APP 61M + 9M at $0.50
hmm This is getting ugly. Been weak like WSTL which could do one of these next if stays in biz. WSTL did have a run up from last decline but declining again nearing the buck once more.
8:17 AM ET
LOS ANGELES --(BUSINESS WIRE)-- American Apparel, Inc. (NYSE MKT: APP) (the "Company") announced today that it priced an underwritten public offering of 61,000,000 shares of its common stock at a price to the public of $0.50 per share. The Company intends to use the net proceeds of the offering to fund working capital and for general corporate purposes, including its April 2014 cash interest payment on the Company's senior secured notes.
The Company granted to the underwriters a 30-day option to purchase up to 9,150,000 additional shares of its common stock to cover over-allotments, if any. The Company's common stock is listed on the NYSE MKT under the symbol "APP." The offering is expected to close on or about March 31, 2014 , subject to customary closing conditions.
Roth Capital Partners is acting as sole book-running manager, and Brean Capital and National Securities Corporation , a wholly-owned subsidiary of National Holdings, Inc. (NHLD), are acting as co-managers for the offering.
The shares of common stock will be issued pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission ("SEC"). A preliminary prospectus supplement related to the offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov
. Copies of the final prospectus supplement and the accompanying prospectus related to the offering may be obtained from Roth Capital Partners , Attention: Equity Capital Markets , 888 San Clemente Drive , Newport Beach, CA 92660, (800) 678-9147.