04:12 AM EDT, 06/13/2024 (MT Newswires) -- J.Jill (JILL) said late Wednesday it priced an underwritten public offering of 2 million common shares at $31 per share.

The company is offering 1 million shares and an affiliate of TowerBrook Capital Partners, J.Jill's largest stockholder, is offering 1 million shares.

The selling stockholder has also granted the underwriters a 30-day option to buy up to an additional 300,000 shares. The offering is expected to close on Friday.

J.Jill expects to receive gross proceeds of $31 million, which it plans to use for the repayment of debt and for general corporate purposes.

The company's share price fell 14.7% in after-hours activity Wednesday.

Price: 33.72, Change: -5.83, Percent Change: -14.74