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Digital Brands Acquires Women's Lifestyle Apparel Brand Sundry

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  • Digital Brands Group Inc (NASDAQ: DBGI) has agreed to acquire Sundry, a privately-owned global lifestyle apparel brand.

  • Sundry is an omnichannel women's lifestyle apparel brand inspired by Mattieu Leblan's upbringing and ocean lifestyle.

  • Holders of all of the outstanding membership interests of Sundry will exchange all of such membership interests for $7.5 million of shares of the company's common stock and $34.0 million represented by $20.0 million of cash along with $14.0 million in promissory notes due December 31, 2022.

  • "In the short term, this acquisition is expected to immediately create significant scale in revenues and internal cash flow for marketing and talent growth," said CEO Hil Davis.

  • The company expects to close the transaction late in the first half of 2022.

  • Sundry's founders and senior leadership team will remain with the company, headquartered in Los Angeles, California.

  • Digital Brands held held $0.25 million in cash and equivalents .25 million in cash and equivalents as of September 30, 2021.

  • Price Action: DBGI shares traded higher by 3.01% at $1.37 on the last check Thursday.

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