L.A. Mayor Congratulates American Apparel on Economic Milestones
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American Apparel also announced in August it completed the grant of approximately 1.9 million shares of the company’s common stock to its factory employees, pursuant to the company’s 2007 Performance Equity Plan. Based on the closing stock price of American Apparel on September 8, 2008, this grant has a value of approximately $18 million. The shares were fully vested upon grant, and were registered through a form S-8 filed with the SEC on April 17, 2008. The company expects to distribute an additional 800,000 shares to its retail and administrative employees in the coming weeks.
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