Citi Trends, Inc. Announces Pricing of Follow-On Public Offering
SAVANNAH, Ga., Jan 26, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) announced today the pricing on January 25, 2006 of an underwritten secondary public offering of 1,675,000 shares of its common stock by certain of its shareholders at a public offering price of $42.25 per share. The underwriters have the option to purchase up to an additional 251,250 shares of common stock from certain shareholders to cover over-allotments, if any. All of the shares will be sold by shareholders of Citi Trends, Inc. and, as a result, Citi Trends will not receive any of the proceeds from the offering.
CIBC World Markets will serve as sole book-running manager and Piper Jaffray, SG Cowen & Co. and Wachovia Securities will serve as co-managers. Copies of the final prospectus relating to this offering, when available, may be obtained from CIBC World Markets Corp., 300 Madison Avenue, New York, New York 10017, by fax at (212) 667-6303 or by e-mail at email@example.com.
A registration statement relating to this offering was declared effective by the Securities and Exchange Commission. The offering is being made solely by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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 two stores currently closed due to the hurricanes) located in 14 states in the South, Southeast, Midwest and Mid-Atlantic regions. CTRN-E
SOURCE Citi Trends, Inc.
Tom Stoltz, Chief Financial Officer, +1-912-443-2075; or Ed Anderson, Chief Executive Officer, +1-912-443-3705; both of Citi Trends, Inc.
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