Current Price – $3.61
Offer Price – $4
Upside – 11% or $39 ( for odd lot holders)
Expiration date – 15 April 2015
We are offering to purchase your shares at a price of $4.00 per share. We are offering to purchase 750,000 shares validly tendered in the tender offer, or such fewer number of shares as are properly tendered and not properly withdrawn prior to the expiration date (as defined below). 750,000 shares represent approximately 26.1% of our outstanding common stock as of March 16, 2015. As of March 16, 2015, there were 2,875,063 shares issued and outstanding (including shares of unvested restricted stock).
No proration for Odd Lot holders:
First, ITEX will purchase all shares properly tendered and not properly withdrawn prior to the expiration date by any odd lot holders. For purposes of the tender offer, the term “odd lots” shall mean all shares properly tendered prior to the expiration date and not properly withdrawn by any person referred to as an “odd lot holder” who owns beneficially or of record an aggregate of fewer than 100 shares
Source of Funds:
Assuming ITEX purchases 750,000 shares in the tender offer, approximately $3.0 million will be required to purchase such shares. ITEX currently possesses the cash funds necessary to purchase shares tendered in the tender offer, as well as to pay related fees and expenses. The tender offer is not conditioned upon the receipt of financing.