Express Inc surges on WHP Global partnership

Express

08/12/2022 14:04

** Shares of fashion apparel retailer Express Inc  EXPR.N 
surge 58.5% to $2 before the bell 
    ** Co announces strategic partnership with brand management
firm WHP Global to form an "intellectual property joint venture"
    ** WHP to invest $235 mln to acquire 5.4 mln newly issued
shares of EXPR at $4.60/shr
    ** Joint venture will be valued at $400 mln; WHP will own
60% while EXPR will own 40% 
    ** Transaction is expected to close in Q4 of FY22
    ** Co also reports Q3 net sales of $434.1 mln vs analysts'
estimates of $451.4 mln, as per Refinitiv data
    ** Up to Wednesday's close, stock had fallen 58.4% YTD
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))