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Tuesday, Apr 16, 2024
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Harlingwood Takes Stake in Orange 21

Carlsbad-based Orange 21 Inc., which produces Spy Optic glasses and goggles for the youth market, received a $1.17 million infusion from a private equity firm in late February.

An affiliate of Carmel Mountain-based Harlingwood Equity Partners, Harlingwood Alpha LLC, bought 712,121 shares of Orange 21 stock at $1.65 a share in a deal finalized Feb. 28. The sale came on a day when the stock was trading at $1.85. Orange 21 made the deal public March 4.

Harlingwood will be able to name a director to the Orange 21 board. Harlingwood Alpha’s manager is Fir Geenen.

“We are thrilled to have them as shareholders,” said Stone Douglass, Orange 21’s chief executive officer.

For the 52 weeks ending March 11, shares of Orange 21 have swung between 25 cents and $2.25. Shares hit that 52-week high on March 9. The stock trades over the counter as ORNG.OB.

Orange 21 also produces glasses under the O’Neill, Margaritaville and Melodies by MJB brands.

— Brad Graves

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