The reverse “Dutch auction” tender offer of ALJ Regional Holdings, Inc. (OTC PINK: ALJJ) (the “Company”), which ended on December 29, 2022 at 12:00 a.m. New York City time, has been finalised, the company said today.
According to the depositary’s final count for the Offer, a total of roughly 11.73 million shares were lawfully offered and not withdrawn, with the price per share falling between $1.84 and $2.00. The Company has concluded that the lowest share price at which it might purchase 10,000,000 shares of its common stock under the Offer is $1.99 per share, based on the total number of shares tendered and the prices established by the tendering stockholders. In addition, the Company has decided to exercise its option to purchase up to an additional 2% of the existing shares of its common stock by purchasing an additional 236,945 shares of its common stock tendered at $1.99 per share. As a result, the Company agreed to buy 10,236,945 shares of its common stock in total at $1.99 per share, for a total price of around $20.37 million, excluding fees and costs associated with the Offer. Approximately 28.2% of the Company’s outstanding shares at the time of the Offer were represented by the 10,236,945 shares that were purchased in the Offer. Excluding shares issuable for convertible debt, outstanding warrants, and stock options totaling 13.2 million shares, the Company anticipates having around 26.1 million shares of outstanding common stock following execution of the Offer.

Source: Prnewswire