On June 1, 2018, Sports Direct International plc announced that it has nominated 4 individuals: Ron McPherson, Howard Moher, Mark Hunter and Daniel Dienst, for election to the Iconix Brand Group, Inc. Board of Directors at the Company’s 2018 annual meeting. Sports Direct added that this is in line with Sports Direct’s commitment to actively participate in its strategic investments. Sports Direct stated that it has seen first-hand how the numerous operational and strategic decisions initiated by the Company have resulted in severe value destruction for its investors. The Company’s stark drop in share price (currently trading at under $0.701), substantial debt load relative to revenues (with more than $800 million in outstanding principal obligations as of Q1 2018) and the loss of major direct-to-retail licensing agreements with major retailers all demonstrate the failures of the current Board and management.