Shares of Emmis Communications Corporation (OTCMKTS:EMMS) have been moving within a narrow range over the past few weeks.
Market Reaction
On Monday, EMMS stock ended flat at $2.25 with 130 shares, compared to its average volume of 2.8k shares. The stock has moved within a range of $2.2500 – 2.2500 after opening trade at $2.25.
Emmis Communications Announces Final Results of Tender Offer
Emmis Communications Corporation (OTCMKTS:EMMS) on November 22, 2021 announced the final results of the cash tender offer entailing purchase of about 2 million shares of the Class A common stock. The purchase price was $2.60 per share and the tender offer expired at 5:00 P.M on November 19, 2021.
The final count by Broadridge Inc said that about 1,027,494 shares of Emmis’ Class A common stock were tendered.
As per the terms and conditions, the company be purchasing all shares tendered for a price of about $2.7 million, excluding fees and expenses.
Shares to be repurchased account for about 8.5% of the outstanding and issued shares of the firm’s Class A common stock as well as 7.5% of its total issued and outstanding equity, including outstanding shares of Emmis’ Class B common stock.
However, shares purchased in tender offer will be nullified by Emmis resulting in the company having 12,601,659 shares of common stock. There will be issued and outstanding shares of 11,105,959 of Class A common stock and 1,495,700 shares of its Class B common stock.
The company also reserves right for purchasing additional shares of its Class A common stock in open market at $2.60 share.
Emmis Communications Corporation currently has 4 FM and 2 AM radio stations in New York and Indianapolis besides the Indianapolis Monthly magazine.
