F9 Investments proposes to acquire LL Flooring for $3.00 per share

F9 Investments which, together with its affiliates, collectively owns approximately 8.8% of LL Flooring’s common stock, sent a letter to the board of directors of LL Flooring proposing to acquire all the issued and outstanding shares of common stock of LL Flooring for $3.00 per share. The proposed offer is not subject to any financing condition and is fully financed through cash on hand and borrowing under an existing revolving credit facility from an affiliate of F9. F9’s owner, Thomas Sullivan said, “We believe our offer represents a compelling, immediate, and certain cash value for LL’s shareholders, in light of the Company’s deteriorating financial condition and declining stock price, which in our view reflects the market’s lack of confidence in the current Board’s strategy. LL Flooring’s most recent, dismal third quarter earnings performance further reflects the Board and management’s lack of urgency, credible plan, execution ability, or capacity to control costs despite numerous pledges to do so.”