The Children's Place: Mithaq Owns Approx. 54% Of Outstanding Shares, Triggers Change Of Control

(RTTNews) - The Children's Place, Inc. (PLCE) said, on February 14, it received correspondence from Mithaq Capital SPC notifying that they own approximately 54% of The Children's Place, Inc.'s outstanding shares of common stock. As a result, Mithaq has triggered a Change of Control thereby causing an Event of Default under the Amended and Restated Credit Agreement. The Children's Place said it is in talks with lenders to seek a waiver of the Event of Default.

Mithaq and its related parties plan to nominate 11 director candidates to stand for election to the Board. The Children's Place, Inc. plans to accept Mithaq's request to enter into discussions regarding the provision of financing to assist with the company's liquidity needs.

Shares of The Children's Place are up 22% in pre-market trade on Thursday.