SCHEDULE: Nomura Cuts Tilly's Stake Below 5%

Nomura Holdings and its subsidiary Nomura Global Financial Products have reduced their beneficial ownership in Tilly's, Inc. Class A Common Stock to 3.7%.

Summary

• Nomura Holdings Inc. and its wholly-owned subsidiary, Nomura Global Financial Products, Inc., reported beneficial ownership of 850,580 shares of Tilly's, Inc. Class A Common Stock.
• This represents 3.7% of the outstanding Class A Common Stock.
• This is an Amendment No. 1 to a Schedule 13G, indicating a reduction in a previously reported stake to below the 5% threshold.
• The percentage of class is calculated based on 22,845,799 shares of Class A Common Stock outstanding as of June 3, 2025, as reported in Tilly's, Inc.'s quarterly report on Form 10-Q filed on June 5, 2025.

Sentiment

Score: 3

Explanation: The reduction in beneficial ownership by a significant institutional investor, Nomura, to below the 5% threshold is generally viewed as a negative signal, indicating a potential lack of confidence or strategic divestment.

Positives

• NA

Negatives

• Nomura Holdings Inc. and its subsidiary have reduced their beneficial ownership in Tilly's, Inc. Class A Common Stock to 3.7%, indicating a decrease from a previously held stake above 5%.
• This reduction by a significant institutional investor may signal a lack of conviction or a strategic exit from the position.

Risks

• A decrease in institutional ownership could lead to reduced investor confidence and potential downward pressure on the stock price.
• The reduction by Nomura may indicate a negative outlook on Tilly's future performance or market conditions by a major financial institution.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Nomura Global Financial Products, Inc. is a wholly owned subsidiary of Nomura Holdings, Inc., and their beneficial ownership is reported jointly.

Stakeholder Impact

• Shareholders may experience decreased investor confidence and potential downward pressure on share price due to the reduction in institutional ownership.
• Company management may need to address investor concerns regarding the reduction in institutional stake.

Key Dates

Recommendation

The reduction of a significant institutional stake by Nomura Holdings to below 5% signals a potential loss of confidence or a strategic divestment. This move by a major financial institution could lead to decreased investor confidence and potential downward pressure on Tilly's share price, suggesting a 'sell' recommendation for investors.

Keywords

Tilly's, Nomura Holdings, Nomura Global Financial Products, SEC Filing, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Ownership, Stake Reduction, Retail Apparel