©Reuters. The Children's Place, Inc. (PLCE) soars after shareholder update
The Children's Place, Inc. (PLCE) stock jumped 60.59% to $23.31 on Thursday after an update on stockholders. In the deal, the company announced that it had received notice from Snowball Compounding and Misak Capital affiliates regarding his acquisition of 54% of the company's stock. stock. Additionally, they informed the children's clothing retailer that he intends to nominate 11 people to stand for election to the company's board of directors at the 2024 annual general meeting.
Children's Place also said it intends to accept Mitak's request to discuss funding to address the company's liquidity needs.
The company said Misak's unilateral stock acquisition caused a change of control and resulted in an “event of default” under the company's credit agreement, and the company is in discussions with its lenders to seek a waiver.
“The board of directors and our senior leadership team are committed to acting in the best interests of all stockholders. Children's Place stockholders do not need to take any action at this time,” the company said in a statement. mentioned in.
The Children's Place has a global retail and wholesale network that includes more than 500 stores in North America, four digital storefronts, and distribution in 16 countries.
