a.k.a. Brands Holding Corp. Announces Board’s Approval of Reverse Stock Split Ratio and Effectiveness Date
26 9월 2023 - 5:30AM
Business Wire
a.k.a. Brands Holding Corp. (NYSE: AKA) (the “Company”), a brand
accelerator of next generation fashion brands, today announced that
it will effect a one-for-12 reverse stock split (“reverse split”)
of its common stock, par value $0.001 per share (“common stock”),
that will become effective on September 29, 2023 at 5:01 PM Eastern
Time, after the close of trading on the New York Stock Exchange
(“NYSE”). On October 2, 2023, the Company’s common stock will begin
trading on a post-reverse split basis on the NYSE under the
existing symbol “AKA.”
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 $0.001 per share. The reverse split
will not change the authorized number of shares of common stock. No
fractional shares will be issued in connection with the reverse
split, and stockholders who would otherwise be entitled to receive
a fractional share will instead receive a cash payment equal to
such fraction multiplied by the average of the closing sales prices
of the common stock (as adjusted to give effect to the reverse
split) on the NYSE for the five consecutive trading days
immediately preceding the effective date. The reverse split will
affect all stockholders uniformly and will not alter any
stockholder’s percentage interest in the Company’s equity (other
than as a result of the payment of cash in lieu of fractional
shares).
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 China; our ability to anticipate
rapidly-changing consumer preferences in the apparel, footwear and
accessories industries; our ability to acquire new customers,
retain existing customers or maintain average order value levels;
the effectiveness of our marketing and our level of customer
traffic; merchandise return rates; our ability to manage our
inventory effectively; our success in identifying brands to
acquire, integrate and manage on our platform; our ability to
expand into new markets; the global nature of our business;
interruptions in or increased costs of shipping and distribution,
which could affect our ability to deliver our products to the
market; our use of social media platforms and influencer
sponsorship initiatives, which could adversely affect our
reputation or subject us to fines or other penalties; fluctuating
operating results; the inherent challenges in measuring certain of
our key operating metrics, and the risk that real or perceived
inaccuracies in such metrics may harm our reputation and negatively
affect our business; the potential for tax liabilities that may
increase the costs to our consumers; our ability to attract and
retain highly qualified personnel, including key members of our
leadership team; fluctuations in wage rates and the price,
availability and quality of raw materials and finished goods, which
could increase costs; foreign currency fluctuations; and other
risks and uncertainties set forth in the sections entitled “Risk
Factors,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Forward-Looking
Statements” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2022, quarterly reports on Form 10-Q and
any other periodic reports that the Company may file with the
Securities and Exchange Commission (the “SEC”). a.k.a. Brands does
not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230925144278/en/
Investor Contact investors@aka-brands.com
aka Brands (NYSE:AKA)
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aka Brands (NYSE:AKA)
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