Specialty retailer The Wet Seal, Inc. announced today that, at a special meeting, its Board of Directors has declared a 3-for-2 split of the Company's Class A and Class B Common Stock to be effected as a 50 percent Common Stock dividend.
The dividend is payable May 9, 2002, to shareholders of record as of the close of business on April 25, 2002. Shareholders will receive one additional share of Common Stock for every two shares held on the record date. Cash will be paid in lieu of any fractional shares of Class A Common Stock that would be issued. As a result of the stock split, The Wet Seal, Inc.'s outstanding shares of Class A and Class B Common Stock will increase from 22,180,965 (including 2,051,400 treasury shares) at April 9, 2002, to approximately 33,271,448 shares, exclusive of stock options for the purchase of 5,204,058 shares of Class A Common Stock.
The Wet Seal, Inc., a specialty retailer of fashionable and contemporary apparel and accessory items is headquartered in Foothill Ranch, California. The Company currently operates a total of 578 stores in 44 states, the District of Columbia and Puerto Rico, of which 460 are Wet Seal/Contempo Casuals stores which cater to the junior customer, 86 are Arden B. stores which focus on a fashionable, sophisticated, contemporary customer and 32 are Zutopia stores for the 'tween' customer.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
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