Express, Inc. (NYSE:EXPR) more than doubled Wednesday after dipping around 27% on Tuesday. The stock has been volatile following increased interest from retail investor groups.
Express shares went on an epic ride on Friday, driven by a tweet from an experts suggesting Express was worth $10 per share.
The tweet cited that Express has $1.63 per share in cash yet he fails to mention net cash was negative $58 million as of October 31, 2020.
Express has been hemorrhaging cash flow through FY 2020 (Q1-Q3) to the tune of negative $134.5 million (adjusting for seasonal inventory changes).
On January 14, Express announced 'additional' financing from Sycamore at LIBOR +800 BPS (a new $90-million term loan).
The company details that the new financing includes a $90M FILO Term Loan with a maturity date of May 24, 2024, and a $50M Delayed Draw Term Loan to be repaid upon receipt of a CARES Act tax refund. The financing is in addition to EXPR's existing $250M asset-based loan facility, of which it had previously drawn $165M. EXPR -1.94% pre-market to $1.01.
EXPR shares took on $3.11, or 102.3%, to $6.15.
