ITEX Corporation (OTCBB:ITEX) has announced the preliminary results
of its tender-offer to purchase up to 1,000,000 shares of its common
stock at a price of $4.20 per share, which expired at midnight, New
York City time on April 13, 2012.
Based on the preliminary count by OTR Inc., the depositary for the
tender-offer, approximately 1,226,253 shares of ITEX�s common stock
were properly tendered and not withdrawn. In accordance with the
terms and conditions of the tender-offer, ITEX expects to acquire
1,072,827 shares of its common stock at a price of $4.20 per share,
for an aggregate cost of $4,505,873, excluding fees and expenses
relating to the tender-offer.
The total number of shares expected to be purchased includes an
additional 72,827 shares purchased pursuant to ITEX�s right to
increase the number of shares purchased by no more than 2-percent of
its outstanding shares, without amending or extending the tender
offer. The shares expected to be purchased in the tender-offer
represent approximately 26.5% of ITEX�s currently outstanding common
shares (including shares of unvested restricted stock).
Since the offer was oversubscribed, the number of shares that ITEX
will purchase from each tendering shareholder will be prorated.
Based upon the preliminary count by the Depositary of shares
tendered, ITEX estimates that the proration factor will be
As of March 15, 2012, ITEX had approximately 4,040,925 shares of
common stock outstanding (including approximately 399,584 shares of
unvested restricted stock). After giving effect to the results of
the tender-offer, ITEX expects to have approximately 2,968,098
shares of common stock outstanding (including unvested restricted
Questions concerning the tender-offer may be directed to Investor
Relations of ITEX Corporation at 800-277-9722, extension 4017.
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