Fund 1 Investments Amends Citi Trends Stake
Ticker: CTRN · Form: SC 13D/A · Filed: Apr 15, 2024 · CIK: 1318484
| Field | Detail |
|---|---|
| Company | Citi Trends INC (CTRN) |
| Form Type | SC 13D/A |
| Filed Date | Apr 15, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $40,383,081 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 13D-A, ownership-change, activist-investor
Related Tickers: CTRN
TL;DR
Fund 1 updated their Citi Trends stake on 4/11/24. Watch this space.
AI Summary
Fund 1 Investments, LLC has filed Amendment No. 6 to its Schedule 13D regarding Citi Trends, Inc. The filing, dated April 11, 2024, indicates a change in beneficial ownership of Citi Trends' common stock. Fund 1 Investments, LLC, based in Rincon, PR, is the filer.
Why It Matters
This filing signals a potential shift in control or strategy for Citi Trends, Inc. as a significant investor updates its holdings.
Risk Assessment
Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor activity or potential strategic shifts, which carry inherent market risks.
Key Numbers
- 6 — Amendment Number (Indicates this is the sixth amendment to the original filing.)
- April 11, 2024 — Date of Event (The date of the event triggering the amendment.)
Key Players & Entities
- Fund 1 Investments, LLC (company) — Filer of the Schedule 13D/A
- Citi Trends, Inc. (company) — Subject company of the filing
- Kenneth Mantel, Esq. (person) — Authorized person to receive notices
- Olshan Frome Wolosky LLP (company) — Legal counsel for the filer
FAQ
What specific changes in beneficial ownership are detailed in Amendment No. 6?
The filing does not specify the exact percentage or number of shares changed in Amendment No. 6, only that it is an amendment to the Schedule 13D.
What is the primary business of Citi Trends, Inc.?
Citi Trends, Inc. is in the RETAIL-APPAREL & ACCESSORY STORES industry, SIC code 5600.
Where is Citi Trends, Inc. headquartered?
Citi Trends, Inc. is headquartered at 104 Coleman Boulevard, Savannah, GA 31408.
Who is authorized to receive notices for this filing?
Kenneth Mantel, Esq. of Olshan Frome Wolosky LLP is authorized to receive notices and communications.
What is the CUSIP number for Citi Trends, Inc. common stock?
The CUSIP number for Citi Trends, Inc. common stock is 17306X102.
Filing Stats: 847 words · 3 min read · ~3 pages · Grade level 9 · Accepted 2024-04-15 17:09:08
Key Financial Figures
- $0.01 — ame of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
- $40,383,081 — y the Reporting Person is approximately $40,383,081, including brokerage commissions. Item
Filing Documents
- sc13da613866006_04152024.htm (SC 13D/A) — 46KB
- 0000921895-24-000845.txt ( ) — 47KB
Source and Amount of Funds or Other Consideration
Item 3. Source and Amount of Funds or Other Consideration .
is hereby amended
Item 3 is hereby amended and restated as follows: The Shares purchased by the Reporting Person were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 1,768,782 Shares beneficially owned by the Reporting Person is approximately $40,383,081, including brokerage commissions.
Interest in Securities of the Issuer
Item 5. Interest in Securities of the Issuer . Items 5(a)-(c) are hereby amended and restated to read as follows: (a) The aggregate percentage of Shares reported owned by the Reporting Person is based on 8,544,345 Shares outstanding as of November 22, 2023, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 6, 2023. As of date hereof, the Reporting Person beneficially owned 1,768,782 Shares, constituting approximately 20.7% of the outstanding Shares. (b) The Reporting Person has sole power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 1,768,782 Shares held by the Funds. (c) The transactions in the Shares by the Reporting Person since the filing of Amendment No. 5 to the Schedule 13D are set forth on Schedule A attached hereto and are incorporated herein by reference. 3 CUSIP No. 17306X102
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: April 15, 2024 FUND 1 INVESTENTS, LLC By: /s/ Benjamin C. Cable Name: Benjamin C. Cable Title: Chief Operating Officer 4 CUSIP No. 17306X102 SCHEDULE A Transactions in the Securities of the Issuer Since the Filing of Amendment No. 5 to the Schedule 13D Nature of Transaction Amount of Securities Purchased/(Sold) Price per Share ($) Date of Purchase/Sale FUND 1 INVESTMENTS, LLC Purchase of Common Stock 16,000 27.1240 03/28/2024 Purchase of Common Stock 2,000 26.9242 04/02/2024 Purchase of Common Stock 5,000 25.1949 04/04/2024 Purchase of Common Stock 11,700 25.2662 04/05/2024 Purchase of Common Stock 6,000 24.3523 04/08/2024 Purchase of Common Stock 20,282 23.1175 04/10/2024 Purchase of Common Stock 5,000 23.2247 04/11/2024 Purchase of Common Stock 20,000 23.0041 04/11/2024 Purchase of Common Stock 17,000 22.7447 04/12/2024 Purchase of Common Stock 5,136 22.4069 04/15/2024