Citi Trends Announces Offering by Stockholders
SAVANNAH, Ga., May 31, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- 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 firstname.lastname@example.org
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.
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
SOURCE Citi Trends, Inc.
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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