Citi Trends to file with SEC for proposed public offering
05 Jan '06
2 min read
Apparel retailer Citi Trends Inc announced that it is planning to file a registration statement on Form S-1 with the Securities and Exchange Commission for a public offering of shares to be sold by certain selling stockholders.
The Company intends to file the registration statement as early as practicable.
The Company expects that the proposed offering will consist of up to 1,500,000 shares of the Company's common stock held by certain selling stockholders who will be identified in the registration statement.
The Company will not receive any proceeds from the offering. The Company anticipates that the selling stockholders will grant the underwriters a 30-day option to purchase up to an additional 225,000 shares to cover over-allotments, if any.
The timing and size of the offering are dependent on market conditions and other factors.
There is no assurance that the Company will file a registration statement or that the proposed offering will proceed as currently planned.
Citi Trends Inc is a value-priced retailer of urban fashion apparel and accessories for the entire family.
The Company currently operates 236 stores (including the two stores currently closed due to the hurricanes) located in 14 states in the South, Southeast, Midwest and Mid-Atlantic regions.
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