The notes will convert into approximately 20.7 million shares of common stock of the Company upon stockholder approval.
The Company plans to submit to stockholders for approval within 90 days of the closing of the private placement the issuance of the shares of common stock issuable upon conversion of the notes, in accordance with the rules of the Nasdaq Global Market.
The private placement is expected to close on or about July 31, 2013, subject to the satisfaction of customary closing conditions.
Janney Montgomery Scott LLC acted as the sole placement agent for the transaction.
About dELiA*s, Inc.
dELiA*s, Inc. is a multi-channel retail company primarily marketing to teenage girls. It generates revenue by selling apparel, accessories and footwear to consumers through its website, direct mail catalogs, and mall-based retail stores.
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