In July, Orange 21, Inc. entered into discussions with No Fear to acquire its retail subsidiary, No Fear Retail Stores, Inc. as part of a strategic expansion. More recently, Orange 21s independent special committee of its board of directors concluded that the timing and scope of the discussed transaction was not advisable for either company at the present time.
Mark Simo, the co-chairman of the board of directors and chief executive officer of Orange 21, and a founder, principal and stockholder of No Fear said, “We ultimately concluded that it is not an ideal time for Orange 21 to pursue a strategic transaction, and that at present, our stockholders would be better served by us continuing to focus on our turn-around efforts.”
