Business
Optex Systems Holdings, Inc. Announces Final Results of Tender Offer
RICHARDSON, TX / ACCESSWIRE / September 20, 2022 / Optex Systems Holdings, Inc. (OTCQB:OPXS) ("Optex"), a leading manufacturer of precision optical sighting
About this update from Optex Systems Holdings, Inc.
[{"type":"text","content":"RICHARDSON, TX / ACCESSWIRE / September 20, 2022 / Optex Systems Holdings, Inc. (OTCQB:OPXS) (\"Optex\"), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, today announced the final results of its \"modified Dutch auction\" tender offer to purchase up to $4.25 million in value of shares of its common stock, par value $0.001 per share (CUSIP number: 68384X209) (the \"Common Stock\"), which expired at 5:00 P.M., New York City time, on September 15, 2022 (the \"Offer\").Based on the final count by Continental Stock Transfer & Trust Company, the depositary for the Offer, a total of 1,727,926 shares of Common Stock were properly tendered and not properly withdrawn at or below the purchase price of $2.65 per share.In accordance with the terms and conditions of the Offer, and based on the final count by the depositary, Optex accepted for purchase 1,603,774 shares of Common Stock at a price of $2.65 per share, for an aggregate cost of approximately $4.25 million, excluding fees and expenses relating to the Offer. These shares represent approximately 19.3% of its shares of Common Stock outstanding as of September 15, 2022. Based on these final numbers, immediately following settlement of the Offer, Optex will have approximately 6,716,637 shares of Common Stock outstanding. A director and an executive officer of the Company participated in the Offer.Because the Offer was oversubscribed, Optex accepted for payment only a pro-rated portion of the shares of Common Stock properly tendered by each tendering stockholder (other than \"odd lot\" holders whose shares are being purchased on a priority basis). Based on the final tender count, and taking into consideration the effect of odd lot priority on the pro-ration factor, the final pro-ration factor for the Offer was approximately 92.8% of the shares of Common Stock properly tendered at or below the purchase price of $2.65 per share.Payment for the shares of Common Stock accepted for purchase under the Offer will occur promptly, in accordance with applicable law.Stockholders who have questions or would like additional information about the Offer may contact InvestorCom, the Information Agent for the Offer, toll-free at (877) 972-0090.This press release is for informational purposes only and is neither an offer to purch...