Digital Brands Group, Inc. DBGI shares are moving on heavy volume Monday. The company announced that it will immediately initiate a formal review to explore strategic alternatives for the company.
What To Know:
Digital Brands Groups announced that its board of directors has unanimously decided to initiate a formal review to explore strategic alternatives and that the company will host a conference call on Monday at 11:00 a.m. ET to discuss this in more detail.
Hil Davis, CEO of Digital Brands Group, stated, "Given the continued dislocation between Digital Brand Group's public market value and the intrinsic value of Digital Brands Group's underlying assets, we believe an evaluation of strategic alternatives is a prudent approach to ensure we are maximizing value for our shareholders."
Shares of DBGI are moving on heavy trading volume following the announcement. According to data from Benzinga Pro, more than 662 thousand shares have been traded in the session, compared to the stock's 100-day average of slightly more than 215 thousand shares.
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DBGI Price Action: According to Benzinga Pro, Digital Brands Group shares are up over 14% at $4.98 at the time of publication.
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