Destination XL Group, Inc. announces transition to Nasdaq
CANTON, Mass., September 7, 2021 (GLOBE NEWSWIRE) – Destination XL Group, Inc. (OTCQX: DXLG), the leading omnichannel specialty retailer of Big + Tall men’s clothing and footwear, today announced that the company’s shares are expected to begin trading on the Nasdaq Global Market (“Nasdaq”) under the symbol “DXLG” in effect at the opening of the markets on Wednesday September 8, 2021.
On September 3, 2021, the Company repaid its FILO (first in, last out) credit facility in full. As part of the repayment, the lender FILO accepted a reduction in the amount of the prepayment premium that would otherwise have been payable due to the prepayment of the Company. The Company paid a total of $ 18.6 million, including $ 17.5 million in principal, $ 1.1 million in accrued interest and prepayment premiums, and related expenses. The FILO loan facility carried a minimum annual interest rate of 8.0% and had a maturity date of March 2026. The early repayment of the FILO loan was from available cash.
“We are very pleased to resume negotiations on the Nasdaq and do so without outstanding long-term debt,” said Harvey Kanter, President and CEO. “The company’s shares had been traded for over 30 years on the Nasdaq, but last December we voluntarily switched to OTCQX due to the impact of the global pandemic on our operations. Our operating results for the first six months of fiscal 2021 and the improvement in our share price have enabled us to re-register with the Nasdaq ”, he continued. “Regarding the early repayment of the FILO loan, we are grateful to Pathlight Capital for providing us with additional liquidity under the FILO during a very difficult time and for working with us to be able to repay this debt sooner.” , he concluded.
About Destination XL Group, Inc.
Destination XL Group, Inc. is the leading Big + Tall menswear retailer delivering a Big + Tall shopping experience that suits their body, their style, their life. The subsidiaries of Destination XL Group, Inc. operate DXL Big + Tall retail and outlet stores in the United States as well as Toronto, Canada, Casual Male XL retail and outlet stores in the United States. and an e-commerce website, DXL.com, which offers a multi-channel solution similar to the DXL store experience with the most comprehensive selection of online products available anywhere for Big + Tall men. The company is headquartered in Canton, Massachusetts, and its common shares are listed on the OTCQX market under the symbol “DXLG”. As of September 8, 2021, its ordinary shares will be listed on the Nasdaq Global Market under the symbol “DXLG”. For more information, please visit the Company’s investor relations website: https://investor.dxl.com.