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Press Release: Evine Secures Multi-Million Dollar Strategic Investment & Exclusivity Commitment from The Invicta Watch Group; Tim Peterman Returns as CEO
4:47 pm ET May 2, 2019 (Dow Jones) Print
Press Release: Evine Secures Multi-Million Dollar Strategic Investment & Exclusivity Commitment from The Invicta Watch Group; Tim Peterman Returns as CEO
Evine Secures Multi-Million Dollar Strategic Investment & Exclusivity Commitment from The Invicta Watch Group; Tim Peterman Returns as CEO
Eyal Lalo, CEO of The Invicta Watch Group, joins Evine's Board as Vice Chairman; Bob Rosenblatt remains on the Evine Board.
MINNEAPOLIS, May 02, 2019 (GLOBE NEWSWIRE) -- Evine Live Inc. (NASDAQ:EVLV), a multiplatform interactive video and digital commerce company (evine.com), today announced as a part of its ongoing strategic alternatives review, the execution of several agreements with its largest and most tenured vendor, The Invicta Watch Group ("IWG"). Effective immediately, Evine has:
-- Sold $6 million of common stock at $0.75 per share, which was priced at a
97% premium to Evine's closing stock price on the day prior to signing
the purchase agreement, to investors ("Investors") that include, among
others, Eyal Lalo, CEO of IWG and Tim Peterman. The investors will also
receive five-year warrants to purchase an aggregate of 3.5 million shares
of common stock with an exercise price of $1.50 per share, a 295% premium
to Evine's closing stock price on the day prior to signing the purchase
agreement;
-- Secured a $5 million increase in its vendor line for IWG's family of
brands, subject to adjustment from time to time;
-- Secured IWG's commitment to invest an additional $25 million in product
for Evine in 2019;
-- Secured a 5-year TV retailing exclusivity commitment from IWG;
-- Appointed Eyal Lalo, CEO of IWG, as Evine's Vice Chairman, which is a
board role designed to work closely with the CEO in the operations of the
business;
-- Appointed Tim Peterman, Evine's former COO & CFO, as its new CEO;
