Citi Trends (CTRN) has provided an update.
Citi Trends, Inc. has entered into a strategic Cooperation Agreement with Fund 1 Investments, LLC, which will see the introduction of three new observers to the company’s Board of Directors, with an intent to nominate them for board positions at the upcoming 2024 Annual Meeting. The agreement includes a Standstill Period, where the investor will support the board’s recommendations and adhere to certain restrictions, such as not acquiring more than 30% of the company’s common stock. This collaboration aims to enhance Citi Trends’ governance and strategic direction, with the investor also withdrawing a previous demand to inspect the company’s books, signifying a move towards a more cooperative relationship.
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