a.k.a. Brands surges on higher prelim Q1 sales

aka Brands Holding

19/04/2023 10:29

** Shares of online fashion retailer a.k.a. Brands Holding
Corp  AKA.N  rise 32.6% to $0.53 in premarket trading
    ** Company's preliminary Q1 net sales of ~$120 mln exceed
its previous outlook of between $113 mln and $116 mln
    ** AKA's prelim Q1 adj. EBITDA of $2.0 mln to $2.2 mln also
above its prior outlook of between $1.5 mln and $1.8 mln 
    ** Company also says it received notice from NYSE on April
12 stating that it no longer complied with the stock exchange's
minimum bid price requirement for continued listing
    ** AKA plans to notify NYSE that it intends to cure
deficiency and may, if necessary, effect a reverse stock split
    ** Up to last close, stock down ~68% so far this year

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))