CANTON, Mass., Feb. 05, 2021 (GLOBE NEWSWIRE) -- Destination XL Group, Inc. (OTCQX:DXLG), the largest omni-channel specialty retailer of big and tall men's apparel, today announced that it has entered into a stock purchase agreement with funds affiliated with a single institutional investor fund manager providing for the purchase and sale of 11,111,111 shares of common stock at an offering price of $0.45 per share. Gross proceeds to the Company are expected to be approximately $5.0 million, before deducting placement agent fees and other estimated offering expenses. The closing of the offering is expected to take place on or about February 9, 2021, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.
D.A. Davidson & Co. is acting as sole placement agent for the offering.
The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-238929) (including a base prospectus) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”). The offering of the securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement describing the terms of the offering will be filed with the SEC.
About Destination XL Group, Inc.
Destination XL Group, Inc. is the largest retailer of men’s clothing in sizes XL and up, with operations throughout the United States as well as in Toronto, Canada. In addition to DXL Big + Tall retail and outlet stores, subsidiaries of Destination XL Group, Inc. also operate Casual Male XL retail and outlet stores, and e-commerce sites, including DXL.com. DXL.com offers a multi-channel solution similar to the DXL store experience with the most extensive selection of online products available anywhere for Big + Tall men. The Company is headquartered in Canton, Massachusetts, and its common stock is listed on the OTCQX market under the symbol "DXLG." For more information, please visit the Company's investor relations website: https://investor.dxl.com.
