DBGI - Digital Brands inks LOI to acquire elevated basics brand Stateside

Digital Brands (DBGI) has entered into a non-binding letter of intent ("LOI") to acquire Stateside, a privately-owned global elevated basics brand with a combination of cash and equity.The parties intend to enter into a binding agreement within the next thirty days and anticipate closing the transaction in Q3 2021.The acquisition is consistent with DBG's commitment to grow its brand portfolio and increase DBG's growth, profitability and cash flow profile and is expected to be accretive to DBG's revenue in fiscal 2021.There is no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.Shares are down 3.13% PM.

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Digital Brands inks LOI to acquire elevated basics brand Stateside