Citi Trends, Inc. Prices Initial Public Offering
SAVANNAH, GA (May 18, 2005) - Citi Trends, Inc. (NASDAQ: CTRN) announced today the pricing of its initial public offering of 3,850,000 shares of its common stock at a price of $14.00 per share. Of the shares offered, 2,700,000 are being offered by Citi Trends, Inc. and 1,150,000 are being offered by certain selling stockholders. Citi Trends, Inc. has granted to the underwriters a 30-day option to purchase up to an additional 577,500 shares at the initial public offering price to cover over-allotments, if any.
The Citi Trends, Inc. common stock has commenced trading on the Nasdaq National Market under the ticker symbol "CTRN" on Wednesday, May 18, 2005.
The lead manager of the underwriting syndicate for the offering is CIBC World Markets, and Piper Jaffray, SG Cowen & Co. and Wachovia Securities are acting as co-managers. Copies of the prospectus relating to this offering may be obtained from CIBC World Markets Corp., 417 Fifth Avenue, New York, New York 10016, by fax at (212) 667-6303 or by e-mail at email@example.com.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. 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 or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The statements in this news release that are not historical facts are forward-looking statements that are subject to material risks and uncertainties. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, 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, and the ability to anticipate and respond to fashion trends. Citi Trends does not undertake to update any forward-looking statements in this news release or with respect to matters described herein.
Contacts: R. Edward Anderson, Citi Trends, Inc. by e-mail at firstname.lastname@example.org or by telephone at (912) 236-1561 or Tom Stoltz, Citi Trends, Inc. by e-mail at email@example.com or by telephone at (912) 236-1561.