Sequential Brands Group Inc., the owner of People’s Liberation designer jeans, on Monday announced a 1-for-15 reverse split of its common stock. The apparel company said this was an effort to raise its price per share above $1, and facilitate the issuance of additional shares in the future.
The Los Angeles company’s stock will start trading on a split-adjusted basis on the Over-the-Counter Bulletin Board on Tuesday, with about 2.4 million shares outstanding. It will retain the ticker symbol “SQBG.”
The company, which makes the William Rast and People’s Liberation lines of clothing, in February changed its name from People’s Liberation. It also changed its business model to focus on brand management in conjunction with a $14.5 million infusion from private equity firm Tengram Capital Partners of Westport, Conn. In June it acquired the assets of DVS Shoe Co. Inc. for $8.5 million.
Shares closed down 4 cents, or 12 percent, to 30 cents.