The Children’s Place Inc. has received notice from Saudi investing firms Snowball Compounding Ltd. and Mithaq Capital that they have built a 54% stake in the company and plan to nominate 11 people for election to the board at the 2024 annual shareholder meeting.
The news sent the stock PLCE of the troubled retailer up more than 92% on Thursday and put it on track for its biggest-ever one-day percentage gain.
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