The company is releasing 9,478,821 shares to the public, while existing stockholders are offloading an additional 4,583,679 shares. Underwriters hold a 30-day option to purchase up to 2,109,375 extra shares to cover potential over-allotments. Trading is scheduled to commence on July 30, 2026, with the transaction expected to close the following day pending standard regulatory conditions.

J.P. Morgan and Morgan Stanley are leading the bookrunning efforts for the offering, supported by Citigroup, RBC Capital Markets, and several other financial institutions. With 17 years in the market, Reformation currently operates 70 physical retail locations across the United States, United Kingdom, Canada, and France, maintaining a global e-commerce reach spanning over 150 countries.