Citi Trends, Inc. Announces Proposed Follow-On Public Offering
SAVANNAH, Ga., Jan 04, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) today 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company's common stock. The offering, if made, will be made only by the prospectus to be filed with the Securities and Exchange Commission with respect to the proposed offering.
All statements other than historical facts contained in this news release, including statements regarding our future financial position, business policy and plans and objectives of management for future operations, 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 economic conditions, growth and expansion risks, consumer spending patterns, competition within the industry, competition in our markets and the ability to anticipate and respond to fashion trends. 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.
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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