Avantax, Inc. Announces Preliminary Results of Tender Offer
In accordance with the terms and conditions of the tender offer and based on the preliminary count by the depositary, the Company expects to repurchase a total of 8,333,333 shares of Company common stock through the tender offer at a price of
The total of 8,333,333 shares that the Company expects to accept for repurchase represents approximately 17.4% of the Company’s total outstanding shares of common stock as of
As previously disclosed, the Company expects to fund the purchase of shares in the tender offer with cash on hand (using proceeds from the prior sale of its tax software business) and borrowings under its delayed draw term loan facility.
The number of shares expected to be purchased in the tender offer, the purchase price per share and the proration factor described above 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 tendered through notice of guaranteed delivery will be delivered within the required two business day period. The final number of shares to be purchased in the tender offer, the final purchase price per share and the final proration factor will be announced following the expiration of the guaranteed delivery period and the completion by the depositary of the confirmation process. Payment for the shares accepted for purchase pursuant to the tender offer, and the return of all other shares tendered and not purchased, will occur promptly following the completion of the confirmation process.
The dealer managers for the tender offer are PJT Partners,
For additional information, please visit us at www.avantax.com or https://investors.avantax.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements with respect to expectations regarding our proposed purchase of shares of common stock in the tender offer, the source of financing for those purchases, the number of shares of common stock to be purchased (including the number of shares tendered through notice of guaranteed delivery in the tender offer), the proration factor and the purchase price per share. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” “may,” “will,” “would,” “could,” “should,” “estimates,” “predicts,” “potential,” “continues,” “target,” “outlook” and similar terms and expressions, but the absence of these words does not mean that the statement is not forward-looking. Actual results may differ significantly from management’s expectations due to various risks and uncertainties including, but not limited to, those factors discussed in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the
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