Movie Star announces filing of preliminary proxy statement with SEC
12 Jun '07
2 min read
Upon the effectiveness of the registration statement, Movie Star will distribute to its shareholders as of the record date, which has not yet been determined, one subscription right for each share of Movie Star common stock held.
Movie Star will raise an aggregate of $20 million in gross proceeds through the rights offering and a commitment by the standby purchasers discussed below.
The net proceeds from this offering will be primarily used to launch Frederick's of Hollywood's growth initiative to open approximately 50 stores over a three-year period following the closing of the merger and the rights offering.
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