Business
Optex Systems Holdings, Inc. Announces Preliminary Results of Tender Offer
RICHARDSON, TX / ACCESSWIRE / September 16, 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 16, 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 preliminary 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 preliminary count by Continental Stock Transfer & Trust Company, the depositary for the Offer, a total of 1,728,026 shares of Common Stock were properly tendered and not properly withdrawn at or below the purchase price of $2.65 per share, including 149,764 shares that were tendered by notice of guaranteed delivery.In accordance with the terms and conditions of the Offer, and based on the preliminary count by the depositary, Optex expects to accept for purchase approximately 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 preliminary numbers, Optex anticipates that, immediately following settlement of the Offer, it 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 expects to purchase only a prorated portion of the shares of Common Stock properly tendered by each tendering shareholder whose shares are accepted (other than \"odd lot\" holders whose shares will be purchased on a priority basis), with an expected pro-ration factor of 92.8%.The number of shares of Common Stock to be purchased and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all shares of Common Stock tendered through notice of guaranteed delivery will be delivered within the two business day settlement period. The final number of shares of Common Stock to be purchased and the fin...