Mannatech Announces Final Results of Tender Offer
June 30 2020 - 4:15PM
Business Wire
Mannatech, Incorporated ("Mannatech" or the "Company")
(NASDAQ: MTEX), a global health and wellness company committed to
transforming lives to make a better world, announced today the
final results of its modified Dutch auction tender offer, which
expired at 12:00 midnight, New York City time, at the end of
Thursday, June 25, 2020, to purchase up to an aggregate of $5
million in value 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 per share (the "tender offer").
Based on the final count by Computershare Trust Company, N.A.,
the depositary for the tender offer (the "Depositary"), a total of
294,117 shares of common stock of the Company were properly
tendered and not properly withdrawn at or below the price of $17.00
per share. Due to the tender offer being oversubscribed, the
Company purchased only a prorated portion of those shares properly
tendered by each tendering shareholder (other than "odd lot"
holders whose shares were purchased on a priority basis) at or
below the final per share purchase price. The Company has been
informed by the Depositary for the tender offer that the final
proration factor for the tender offer was approximately 86%.
In accordance with the terms and conditions of the tender offer,
the Company accepted for payment a total of 294,117 shares of
common stock of the Company at a cash purchase price of $17.00 per
share, for a total cash cost of approximately $5.0 million,
excluding fees and expenses relating to the tender offer. Such
shares of common stock represented approximately 12.31% of the
Company's total outstanding shares as of April 30, 2020. The
Depositary will promptly pay for the shares accepted for
purchase.
The Company funded the share purchase in the tender offer from
cash on hand.
The Company's tender offer was made pursuant to an Offer to
Purchase and Letter of Transmittal, each dated May 29, 2020.
About Mannatech
Mannatech, Incorporated is committed to transforming lives
through the development of high quality integrated health, weight
management, fitness and skin care products distributed through its
global network of independent associates and members. The company
has been operating for more than 25 years with operations in 25
markets^. For more information, visit Mannatech.com.
^ Mannatech operates in China under a cross-border e-commerce
platform that is separate from its network marketing model.
Please Note: This release contains “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally can be identified by use
of phrases or terminology such as “intend” or other similar words
or the negative of such terminology. Similarly, descriptions of
Mannatech’s objectives, strategies, plans, goals or targets
contained herein are also considered forward-looking statements.
Mannatech believes this release should be read in conjunction with
all of its filings with the United States Securities and Exchange
Commission and cautions its readers that these forward-looking
statements are subject to certain events, risks, uncertainties and
other factors. Some of these factors include, among others, the
outbreak of the novel coronavirus ("COVID-19") pandemic,
Mannatech’s inability to attract and retain associates and
preferred customers, increases in competition, litigation,
regulatory changes and its planned growth into new international
markets. Although Mannatech believes that the expectations,
statements and assumptions reflected in these forward-looking
statements are reasonable, it cautions readers to always consider
all of the risk factors and any other cautionary statements
carefully in evaluating each forward-looking statement in this
release, as well as those set forth in its latest Annual Report on
Form 10-K and Quarterly Report on Form 10-Q, and other filings
filed with the United States Securities and Exchange Commission,
including its current reports on Form 8-K. All of the
forward-looking statements contained herein speak only as of the
date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200630006039/en/
Donna Giordano, 972-471-7849 Manager, Executive Office
Administration ir@mannatech.com www.mannatech.com
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