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RICHARDSON, Texas - Fossil Group, Inc. (NASDAQ:FOSL), currently trading at $2.49 with a market capitalization of $134 million, announced Wednesday it has extended the expiration deadline for its previously announced exchange offer, consent solicitation, and rights offering from October 7 to October 15, 2025, at 5:00 p.m. New York City time. According to InvestingPro analysis, the company operates with a significant debt burden, making this exchange offer particularly crucial for its financial restructuring efforts.
The company plans to proceed with its UK Proceeding on the previously disclosed schedule, including the Convening Hearing scheduled for October 15. Fossil may implement UK Proceeding Amendments to the Indenture for its 7.00% Senior Notes due 2026 before determining whether it must proceed with the UK Proceeding under the Transaction Support Agreement. With a total debt of $324 million and a weak financial health score as reported by InvestingPro, these proceedings are critical for the company’s future stability.
As of October 7, approximately 71.95% of the aggregate outstanding principal amount of the Old Notes had been validly tendered, representing $107,920,500 of the $150,000,000 total. This includes $102,078,075 (68.05%) from New Money Participants and $5,842,425 (3.90%) from Non-New Money Participants.
All other terms and conditions of the exchange offer, consent solicitation, and rights offering remain unchanged. The company reserves the right to terminate, withdraw, amend, or further extend any of these offerings independently.
Fossil has filed registration statements with the SEC in connection with these offerings. The announcement was made through a press release issued by the company.
In other recent news, Fossil Group Inc reported its second-quarter 2025 earnings, showing a 16% decline in net sales to $219 million. Despite the drop in sales, the company managed to improve its gross margin by 480 basis points, reaching 57.4%. These results come as Fossil Group shifts its strategy towards a full-price selling model and implements cost-saving measures. Additionally, Fossil Group announced a debt exchange offer for its outstanding 7.00% Senior Notes due 2026. This initiative is part of a broader debt restructuring effort, allowing noteholders to choose between 9.500% First-Out First Lien Secured Senior Notes due 2029 or 7.500% Second-Out Second Lien Secured Senior Notes due 2029. Participants in the exchange offer will also receive warrants exercisable into company shares. These recent developments indicate significant financial maneuvers as Fossil Group adjusts its strategies and financial structure.
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