Mannatech Announces Preliminary Results of Tender Offer
June 28 2021 - 5:40PM
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
preliminary results of its cash tender offer, which expired at
12:00 midnight, New York City time, at the end of Friday, June 25,
2021, to purchase up to 211,538 shares of its outstanding common
stock, par value $0.0001 per share, at a per share price of $26.00
(the "tender offer").
Based on the preliminary count by Computershare Trust Company,
N.A., the depositary for the tender offer (the "Depositary"), a
total of 169,622 shares of common stock of the Company were
properly tendered and not properly withdrawn, excluding 4,627
shares that were tendered by notice of guaranteed delivery.
In accordance with the terms and conditions of the tender offer
and based on a preliminary count by the Depositary, the Company
expects to accept for payment a total of 174,249 shares of common
stock of the Company at a cash purchase price of $26.00 per share,
for a total cash cost of approximately $4,530,474, excluding fees
and expenses relating to the tender offer. Such shares of common
stock represented approximately 8.45% of the Company's total
outstanding shares as of April 30, 2021.
The Company anticipates to fund the share purchase in the tender
offer from cash on hand.
The number of shares expected to be purchased in the tender
offer and the aggregate cash purchase price are preliminary and
subject to change and are based on the assumption that all shares
tendered through notice of guaranteed delivery will be delivered
within the two trading day settlement period. The final number of
shares to be purchased in the tender offer and the final aggregate
cash purchase price will be announced following the expiration of
the guaranteed delivery period and the completion of the
confirmation process by the Depositary. Payment for the shares
accepted for purchase pursuant to the tender offer will occur
promptly thereafter.
The Company's tender offer was made pursuant to an Offer to
Purchase and Letter of Transmittal, each dated May 28, 2021.
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.”
These forward-looking statements generally can be identified by use
of phrases or terminology such as “may,” “will,” “should,” "hope,"
“could,” “would,” “expects,” “plans,” “intends,” “anticipates,”
“believes,” “estimates,” “approximates,” “predicts,” “projects,”
“potential,” “preliminary,” and “continues” 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 (the “SEC”) 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, Mannatech’s ability to complete the tender offer in a
timely manner or at all, the price at which shares of Mannatech's
common stock may trade on Nasdaq, which may be higher or lower than
the purchase price in the tender offer, uncertainty as to the
number of shares purchased in the tender offer, the impact of 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 SEC, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210628005827/en/
Mannatech, Incorporated Donna Giordano, 972-471-7849 Manager,
Executive Office Administration ir@mannatech.com
www.mannatech.com
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