The Wet Seal, Inc News Highlights September 2014

A few announcements from Wet Seal today.

Edmond Thomas is rejoining the Company as Chief Executive Officer and a member of the Board of Directors, starting on September 8, 2014. Mr. Thomas previously served as Chief Executive Officer and a Director of the Company from 2007 to 2011 and President and Chief Operating Officer and a Director of the Company from 1992 to 2000. The Board of Directors has mutually agreed with John D. Goodman for him to step down as Chief Executive Officer and a member of the Board of Directors, effective immediately.

The Wet Seal, Inc. announced today that it has entered into a securities purchase agreement to sell shares of its Class A common stock to a limited number of institutional investors in a private placement. Subject to the terms of the placement, the Company expects to receive at the closing gross proceeds from the placement of approximately $18.5 million. 

Today they also announced that subject to applicable regulatory approvals, the company intends to conduct a rights offering which will allow the Company to raise equity capital through the sale of shares of its Class A common stock to its stockholders. The Company currently anticipates that the size of the rights offering will be between $25 and $30 million.

Above is only a brief summary of the news. For the full reports, visit their website.

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