Business
ITEX Commences Cash Tender Offer to Purchase its Common Stock Up to 527,779 Shares at $4.30 per Share
ITEX Commences Cash Tender Offer to Purchase its Common Stock Up to 527,779 Shares at $4.30 per Share.
About this update from Itex Corp.
[{"type":"text","content":"\n\n\n\nITEX Commences Cash Tender Offer to Purchase its Common Stock Up to 527,779 Shares at $4.30 per Share\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nITEX Commences Cash Tender Offer to Purchase its Common Stock Up to 527,779 Shares at $4.30 per Share\nPR Newswire\nBELLEVUE, Wash., March 4, 2019\n\n\n\nBELLEVUE, Wash., March 4, 2019 /PRNewswire/ -- ITEX Corporation (OTC: ITEX), The Membership Trading Community®, today announced that it has commenced a partial tender offer to purchase up to 527,779 shares of its common stock, at a price of $4.30 per share.\nThe maximum number of shares proposed to be purchased in the tender offer represents approximately 25% of ITEX's currently outstanding common shares. On March 1, 2019, the last trading day prior to the commencement of the tender offer, the last sale price of ITEX's shares reported on the OTC Pink Marketplace was $4.40 per share. The trailing 12-month average closing price was $4.05 per share with total volume of approximately 152,000 shares.\nThe tender offer will expire on March 29, 2019 at midnight (one minute after 11:59 p.m.), New York City time, unless extended. Tenders of shares of ITEX's common stock must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer. Only shares properly tendered and not properly withdrawn pursuant to the tender offer will be purchased. The tender offer will be financed entirely with cash on hand. ITEX reserves the right, in its sole discretion, to purchase in the tender offer, subject to applicable law, an additional number of shares not to exceed 2% of the outstanding shares without amending or extending the tender offer. \nQuestions concerning the tender offer or requests for copies of the Offer to Purchase, Letter of Transmittal and related documents should be directed to Corporate Communications at ITEX Corporation at 800-277-9722, extension 4003. OTR, Inc. is the Depositary for the tender offer. The Offer to Purchase, Letter of Transmittal and related documents are being mailed...