UPDATE: J. C. Penney Says New CEO Ron Johnson Invests $50M in the Company

J. C. Penney JCP announces Mr. Johnson requested and has committed to make a personal investment of $50 million in the Company through the purchase, at fair market value, of 7 1/2-year warrants on 7.257 million shares of J. C. Penney Company stock. The warrants cannot be sold or hedged for the first six years of their term and have a strike price of $29.92, the closing price of the stock on the business day prior to Mr. Johnson's commitment to purchase the warrants.