“The board believes that it is in the best interests of
“While the marketplace for athletic footwear is highly competitive and
promotional, we remain committed to increasing value for all our
shareholders by continuing to execute on our growth plans and
maintaining disciplined expense management,” said
In connection with the adoption of the Rights Plan, the Board of
Directors declared on
In general, the Rights will become exercisable if a person or group becomes the beneficial owner of 12.5% or more of the outstanding common stock of the Company. In the event that the Rights become exercisable due to the triggering threshold being crossed, each Right will entitle its holder to purchase, at the Right’s exercise price, a number of shares of common stock having a market value at that time of twice the Right’s exercise price. Rights held by the triggering person or group will become void and will not be exercisable to purchase any shares. The Board, at its option, may exchange each Right (other than Rights owned by the triggering person or group that have become void) in whole or in part, at an exchange ratio of one share of common stock per outstanding Right, subject to adjustment.
Persons or groups that beneficially own 12.5% or more of the outstanding Company common stock prior to the Company’s announcement of the Rights Plan will not cause the Rights to be exercisable until such time as those persons or groups become the beneficial owner of any additional shares of Company common stock.
The Rights Plan has an expiration date of
Additional details regarding the Rights Plan will be contained in a Form
8-K to be filed by the Company with the
This news release includes statements that are or may be considered
"forward-looking" within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements generally can be identified by the use
of words or phrases such as "believe," "expect," "future," "anticipate,"
"intend," "plan," "foresee," "may," "should," "will," "estimates,"
"outlook," "potential," "optimistic," "confidence," "continue,"
"evolve," "expand," "growth" or words and phrases of similar meaning.
Statements that describe objectives, plans or goals also are
forward-looking statements. All of these forward-looking statements are
subject to risks, management assumptions and uncertainties that could
cause actual results to differ materially from those contemplated by the
relevant forward-looking statements. The principal risk factors that
could cause actual performance and future actions to differ materially
from the forward-looking statements include, but are not limited to, the
company's reliance on a few key vendors for a majority of its
merchandise purchases (including a significant portion from one key
vendor); the availability and timely receipt of products; the ability to
timely fulfill and ship products to customers; fluctuations in oil
prices causing changes in gasoline and energy prices, resulting in
changes in consumer spending as well as increases in utility, freight
and product costs; product demand and market acceptance risks;
deterioration of macroeconomic and business conditions; the inability to
locate and obtain or retain acceptable lease terms for the company's
stores; the effect of competitive products and pricing with other local,
regional, and national retailers, as well as many of its own suppliers;
loss of key employees; execution of strategic growth initiatives
(including actual and potential mergers and acquisitions and other
components of the company's capital allocation strategy); cybersecurity
risks, including breach of customer data; a major failure of technology
and information systems; and the other risks detailed in the company's
The Finish Line, Inc.
Dianna L. Boyce
Chief Financial Officer