Alloy, Inc. won SEC approval this week to complete the spinoff of its Delia’s retail arm.
Alloy shareholders will get 23.3 million shares of Delia’s common stock on Dec. 19, with another 2.7 million shares to be issued in a $20 million subscription rights offering once the spinoff is complete. Delia’s will begin trading on NASDAQ on Dec. 19, under the symbol “DLIA.”
Delia’s was valued at $175 million when Alloy began spin-off proceedings in September. The direct-marketing and retail division, which sells clothes and accessories to teens, includes 72 retail stores, with another 10 slated to open.
Alloy, Inc. also owns AMP Agency, which ranked No. 18 in the 2005 PROMO 100 with 2004 net revenues of $52.4 million, up 25% from 2002.
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