NEWARK, Calif., March 14, 2018 /PRNewswire/ -- Socket
Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data
capture and delivery solutions for enhanced productivity, today
announced the final results of its "modified Dutch auction"
self-tender offer for the purchase of up to 1,250,000 shares of its
common stock, which expired at 5:00
p.m., New York City time,
on Friday, March 9, 2018.
Based on the final count by American Stock Transfer & Trust
Company, LLC, the depositary for the tender offer, Socket Mobile
accepted for payment an aggregate of 1,250,000 shares of its common
stock at a purchase price of $3.90
per share, for an aggregate cost of approximately $4.9 million, excluding fees and expenses
relating to the tender offer. The total amount of shares
purchased in the tender offer represents approximately 17.6% of
Socket Mobile's shares issued and outstanding prior to completion
of the purchase. As a result of the final outcome of the
tender offer, Socket Mobile has approximately 5.9 million shares
outstanding.
The tender offer was oversubscribed and, pursuant to the terms
of the tender offer, shares were accepted on a pro rata basis,
except for tenders of "odd lots," which were accepted in full, and
except for certain conditional tenders automatically regarded as
withdrawn pursuant to the terms of the tender offer. Socket
Mobile has been informed by the depositary that the proration
factor for the tender offer, after giving effect to the priority
for odd lots, was approximately 87.46%.
The depositary will promptly issue payment for the shares
validly tendered and accepted for purchase. Payment for shares will
be made in cash, less any applicable withholding taxes and without
interest. Shares tendered and not accepted for purchase will
be returned promptly to stockholders by the depositary.
About Socket Mobile
Socket Mobile is a leading provider of data capture and delivery
solutions for enhanced productivity in workforce mobilization.
Socket Mobile's revenue is primarily driven by the deployment of
third party barcode enabled mobile applications that integrate
Socket Mobile's cordless barcode scanners and contactless
reader/writers. Mobile Applications servicing the specialty
retailer, field service, transportation, and manufacturing markets
are the primary revenue drivers. Socket Mobile has a network of
thousands of developers who use its software developer tools to add
sophisticated data capture to their mobile applications. Socket
Mobile is headquartered in Newark,
Calif. and can be reached at +1-510-933-3000
or www.socketmobile.com. Follow Socket Mobile
on Facebook and Twitter @socketmobile and subscribe
to SocketTalk the company's official blog.
Socket Mobile Contact
David Dunlap
Chief Financial Officer
510/933-3035
dave@socketmobile.com
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SOURCE Socket Mobile, Inc.