NEW YORK--(BUSINESS WIRE)--
dELiA*s, Inc. (NASDAQ:DLIA), an omni-channel retail company primarily
marketing to teenage girls, today announced that it has received
stockholder approval for an amendment to its certificate of
incorporation to increase the number of authorized shares of common
stock. This will allow the Company to use $24.1 million in proceeds from
the sale of secured convertible notes that occurred on February 18, 2014
through the conversion of the secured convertible notes into series B
convertible preferred stock. The Company intends to use the proceeds for
working capital and general corporate purposes.
Tracy Gardner, Chief Executive Officer, commented, "We are pleased to
have received stockholder approval for this amendment, which allows us
to improve our capital structure. This will give us additional financial
flexibility as we continue to execute our turnaround strategy. We
believe that there is great long-term potential for the Company and are
working diligently to transform dELiA*s into a customer-centric teen
Janney Montgomery Scott LLC acted as the sole placement agent for the
private placement transaction.
About dELiA*s, Inc.
dELiA*s, Inc. is an omni-channel retail company primarily marketing to
teenage girls. It generates revenue by selling apparel, accessories, and
footwear to consumers through its website, direct mail catalogs and
mall-based retail stores.
This announcement may contain forward-looking statements made in
reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding our
expectations and beliefs regarding our future results or performance.
Because these statements apply to future events, they are subject to
risks and uncertainties. When used in this announcement, the words
"anticipate," "believe," "estimate," "expect," "expectation," "should,"
"would," "project," "plan," "predict," "intend" and similar expressions
are intended to identify such forward-looking statements. Our actual
results could differ materially from those projected in the
forward-looking statements. Additionally, you should not consider past
results to be an indication of our future performance. For a discussion
of risk factors that may affect our results, see the "Risk Factors That
May Affect Future Results" section of our filings with the Securities
and Exchange Commission, including but not limited to our Annual Report
on Form 10-K, as amended; Quarterly Reports on Form 10-Q; and
Registration Statements on Form S-3. We do not intend to update any of
the forward-looking statements after the date of this announcement to
conform these statements to actual results, to changes in management's
expectations or otherwise, except as may be required by law.
Source: dELiA*s, Inc.