Citi Trends Announces Offering by Stockholders
May 31 2007 - 5:38PM
PR Newswire (US)
SAVANNAH, Ga., May 31 /PRNewswire-FirstCall/ -- Citi Trends, Inc.
(NASDAQ:CTRN) announced a public offering by certain of its
stockholders pursuant to which Hampshire Equity Partners II, L.P.
and its affiliates intend to sell an aggregate of 2,000,000 shares
of the Company's common stock, and certain officers and other
stockholders of the Company intend to sell an aggregate of 135,000
shares of the Company's common stock. The Company anticipates that
the selling stockholders will grant the underwriters a 30-day
over-allotment option to purchase up to an additional 320,250
shares to cover over-allotments, if any. The Company will not
receive any proceeds from the sale of these shares. CIBC World
Markets will act as sole bookrunner for the offering and Cowen and
Company, Piper Jaffray and Wachovia Securities are acting as
co-managers. The shares of common stock may only be offered by
means of a prospectus. Copies of the prospectus can be obtained
from: CIBC World Markets Corp. Attn: USE Prospectus Department 425
Lexington Ave, 5th floor New York, New York 10017 Prospectus number
212-667-7200 or 866-895-5637 Or email to A shelf registration
statement relating to these securities has been filed with and
declared effective by the Securities and Exchange Commission. This
announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Citi Trends,
Inc., nor shall there be any sale of securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. This
announcement is being issued pursuant to and in accordance with
Rule 134 under the Securities Act of 1933, as amended.
Forward-Looking Statements All statements other than historical
facts contained in this news release, including statements
regarding the proposed public offering of our common stock by
certain selling stockholders, are forward-looking statements that
are subject to material risks and uncertainties. The words
"believe," "may," "could," "estimate," "continue," "anticipate,"
"intend," "expect" and similar expressions, as they relate to Citi
Trends, are intended to identify forward- looking statements.
Investors are cautioned that any such forward-looking statements
are not guarantees of future performance or results and are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified, and that actual results or developments
may differ materially from those in the forward-looking statements
as a result of various factors which are discussed in Citi Trends,
Inc. filings with the Securities and Exchange Commission. These
risks and uncertainties include, but are not limited to,
uncertainties relating to market conditions for our common stock
and changes in the financial markets in general and in our industry
specifically. Except as required by applicable law, including the
securities laws of the United States and the rules and regulations
of the Securities and Exchange Commission, Citi Trends does not
undertake to publicly update any forward-looking statements in this
news release or with respect to matters described herein, whether
as a result of any new information, future events or otherwise.
CTRN-E DATASOURCE: Citi Trends, Inc. CONTACT: Ed Anderson, Chairman
and Chief Executive Officer, +1-912-443-3705, or Bruce D. Smith,
Senior Vice President and Chief Financial Officer, +1-912-443-2075,
both of Citi Trends, Inc.
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