Details How LL Flooring’s Board Has Presided
Over an Era of Exceptionally Poor Decision Making, Abysmal Stock
Performance, and Sham Strategic Review Process that Has Led to
Persistent Value Destruction and Put the Company at Risk of Going
Out of Business
Details How F9’s Three Highly Qualified
Director Nominees – Tom Sullivan, Jason Delves, and Jill Witter –
Are Committed to Working Collaboratively with the Board and Bring
the Expertise and Oversight Necessary to Restore Value to LL
Flooring for All Shareholders
Urges Shareholders Vote the GOLD Proxy Card Today “FOR” All of F9’s
Director Nominees and “WITHHOLD” on All LL Flooring
Nominees
View the Presentation at www.LLGroove.com
F9 Investments, LLC (“F9”), which together with its affiliates
collectively owns approximately 8.85% of LL Flooring Holdings, Inc.
(“LL Flooring” or the “Company”) (NYSE: LL) common stock and is the
Company’s largest shareholder, today released a presentation
highlighting why change to LL Flooring’s Board of Directors (the
“Board”) is needed urgently in order to preserve what value is left
and begin the process of rebuilding what was once – and can be
again – a great company.
The presentation contains detailed information regarding how LL
Flooring’s shareholders have suffered for years due to the Board’s
failed operational strategy, misaligned incentives and
compensation, inability to contain costs, and deeply flawed sale
process. The presentation contrasts the Company’s severe
underperformance with the track records of F9’s three
highly-qualified director nominees – Tom Sullivan, Jason Delves,
and Jill Witter – and highlights how they bring the flooring
industry expertise, shareholder alignment, and oversight necessary
to protect and restore the value of LL Flooring for all
shareholders.
F9 encourages all LL Flooring shareholders to view the
presentation, which can be found at www.LLGroove.com.
Mr. Sullivan stated: “LL Flooring’s shareholders have a choice
to make before the Company’s Annual Meeting on July 10: they can
continue to support directors who have routinely shirked their
responsibility and put LL Flooring on the brink of bankruptcy while
enriching and entrenching themselves, or vote for change by
electing directors who will bring proper oversight, shareholder
alignment, and accountability back to LL Flooring’s boardroom to
protect shareholders’ investments and put the Company back on a
path to success.”
“Make no mistake, a vote for management is a vote for the status
quo. Under the current Board’s watch, LL Flooring’s stock price has
plummeted more than 93% in three years, vastly underperforming its
peers, the broader market, and all reasonable expectations. The
Company is currently on the brink of insolvency, customers are
fleeing, and morale is low, yet management would try to have you
believe that their strategy is working. While LL Flooring’s Board
continues to avoid accountability for its failures and levies
harmful, misleading, and easily disprovable personal attacks
against me in a desperate attempt to distract shareholders from the
Company’s abysmal performance, F9’s nominees are prepared to do the
hard work of restoring LL Flooring’s value for all shareholders,
creating a culture employees can be proud of, and putting the
Company back on a path toward profitability and success.”
“Together, F9’s exceptionally well-qualified nominees
collectively bring the flooring industry expertise, ownership
mentality, and operational, financial, and strategic plan required
to deliver the long-term, value-enhancing change that LL Flooring
urgently needs to survive and thrive over the long-term. We
encourage shareholders to review our presentation, which details
the myriad issues and failed strategic initiatives the current
Board has overseen; the dire and still-deteriorating financial
position of the Company; and the current Board’s lack of expertise
and alignment with shareholders, poor corporate governance
practices, and sham strategic review process which has resulted in
the rejection of a number of premium bids for the Company while LL
Flooring’s stock price continues to crater.”
VOTE ON THE GOLD PROXY CARD TODAY “FOR” F9’S NOMINEES TOM
SULLIVAN, JASON DELVES, AND JILL WITTER AND “WITHHOLD” ON ALL LL
FLOORING NOMINEES AND JERALD HAMMANN
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 Jerald Hammann and checking the “FOR” boxes for all F9
nominees – Tom Sullivan, Jason Delves, and Jill Witter.
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.
DISCLAIMER
Except as otherwise set forth in this press release, the views
expressed in this press release reflect the opinions of F9
Investments, LLC and its affiliates (“F9”) and are based on
publicly available information with respect to LL Flooring
Holdings, Inc. (“LL” or the “Company”). F9 recognizes that there
may be confidential information in the possession of the Company
that could lead it or others to disagree with F9’s conclusions. F9
reserves the right to change any of its opinions expressed herein
at any time as it deems appropriate and disclaims any obligation to
notify the market or any other party of any such change, except as
required by law. F9 disclaims any obligation to update the
information or opinions contained in this press release, except as
required by law. For the avoidance of doubt, this press release is
not affiliated with or endorsed by LL.
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
F9 Investments, LLC, Thomas D. Sullivan, John Jason Delves and
Jill Witter (collectively, the “Participants”) filed a definitive
proxy statement and accompanying form of gold proxy card (as
supplemented and amended, the “Definitive Proxy Statement”) with
the Securities and Exchange Commission (the "SEC”) on May 31, 2024
to be used in connection with the 2024 annual meeting of
stockholders of the Company.
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, NEW YORK, NY 10018 (STOCKHOLDERS CAN E-MAIL
INFO@CAMPAIGNMANAGEMENT.COM OR CALL TOLL-FREE: (855) 264-1527.
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/20240613637860/en/
INVESTOR AND MEDIA CONTACTS
Investors: Michael Fein Campaign Management (212) 632-8422
michael.fein@campaign-mgmt.com
Media: Jonathan Gasthalter/Nathaniel Garnick Gasthalter &
Co. (212) 257-4170 F9Investments@gasthalter.com
Grafico Azioni LL Flooring (NYSE:LL)
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Da Nov 2024 a Dic 2024
Grafico Azioni LL Flooring (NYSE:LL)
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Da Dic 2023 a Dic 2024
