Digital Brands Group, Inc. (NASDAQ:DBGI) announced that it will initiate a formal review to explore strategic alternatives for the company. The decision was made due to the dislocation between the company's public market value and the intrinsic value of its underlying assets. The announcement led to heavy trading volume of DBGI shares, with more than 662 thousand shares traded in the session, compared to the stock's 100-day average of slightly more than 215 thousand shares. The shares are up over 14% at $4.98 at the time of publication.