The Securities and Exchange Commission is taking a close look at J.C. Penney Co. Inc.’s September stock offering — which came amid a sharp sell-off and surprised investors.
Penney’s said in a regulatory filing late Thursday that on Oct. 7 it received “a letter of inquiry from the Securities and Exchange Commission requesting information regarding the company’s liquidity, cash position and debt and equity financing, as well as the company’s underwritten public offering of common stock announced on September 26.”
Shortly before the offering, chief executive officer Myron “Mike” Ullman 3rd told investors that the company wouldn’t need to raise additional funds, according to widespread reports at the time. The retailer, however, denied the ceo made such statements. The retailer said it was cooperating with the inquiry and providing the requested material. A Penney’s spokeswoman declined to comment beyond the filing.
Penney’s sold 84 million shares for $9.65 each during the Goldman Sachs-led offering — raising more than $800 million to help shore up its balance sheet and ease investor concerns.
But the stock continues to be a roller coaster. The issue fell 8.4 percent to $8.85 in regular trading Thursday and another 2.5 percent to $8.63 in after-hours action.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive
For @simonerocha_‘s fall show, hairstylist @jamespecis created a look inspired by the painter John Constable. Models’ hair was pulled back, tied into knots and topped off with a bow. (📷: @kukukuba) #wwdbeauty #lfw
Queen Elizabeth made a surprise appearance at @richardquinn1's London Fashion Week show to present the designer with the inaugural Queen Elizabeth II Award for British Design. The new award will be handed out annually to an emerging British fashion designer who shows exceptional talent, while demonstrating value to the community and sustainable policies. #wwdfashion #lfw (📷: @giovanni_giannoni_photo)