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Thursday, Sep 28, 2023

American Apparel Back in Stock Market Compliance

American Apparel Inc. said late Wednesday that it had been informed by the NYSE Mkt Exchange that the company was back in compliance with the exchange’s listing requirements.

The Los Angeles fashion company has been warned by the small-cap stock exchange in late February that it could lose its listing if it did not clean up certain financial problems, relating to debt payments, due this month.

The apparel retailer and manufacturer raised $30.5 million to help make those payments by selling 61 million new shares last month. FiveT Capital in Zurich, Switzerland and affiliates acquired 22 million of those shares.

American Apparel announced separately that it would hold its annual meeting on June 18 in New York City.

Shares earlier closed unchanged at 50 cents, but rose more than 9 percent in after-hours trading.

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