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Digital Brands Announces 1-for-50 Reverse Stock Split

Austin, TX, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Digital Brands Group, Inc. (鈥淒BG鈥�) (NASDAQ: DBGI), a curated collection of luxury lifestyle brands, today announces that it will effectuate a 1-for-50 reverse split (the 鈥淩everse Split鈥�) of its common stock that will become effective on December 13, 2024. The Company expects that the reverse stock split will allow the Company to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market.

DBG鈥檚 common stock will continue to trade on Nasdaq under the symbol 鈥淒BGI鈥� and will begin trading on a split-adjusted basis when the market opens on December 13, 2024. The new CUSIP number for the common stock following the Reverse Split will be 25401N507.

鈥淭his reverse stock split is a strategic step towards regaining compliance with Nasdaq鈥檚 listing requirements,鈥� stated Hil Davis, Chief Executive Officer of Digital Brands Group.

Forward-looking Statements

Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting DBG and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as 鈥渨ill,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� and 鈥渕ay鈥� and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding DBG鈥檚 plans, objectives, projections and expectations relating to DBG鈥檚 operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. DBG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of DBG to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis, including the coronavirus (COVID-19) global pandemic; the level of consumer demand for apparel and accessories; disruption to DBGs distribution system; the financial strength of DBG鈥檚 customers; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; DBG鈥檚 response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; intense competition from online retailers; manufacturing and product innovation; increasing pressure on margins; DBG鈥檚 ability to implement its business strategy; DBG鈥檚 ability to grow its wholesale and direct-to-consumer businesses; retail industry changes and challenges; DBG鈥檚 and its vendors鈥� ability to maintain the strength and security of information technology systems; the risk that DBG鈥檚 facilities and systems and those of our third-party service providers may be vulnerable to and unable to anticipate or detect data security breaches and data or financial loss; DBG鈥檚 ability to properly collect, use, manage and secure consumer and employee data; stability of DBG鈥檚 manufacturing facilities and foreign suppliers; continued use by DBG鈥檚 suppliers of ethical business practices; DBG鈥檚 ability to accurately forecast demand for products; continuity of members of DBG鈥檚 management; DBG鈥檚 ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; DBG鈥檚 ability to execute and integrate acquisitions; changes in tax laws and liabilities; legal, regulatory, political and economic risks; adverse or unexpected weather conditions; DBG's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent DBG from fulfilling its financial obligations; and climate change and increased focus on sustainability issues. More information on potential factors that could affect DBG鈥檚 financial results is included from time to time in DBG鈥檚 public reports filed with the SEC, including DBG鈥檚 Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.

About Digital Brands Group

We offer a wide variety of apparel through numerous brands on a both direct-to-consumer and wholesale basis. We have created a business model derived from our founding as a digitally native-first vertical brand. We focus on owning the customer's "closet share" by leveraging their data and purchase history to create personalized targeted content and looks for that specific customer cohort.

Digital Brands Group, Inc. Company Contact

Hil Davis, CEO
贰尘补颈濒:听
Phone: (800) 593-1047

SOURCE Digital Brands Group, Inc.