IMBI - iMedia Brands stock soars after company to sell its assets to RNN National Media Group
2023-07-07 16:29:29 ET
- iMedia Brands ( NASDAQ: IMBI ) said on Friday that it had agreed to sell substantially all of its assets to an affiliate of RNN National Media Group.
- IMBI shares jumped +45.4% in after hours trading.
- IMBI agreed to sell substantially all of its assets, including its ShopHQ Networks, 1-2-3.tv, iMDS, J.W. Hulme, and Christopher & Banks businesses for ~$50M of deal value, plus the assumption of certain liabilities, contracts and ongoing expenses.
- The company plans to effectuate its deal with RNN through its ongoing Chapter 11 cases.
- IN connection with the deal, the Bankruptcy Court approved $15M in new debtor-in-possession financing from certain of IMBI's existing secured lenders and RNN.
- Transaction is expected to close in August 2023.
- Press Release
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iMedia Brands stock soars after company to sell its assets to RNN National Media Group