlike typical e-commerce brands, as a digitally native
vertical brand we control our own distribution, sourcing products
directly from our third-party manufacturers and selling directly to
the end consumer. We focus on owning the customer's "closet share"
by leveraging their data and purchase history to create
personalized targeted content and looks for that specific customer
cohort. We have strategically expanded into an omnichannel brand
offering these styles and content not only on-line but at selected
wholesale and retail storefronts. We believe this approach allows
us opportunities to successfully drive Lifetime Value ("LTV") while
increasing new customer growth.
Company Contact
Digital Brands Group, Inc.
Hil Davis, CEO
Email: invest@digitalbrandsgroup.co
Phone: (800) 593-1047
Related Links
https://www.digitalbrandsgroup.co
https://ir.digitalbrandsgroup.co
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SOURCE Digital Brands Group, Inc.