Citi Trends, Inc. Announces Pricing of Secondary Public Offering
SAVANNAH, Ga., June 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) announced today the pricing on June 12, 2007 of an underwritten secondary public offering of 2,135,000 shares of its common stock by certain of its shareholders at a public offering price of $37.92 per share. The underwriters have the option to purchase up to an additional 320,250 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 is acting as sole book-running manager 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 final prospectus relating to this offering, when available, may 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 email@example.com
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.
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.
Bruce D. Smith, 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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