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05-16-2019 05:53 PM
05-16-2019 06:02 PM
05-16-2019 06:35 PM
@hicindy2 I grabbed this off of the home shoppingista blog
Evine Secures Multi-Million Dollar Strategic Investment & Exclusivity Commitment from The Invicta Watch Group; Tim Peterman Returns as CEO
Eyal Lalo, CEO of The Invicta Watch Group, joins Evine’s Board as Vice Chairman; Bob Rosenblatt remains on the Evine Board.
MINNEAPOLIS, May 02, 2019 (GLOBE NEWSWIRE) — Evine Live Inc. (NASDAQ:EVLV), a multiplatform interactive video and digital commerce company (evine.com), today announced as a part of its ongoing strategic alternatives review, the execution of several agreements with its largest and most tenured vendor, The Invicta Watch Group (“IWG”). Effective immediately,
Sold $6 million of common stock at $0.75 per share, which was priced at a 97% premium to Evine’s closing stock price on the day prior to signing the purchase agreement, to investors (“Investors”) that include, among others, Eyal Lalo, CEO of IWG and Tim Peterman. The investors will also receive five-year warrants to purchase an aggregate of 3.5 million shares of common stock with an exercise price of $1.50 per share, a 295% premium to Evine’s closing stock price on the day prior to signing the purchase agreement;
Secured a $5 million increase in its vendor line for IWG’s family of brands, subject to adjustment from time to time;
Secured IWG’s commitment to invest an additional $25 million in product for Evine in 2019;
Secured a 5-year TV retailing exclusivity commitment from IWG;
Appointed Eyal Lalo, CEO of IWG, as Evine’s Vice Chairman, which is a board role designed to work closely with the CEO in the operations of the business;
Appointed Tim Peterman, Evine’s former COO & CFO, as its new CEO;
Appointed Michael Friedman, a long standing IWG partner, to Evine’s board; and
Announced that Bob Rosenblatt, Evine’s former CEO, will remain on Evine’s Board, where he will assist in the transition and continue to contribute to Evine’s strategy as a Board member.
Bob Rosenblatt, former CEO of Evine, said, “It is exciting to have Tim back to lead Evine on its continuing journey to profitability while utilizing his strong experience and relationships in interactive media and eCommerce to help us chart a compelling growth strategy. In addition, Eyal’s financial commitment as an investor and his leadership as Vice Chairman will help us accelerate our brand building opportunities and strengthen our balance sheet. I couldn’t be more excited as a board member and shareholder to have Tim and Eyal helping lead our organization into its next chapter.”
Tim Peterman, CEO of Evine, said, “I look forward to working with Bob and his team during a collaborative transition. We have a great company today, and I believe we have a very bright future. As Bob knows, our vision for the company remains fundamentally unchanged; I look forward to working with the team and the Board on new growth strategies and expect to have further details on such strategies in the near term.”
Eyal Lalo, Vice Chairman of Evine, said, “Fostering an entrepreneurial, fast-moving culture in which leaders and employees work to produce amazing results will be an important strategic priority for us. Tim and I look forward to playing a more active role in Evine’s future.”
In addition to Eyal Lalo and Michael Friedman joining the Board, Thomas Beers and Mark Holdsworth have resigned from the Board, effective today.
Landel Hobbs, Chairman of Evine, added, “Deepening our relationship with IWG adds value for both the company and its shareholders, especially as Evine continues to chart its course in the role of interactive video commerce in the future of retail, entertainment and media. In addition, Tim’s strong experience and relationships in interactive media and eCommerce will help us continue to chart a compelling growth strategy and the deep expertise that Eyal brings to the Board will further enhance our strategies and execution. On behalf of Evine and the Board, I would also like to express my deep gratitude to Bob Rosenblatt for his leadership during the last three years—we have been made stronger through his work and look forward to his continuing contributions as a member of the Board. Similarly, I extend our thanks to Thomas Beers and Mark Holdsworth for their dedicated and valuable service on our Board.”
Evine will grant performance stock units representing 680,000 shares of Evine common stock to Mr. Peterman on May 2, 2019, that were approved by the human resources and compensation committee of its Board as a material inducement to employment. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The performance stock unit grant shall vest one-third upon the one year anniversary of the grant date, one-third when the per-share closing price of Evine’s common stock reaches or exceeds an average trading price of $2 for 20 consecutive trading days and Mr. Peterman has been continuously employed for at least one year from the grant date, and the remaining shares when the per-share closing price of Evine’s common stock reaches or exceeds an average trading price of $4 for 20 consecutive trading days and Mr. Peterman has been continuously employed for at least two years after the grant date, and shall otherwise be subject to the terms and conditions of the applicable award agreement.
05-16-2019 07:12 PM - edited 05-16-2019 07:13 PM
@birdmama @hicindy2 I read some time ago where Invicta had increased their stake and their presence with Evine... Didn't think they could rule the roost more than they already did. Of the home shopping outfits left, Evine is probably my favorite, though I rarely watch or shop with them. That alone will tell you something... Were they to fold, I'd miss their jewelry choices and some of the other pretty and interesting things they sell... QVC has just become utterly boring to me and quite frankly, their management and many of their policies (including how these boards are managed...) have just left a bad taste in my mouth... HSN just isnt much of a player for me, though I do order from them occasionally. I have their card and like some of their fragrance and cosmetic lines, among other things I'll occasionally go to them for... As for Sharif, it would be utterly predictable that the few bags of his for which I've been waiting remain at full price... Honestly, give me a break...
05-16-2019 08:08 PM
@stevieb Did you ever check out with this bag that was in your cart at Macy's? I think it may be marked down even more. There's a code to enter at checkout to get the low price. I am tempted...
05-16-2019 08:40 PM
@EdithEllenLily That IS a good price. I see similar bags are also offered as both a tote and a drawstring... I'm not much for drawstring bags but the totes are nice too...
05-16-2019 08:52 PM
@EdithEllenLily Surprise! I decided to order the satchel at that price. I've long wanted an RL 'straw' bag and the one I'd been eyeing for years seems to no longer be avaialble and never seemed to go on sale. This one is equally as appealing.
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