Children's Place Inc. experiences a significant uptick in shares following the announcement of a new financing agreement with majority shareholder Mithaq Capital SPC. The $90 million unsecured and subordinated term loan, expected to be funded by April 19, 2024, promises enhanced liquidity and favorable terms compared to previous arrangements.
Children's Place stated in an SEC filing that it has received correspondence from Snowball Compounding Ltd. and parties related to Mithaq Capital notifying the company that they own approximately 54% of the company's outstanding shares and intend to nominate 11 persons to stand for election to The Children's Place's board of directors at the company's 2024 annual meeting of shareholders.