J.Jill Announces 1-For-5 Reverse Stock Split
November 04 2020 - 8:00AM
Business Wire
J.Jill, Inc. (“J.Jill” or the “Company”) (NYSE:JILL) today
announced that the Company’s Board of Directors approved a 1-for-5
reverse stock split ratio. The reverse stock split is expected to
become effective on or about November 9, 2020. As such, if the
reverse stock split is completed, the Company’s shareholders will
receive one (1) new share of J.Jill common stock for every five (5)
shares of J.Jill common stock held prior to the effective date.
Shareholders will receive cash in lieu of any fractional shares. If
completed, the Company’s common stock will begin trading on a
split-adjusted basis on the New York Stock Exchange (the “NYSE”) at
the market open on November 10, 2020.
As previously announced, the Company’s majority shareholder has
taken action by written consent to authorize (i) the Company, at
the discretion of the Board of Directors, to effect a reverse stock
split of the Company’s common stock within a range of 1-for-3 and
1-for-10 of shares currently issued and outstanding, and (ii) a
corresponding reduction in the number of authorized shares of the
Company’s common stock.
The reverse stock split is intended to, among other things,
increase the per share trading price of the Company’s common stock
in order to regain compliance with the NYSE’s continued listing
standards. Once effective, the number of authorized shares of the
Company’s common stock will decrease from 250,000,000 to
50,000,000.
About J.Jill
J.Jill is a premier omnichannel retailer and nationally
recognized women’s apparel brand committed to delighting customers
with great wear-now product. The brand represents an easy,
thoughtful and inspired style that reflects the confidence of
remarkable women who live life with joy, passion and purpose.
J.Jill offers a guiding customer experience through about 280
stores nationwide and a robust e-commerce platform. J.Jill is
headquartered outside Boston. For more information, please visit
www.jjill.com or http://investors.jjill.com.
Forward-Looking Statements
This press release contains, and oral statements made from time
to time by our representatives may contain, “forward-looking
statements.” Forward-looking statements include those identified by
words such as “could,” “may,” “might,” “will,” “likely,”
“anticipates,” “intends,” “plans,” “outlook,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on our current
expectations and assumptions regarding capital market conditions,
our business, the economy and other future conditions. Because
forward-looking statements relate to the future, by their nature,
they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. As a result, our
actual results may differ materially from those contemplated by the
forward-looking statements. There can be no assurance that
following the reverse stock split, if consummated, the Company’s
common stock will remain above the $1.00 per share minimum for the
requisite period prior to, and as of, the last day of the NYSE cure
period, to regain listing compliance. In the event the Company does
not regain compliance with the minimum price criteria, its common
stock may be subject to delisting from the NYSE, which, in turn,
will result in significant adverse effect on the value and
liquidity of the Company’s common stock. Any forward-looking
statement made in this press release speaks only as of the date on
which it is made. J.Jill undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20201104005080/en/
Investors: Caitlin Churchill ICR, Inc.
investors@jjill.com 203-682-8200
Media: Jessica Liddell ICR, Inc. jjillPR@icrinc.com
203-682-8200
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