Item 8.01. Other Events.
On September 29, 2020, Iconix China Limited ("Iconix China"), an indirect
wholly-owned subsidiary of Iconix Brand Group, Inc. (the "Company"), completed
the previously announced sale of all of the equity interests of Starter China
Limited, a wholly-owned subsidiary of Iconix China (the "Starter China Sale"),
for consideration of $16.0 million. The Starter China Sale includes the sale of
the Starter brand in the People's Republic of China, Hong Kong, Taiwan and
Macau. The Company anticipates using the net proceeds from the Starter China
Sale to repay amounts due under its existing financing arrangements, and
otherwise for general corporate purposes.
This Form 8-K contains forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, as
amended, Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. The matters discussed in
this Form 8-K involve estimates, projections, goals, forecasts, assumptions,
risks and uncertainties that could cause actual results or outcomes to differ
materially from those expressed in the forward-looking statements. All
statements in this Form 8-K that are not purely historical facts are
forward-looking statements, including statements containing the words "may,"
"will," "expect," "anticipate," "intend," "estimate," "continue," "believe,"
"plan," "project," "will be," "will continue," "will likely result" or similar
expressions. Any forward-looking statement inherently involves risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or contribute to such
differences include, but are not limited to: the Company's determination of its
use of proceeds; and other risks. The Company discusses certain of these factors
more fully in its additional filings with the Securities and Exchange Commission
(the "SEC"), including its annual report on Form 10-K for the fiscal year ended
December 31, 2019 and subsequent quarterly reports on Form 10-Q filed with the
SEC, and this Form 8-K should be read in conjunction with those reports,
together with all of the Company's other filings, including other current
reports on Form 8-K, through the date of this Form 8-K. The Company urges you to
consider all of these risks, uncertainties and other factors carefully in
evaluating the forward-looking statements contained in this Form 8-K.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Since the Company operates
in a rapidly changing environment, new risk factors can arise and it is not
possible for the Company's management to predict all such risk factors, nor can
the Company's management assess the impact of all such risk factors on the
Company's business or the extent to which any factor, or combination of factors,
may cause actual results to differ materially from those contained in any
forward-looking statements. The Company's future results, performance or
achievements could differ materially from those expressed or implied in these
forward-looking statements. The Company does not undertake any obligation to
publicly revise these forward-looking statements to reflect events or
circumstances occurring after the date hereof or to reflect the occurrence of
unanticipated events, except as may be required by law.
© Edgar Online, source Glimpses