Fund 1 Investments Amends Citi Trends 13D Filing
Ticker: CTRN · Form: SC 13D/A · Filed: Apr 25, 2024 · CIK: 1318484
| Field | Detail |
|---|---|
| Company | Citi Trends INC (CTRN) |
| Form Type | SC 13D/A |
| Filed Date | Apr 25, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $42,806,988 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 13D-filing, amendment, activist-investor
Related Tickers: CTRN
TL;DR
Fund 1 Investments updated its Citi Trends stake filing, watch for potential activist moves.
AI Summary
Fund 1 Investments, LLC, through its representative Kenneth Mantel, filed Amendment No. 7 to its Schedule 13D on April 25, 2024, regarding its holdings in Citi Trends, Inc. The filing indicates a change in the beneficial ownership of Citi Trends' common stock, with the event date for this change being April 23, 2024.
Why It Matters
This amendment signals a potential shift in the investment strategy or stake of Fund 1 Investments in Citi Trends, which could influence the company's stock performance and corporate governance.
Risk Assessment
Risk Level: medium — Amendments to Schedule 13D filings often precede significant corporate actions or shifts in control, introducing uncertainty.
Key Numbers
- 7 — Amendment Number (Indicates this is the seventh update to the filing.)
- April 25, 2024 — Filing Date (The date the amendment was officially submitted to the SEC.)
- April 23, 2024 — Event Date (The date of the event that triggered this amendment.)
Key Players & Entities
- Fund 1 Investments, LLC (company) — Filing entity
- Citi Trends, Inc. (company) — Subject company
- Kenneth Mantel, Esq. (person) — Authorized representative
- Olshan Frome Wolosky LLP (company) — Legal counsel
FAQ
What specific changes in beneficial ownership are detailed in Amendment No. 7?
The filing does not specify the exact changes in beneficial ownership in the provided text, only that an amendment was filed due to a change.
What is the primary business of Citi Trends, Inc.?
Citi Trends, Inc. is in the RETAIL-APPAREL & ACCESSORY STORES industry, SIC code 5600.
Who is authorized to receive notices for this filing?
Kenneth Mantel, Esq. from 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.
Where is Citi Trends, Inc. headquartered?
Citi Trends, Inc. is headquartered at 104 Coleman Boulevard, Savannah, GA 31408.
Filing Stats: 833 words · 3 min read · ~3 pages · Grade level 9.1 · Accepted 2024-04-25 17:15:15
Key Financial Figures
- $0.01 — ame of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
- $42,806,988 — y the Reporting Person is approximately $42,806,988, including brokerage commissions. Item
Filing Documents
- sc13da713866006_04252024.htm (SC 13D/A) — 45KB
- 0000921895-24-000950.txt ( ) — 46KB
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 1,878,167 Shares beneficially owned by the Reporting Person is approximately $42,806,988, including brokerage commissions.
Interest in Securities of the Issuer
Item 5. Interest in Securities of the Issuer . Items 5(a)-(c) are hereby amended and restated to read as follows: (a) The aggregate percentage of Shares reported owned by the Reporting Person is based on 8,536,956 Shares outstanding as of April 13, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 18, 2024. As of date hereof, the Reporting Person beneficially owned 1,878,167 Shares, constituting approximately 22.0% of the outstanding Shares. (b) The Reporting Person has sole power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 1,878,167 Shares held by the Funds. (c) The transactions in the Shares by the Reporting Person since the filing of Amendment No. 6 to the Schedule 13D are set forth on Schedule A attached hereto and are incorporated herein by reference. 3 CUSIP No. 17306X102
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: April 25, 2024 FUND 1 INVESTENTS, LLC By: /s/ Benjamin C. Cable Name: Benjamin C. Cable Title: Chief Operating Officer 4 CUSIP No. 17306X102 SCHEDULE A Transactions in the Securities of the Issuer Since the Filing of Amendment No. 6 to the Schedule 13D Nature of Transaction Amount of Securities Purchased/(Sold) Price per Share ($) Date of Purchase/Sale FUND 1 INVESTMENTS, LLC Purchase of Common Stock 5,136 22.4069 04/15/2024 Purchase of Common Stock 12,000 22.5844 04/16/2024 Purchase of Common Stock 18,090 22.4079 04/17/2024 Purchase of Common Stock 13,000 22.1471 04/19/2024 Purchase of Common Stock 23,495 21.7415 04/22/2024 Purchase of Common Stock 29,000 22.2979 04/23/2024 Purchase of Common Stock 4,800 22.0654 04/24/2024 Purchase of Common Stock 9,000 21.8059 04/25/2024