Business
Mannatech Commences Cash Tender Offer to Purchase up to $5 Million of Its Common Stock
FLOWER MOUND, Texas--(BUSINESS WIRE)-- Mannatech, Incorporated ("Mannatech" or the "Company") (NASDAQ: MTEX), a global health and wellness company committed
About this update from Mannatech, Incorporated
[{"type":"text","content":" FLOWER MOUND, Texas--(BUSINESS WIRE)--\nMannatech, Incorporated (\"Mannatech\" or the \"Company\") (NASDAQ: MTEX), a global health and wellness company committed to transforming lives to make a better world, announces today it has commenced a modified Dutch auction cash tender offer to purchase up to $5 million of its outstanding common stock, par value $0.0001 per share, at a per share price not greater than $17.00 nor less than $15.00 (the \"tender offer\").\n\n\nThe closing price of Mannatech's common stock on The Nasdaq Global Select Market (\"Nasdaq\") on May 27, 2020, two trading days prior to the commencement of the tender offer, was $14.31 per share. The tender offer is scheduled to expire at 12:00 midnight, New York City time, at the end of Thursday, June 25, 2020, unless the offer is extended.\n\n\nThe Company believes that the repurchase of its stock pursuant to the tender offer is consistent with its ongoing goal to maximize shareholder value. The board of directors evaluated the Company's operations, financial condition, capital needs, regulatory requirements, strategy and expectations for the future and believes that the tender offer is a prudent use of the Company's financial resources and determined that a tender offer is an appropriate mechanism to return capital to shareholders that seek liquidity under current market conditions and allowing shareholders who do not participate in the tender offer to share in a higher portion of the Company's future potential.\n\n\nThe tender offer is not contingent upon obtaining any financing; however, the tender offer is subject to certain terms and other conditions, which are described in the Offer to Purchase, dated May 29, 2020, and the related Letter of Transmittal and other materials pertaining to the tender offer that Mannatech has filed with the Securities and Exchange Commission (the “SEC”).\n\n\nGeorgeson Securities Corporation is the dealer manager for the tender offer. Georgeson LLC is serving as the information agent for the tender offer and Computershare Trust Company, N.A. is serving as depositary for the tender offer.\n\n\nImportant Additional Information\n\n\nThis communication is for informational purposes only, is not a recommendation to buy or sell the Company’s common stock, and does not constitute an offer to buy or the solicitation to sell shares of the...