Lake Street is pleased to announce it served as the lead financial advisor to bebe stores, inc. (OTCPK: BEBE) and rendered a Fairness Opinion on the conversion of $16.9 million in debt held by B. Riley Financial, Inc., in exchange for 2.8 million shares of Common Stock. Concurrent with the debt conversion, B. Riley also acquired 250,000 common shares from the founder and CEO, Manny Mashouf, and 250,000 in newly issued common shares from the Company. Following the close of the transaction, B. Riley became the second largest shareholder behind Mr. Mashouf.
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