LL Flooring Board of Directors Unanimously Rejects Unsolicited Proposal from Cabinets To Go, Subsidiary of F9 Brands, Inc.

LL Flooring Holdings, Inc. (“LL Flooring” or “Company”) (NYSE: LL) today announced that its Board of Directors has unanimously rejected an unsolicited, non-binding proposal from Cabinets To Go, LLC (“Cabinets To Go”), a subsidiary of F9 Brands, Inc., to acquire all of LL Flooring’s outstanding shares for $5.76 per share in cash. The Company previously acknowledged receipt of the unsolicited proposal from Cabinets To Go on May 30, 2023.

The LL Flooring Board and management team are committed to enhancing shareholder value and regularly review the Company’s strategic alternatives and assess opportunities to further this objective. Consistent with its fiduciary duties and in consultation with its financial and legal advisors, upon receipt, the LL Flooring Board carefully reviewed and considered Cabinets To Go’s non-binding proposal. The Board unanimously determined that the proposal significantly undervalues the worth of LL Flooring, its business and prospects and is not in the best interests of the Company and its shareholders. The Board is always open to considering a transaction that appropriately reflects the Company’s value and prospects.

Independent Chairperson of the Board, Nancy Taylor, said, “The LL Flooring Board of Directors is committed to enhancing shareholder value and we are open-minded about the best path to achieve this objective. The Board undertook a comprehensive review of the Cabinets To Go proposal and determined that it significantly undervalues LL Flooring. We remain open to engaging further on any opportunity that we believe will deliver appropriate value to all our shareholders.”

Ms. Taylor added, “LL Flooring’s unique positioning differentiates it from others in the market, and the Board and management team are confident in the Company’s business plan as it continues to deliver the high-touch service of an independent flooring retailer combined with the value and convenience of a national brand. LL Flooring is executing on its six core growth strategies and is well positioned to take advantage of the medium- to long-term tailwinds for repair and remodel spending.”

The Board of Directors communicated its response to F9 Investments and Cabinets To Go in the following letter on June 26, 2023:

F9 Investments, LLC
844 Alton Road
Miami Beach, FL 33139
Attn: Tom Sullivan, Sole Manager

Cabinets To Go, LLC
2350 W O Smith Street
Lawrenceburg, TN 38464
Attn: Jason Delves, Chief Executive Officer