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American Apparel calls for redemption of all outstanding warrants
07
Feb '08
American Apparel Inc a Delaware corporation announced that it is calling for the redemption of all of its outstanding warrants, which trade separately on the American Stock Exchange under the symbol APP.WS or trade on the American Stock Exchange as part of American Apparel's units (which consist of one share of common stock and one warrant) under the symbol APP.U. The redemption date for the warrants is March 7, 2008.

Each warrant entitles the holder to purchase from American Apparel one share of American Apparel common stock at an exercise price of $6.00. The warrants were originally issued in the initial public offering of Endeavor Acquisition Corp, a special purpose acquisition company, in December 2005.

As a result of the company's acquisition of American Apparel, Inc, a California corporation, and its affiliated companies on December 12, 2007, the warrants are now exercisable for shares of common stock of American Apparel.

American Apparel has the right to call all outstanding and unexercised warrants for redemption if the closing sale price of American Apparel's common stock has been at least $11.50 per share on each of 20 trading days within any 30 trading day period ending on the third business day prior to the date on which notice of such redemption is given.

The closing sale price of American Apparel's common shares has been $11.50 or higher for at least 20 of the last 30 trading days beginning on December 19, 2007 and ending on February 1, 2008. The closing sale price of American Apparel's common stock on February 1, 2008 was $12.70 per share.

To exercise their warrants, warrant holders must either deliver their warrant or unit certificate(s) together with the exercise price of $6.00 per warrant (payable to American Apparel, Inc.) to the company's stock transfer agent, Continental Stock Transfer & Trust Co, 17 Battery Place, New York, New York or elect to exercise on a cashless basis.

Warrant holders electing a cashless exercise must pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value.

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