F9 Investments Details LL Flooring’s Abysmal Performance, Sham Strategic Review Process, and Urgent Need for Change in Its Boardroom in Latest Letter to Shareholders
F9 Investments Believes
Under the Current Board, LL Flooring’s Stock Price Has Plummeted More Than 93% In Three Years
F9’s Three Highly Qualified Director Nominees –
Recommends Shareholders Vote the GOLD Proxy Card “FOR” All of F9’s Director Nominees
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240607143030/en/
(Graphic: Business Wire)
The letter also contains voting information for the election of F9’s three highly qualified, independent director candidates –
The full text of the letter is below and available at www.LLGroove.com.
Dear Fellow LL Flooring Shareholders,
The Board is burying its head in the sand and seeking to entrench itself rather than meaningfully address the Company’s precarious financial position. In fact, the Board would have you believe its so-called strategic plan is working, despite the Company’s own recent admission that there is substantial doubt regarding its ability to continue operations.
The facts are indisputable: LL Flooring’s financial performance continues to decline across all metrics—including sales, profitability, and liquidity.
UNDER THE CURRENT LEADERSHIP, LL FLOORING’S STOCK PRICE HAS PLUMMETED MORE THAN 93% IN THREE YEARS, VASTLY UNDERPERFORMING ITS PEERS, THE BROADER MARKET, AND ALL REASONABLE EXPECTATIONS.
In
BOARD’S STRATEGIC REVIEW PROCESS IS A SHAM:
IT HAS SUMMARILY REJECTED OR IGNORED MULTIPLE PREMIUM OFFERS TO ACQUIRE COMPANY FROM BONA FIDE BIDDERS AS LL FLOORING’S SHARE PRICE CRATERS
Since
Instead, the Board’s preferred plan is to enter into a sale-leaseback commitment for its primary asset – LL Flooring’s
OTHER SIGNIFICANT SHAREHOLDERS ARE CALLING FOR CHANGE
Notably, several other significant
Another large shareholder,
These viewpoints reiterate our assertion that shareholders deserve an immediate change of course, driven by new Board directors who will dutifully protect the value of all stakeholders’ investments in
F9’S THREE HIGHLY QUALIFIED NOMINEES BRING THE FLOORING INDUSTRY EXPERTISE, OWNERSHIP MENTALITY, AND ACTIONABLE PLAN NECESSARY TO RESTORE THE VALUE OF LL FLOORING FOR ALL SHAREHOLDERS
As the largest shareholder of
VOTE ON THE GOLD PROXY CARD TODAY “FOR” F9’S NOMINEES
Shareholders must act decisively to safeguard their investment. YOUR VOTE MATTERS, NO MATTER HOW MANY SHARES YOU OWN. We urge all shareholders to protect the value of their investment by voting for F9’s nominees today using the GOLD proxy card.
You can cast your vote online at www.ProxyVote.com or by completing, signing and dating the GOLD proxy card or GOLD voting instruction form and mailing it in the postage paid envelope provided.
If you have not received the GOLD proxy card from F9 and have only received a WHITE proxy card sent to you by the Company, you can still support F9’s nominees using the WHITE proxy card. You can do so by checking the “WITHHOLD” boxes on all of the Company nominees and
If you have any questions about how to vote your shares, please contact our proxy solicitor, Campaign Management, by telephone 1-(855) 264-1527 (shareholders) or (212) 632-8422 (banks & brokerages) or by email at info@campaign-mgmt.com.
For more information about F9 and detailed voting instructions, visit our website at www.LLGroove.com.
With your vote, we will be one step closer to ensuring
We thank you for your support.
Sincerely,
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DISCLAIMER
Except as otherwise set forth in this press release, the views expressed in this press release reflect the opinions of
This press release is provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security nor as a recommendation to purchase or sell any security. Certain of the Participants (as defined below) currently beneficially own shares of the Company. The Participants and their affiliates may from time to time sell all or a portion of their holdings of the Company in open market transactions or otherwise, buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to such shares.
Some of the materials in this press release contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” “plan,” “once again,” “achieve,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on current expectations, speak only as of the date of these materials and involve risks, uncertainties and other factors that may cause actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of F9.
The estimates, projections and potential impact of the opportunities identified by F9 herein are based on assumptions that F9 believes to be reasonable as of the date of this press release, but there can be no assurance or guarantee (i) that any of the proposed actions set forth in this press release will be completed, (ii) that the actual results or performance of the Company will not differ, and such differences may be material, or (iii) that any of the assumptions provided in this press release are accurate.
F9 has neither sought nor obtained the consent from any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties, nor has it paid for any such statements. Any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein. F9 does not endorse third-party estimates or research which are used herein solely for illustrative purposes.
Important Information
THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT WWW.SEC.GOV AND F9’S WEBSITE AT WWW.LLGROOVE.COM. THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY’S STOCKHOLDERS. STOCKHOLDERS MAY ALSO DIRECT A REQUEST TO F9’S PROXY SOLICITOR, CAMPAIGN MANAGEMENT, 15 WEST 38TH STREET, SUITE #747,
Information about the Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in the Definitive Proxy Statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240607143030/en/
INVESTOR AND MEDIA CONTACTS
Investors:
Campaign Management
(212) 632-8422
michael.fein@campaign-mgmt.com
Media:
(212) 257-4170
F9Investments@gasthalter.com
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