Struggling British fashion brand Superdry said on Tuesday that it planned to raise about £12 million ($14.97 million) through the sale of about 19.1 percent of its equity.
The retailer looked to issue 15.7 million shares at an issue price of 76.3 pence each. Earlier in the day, the company said it was in “positive talks” with investors regarding a potential equity raise.
Superdry had been considering raising funds since April, as it battled a cash crunch and subdued demand for its spring-summer items amid a cost of living crisis.
The company, whose shares have lost 33.8 percent of its value so far this year, said the sale of equity is at a discount of about 10 percent, from its last close of 84.7 pence per share.
The latest move comes months after the company sold its intellectual property assets in much of the Asia Pacific region to South Korea’s Cowell Fashion Company for $50 million, to raise cash.
By Sinchita Mitra and Anchal Rana; Editor Shailesh Kuber
Report: Superdry in Talks to Raise Nearly $19 Million in Share Sale
Struggling British fashion brand Superdry is said to be in advanced talks to raise about 15 million pounds ($18.9 million) by sale of shares, Sky News reported on Friday.