Fund 1 Investments Amends Citi Trends Stake
Ticker: CTRN · Form: SC 13D/A · Filed: Jun 20, 2024 · CIK: 1318484
| Field | Detail |
|---|---|
| Company | Citi Trends INC (CTRN) |
| Form Type | SC 13D/A |
| Filed Date | Jun 20, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $54,158,712 |
| Sentiment | neutral |
Sentiment: neutral
Topics: ownership-change, sec-filing, activist-investor
Related Tickers: CTRN
TL;DR
Fund 1 Investments just updated their Citi Trends stake. Big moves ahead?
AI Summary
Fund 1 Investments, LLC, through its representative Kenneth Mantel, filed an amendment (Amendment No. 11) to its Schedule 13D on June 20, 2024, regarding its holdings in Citi Trends, Inc. The filing indicates a change in the beneficial ownership of Citi Trends, Inc. common stock.
Why It Matters
This filing updates the market on significant changes in ownership for Citi Trends, Inc., potentially signaling shifts in investor strategy or influence.
Risk Assessment
Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor activity or strategic shifts, which may introduce volatility.
Key Players & Entities
- Fund 1 Investments, LLC (company) — Filing entity
- Citi Trends, Inc. (company) — Subject company
- Kenneth Mantel, Esq. (person) — Authorized person for notices
- Olshan Frome Wolosky LLP (company) — Legal counsel
FAQ
What specific changes in beneficial ownership are detailed in Amendment No. 11?
The filing is an amendment to a Schedule 13D, indicating a change in beneficial ownership, but the specific details of the change (e.g., percentage increase/decrease, number of shares) are not provided in the header information.
When was the event that triggered this amendment (Date of Event Which Requires Filing of this Statement)?
The Date of Event Which Requires Filing of this Statement is June 17, 2024.
Who is authorized to receive notices and communications regarding 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.
What is the business address of Citi Trends, Inc.?
The business address of Citi Trends, Inc. is 104 Coleman Boulevard, Savannah, GA 31408.
Filing Stats: 847 words · 3 min read · ~3 pages · Grade level 8.9 · Accepted 2024-06-20 17:53:44
Key Financial Figures
- $0.01 — ame of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
- $54,158,712 — y the Reporting Person is approximately $54,158,712, including brokerage commissions. Item
Filing Documents
- sc13da1113866006_06202024.htm (SC 13D/A) — 46KB
- 0000921895-24-001447.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 2,383,486 Shares beneficially owned by the Reporting Person is approximately $54,158,712, including brokerage commissions.
Interest in Securities of the Issuer
Item 5. Interest in Securities of the Issuer . Items 5(a)-(c) are hereby amended and restated to read as follows: (a) The aggregate percentage of Shares reported owned by the Reporting Person is based on 8,595,297 Shares outstanding as of May 25, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 12, 2024. As of date hereof, the Reporting Person beneficially owned 2,383,486 Shares, constituting approximately 27.7% of the outstanding Shares. (b) The Reporting Person has sole power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 2,383,486 Shares held by the Funds. (c) The transactions in the Shares by the Reporting Person since the filing of Amendment No. 10 to the Schedule 13D are set forth on Schedule A attached hereto and are incorporated herein by reference. 3 CUSIP No. 17306X102
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: June 20, 2024 FUND 1 INVESTENTS, LLC By: /s/ Benjamin C. Cable Name: Benjamin C. Cable Title: Chief Operating Officer 4 CUSIP No. 17306X102 SCHEDULE A Transactions in the Securities of the Issuer Since the Filing of Amendment No. 10 to the Schedule 13D Nature of Transaction Amount of Securities Purchased/(Sold) Price per Share ($) Date of Purchase/Sale FUND 1 INVESTMENTS, LLC Purchase of Common Stock 1,000 22.4324 06/12/2024 Purchase of Common Stock 5,000 22.3511 06/12/2024 Purchase of Common Stock 20,015 21.9486 06/13/2024 Purchase of Common Stock 49,000 21.5824 06/14/2024 Purchase of Common Stock 29,500 21.7991 06/17/2024 Purchase of Common Stock 5,500 21.7717 06/18/2024 Purchase of Common Stock 15,000 21.9382 06/18/2024 Purchase of Common Stock 5,000 21.5533 06/20/2024 Purchase of Common Stock 5,000 21.5319 06/20/2024 Purchase of Common Stock 14,190 21.5979 06/20/2024