Figs Inc is a company that specializes in designing and producing high-quality, stylish scrubs and medical apparel for healthcare professionals
With a focus on comfort, functionality, and modern aesthetics, Figs aims to revolutionize the way medical uniforms are perceived and worn. The company leverages innovative fabrics and inclusive sizing to cater to the diverse needs of its customers, ultimately enhancing the work experience for those in the medical field. In addition to scrubs, Figs also offers various accessories and lifestyle products tailored for healthcare workers, fostering a sense of community and pride among its clientele.
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Shares of healthcare apparel company Figs (NYSEFIGS)
jumped 17.7% in the morning session after The Wall Street Journal reported that private equity firm, Story3 Capital made an offer to acquire the company. The offer came in at roughly $1 billion, or $6 per share. This represents a 15% premium to the stock's last close price before news of the acquisition became public.
The report also revealed that Story3 already owns 1% of FIGS' common stock, signaling a long-standing interest in the company. In its proposal, Story3 mentioned Fortress Investment Group, one of its partners, is ready to fund the acquisition with debt financing.
Figs has been treading water for the past six months, recording a small loss of 1.3% while holding steady at $5.47. The stock also fell short of the S&P 500’s 12.4% gain during that period.
FIGS Inc (NYSEFIGS) shares are trading higher Wednesday following reports suggesting the company received a takeover offer from Story3 Capital Partners.
Shares of healthcare apparel company Figs (NYSEFIGS)
fell 29.5% in the afternoon session after the company reported weak third-quarter earnings. Its EBITDA missed, and its EPS fell short of Wall Street's estimates.
Healthcare apparel company Figs (NYSEFIGS) fell short of the market’s revenue expectations in Q3 CY2024, with sales falling 1.5% year on year to $140.2 million. Its non-GAAP loss of $0.01 per share was also 26.7% below analysts’ consensus estimates.
