NEWARK, Calif., March 12, 2018 /PRNewswire/ -- Socket
Mobile, Inc. (NASDAQ: SCKT), a leading innovator of data
capture and delivery solutions for enhanced productivity, today
announced the preliminary 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 preliminary count by American Stock Transfer &
Trust Company, LLC, the depositary for the tender offer, a total of
approximately 1.4 million shares of Socket Mobile's common stock
were validly tendered and not validly withdrawn at or below a
purchase price of $3.90 per share,
including approximately 0.2 million shares that were tendered
through notice of guaranteed delivery.
In accordance with the terms and conditions of the tender offer,
and based on the preliminary count by the depositary, Socket Mobile
expects to accept for purchase 1.25 million 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. Due to the
oversubscription of the tender offer, Socket Mobile expects to
accept for purchase approximately 87.4 percent of the shares
properly tendered and not properly withdrawn at or below the
purchase price of $3.90 per share by
each tendering stockholder (other than "odd lot" holders whose
shares will be purchased on a priority basis).
The shares expected to be purchased in the tender offer
represent approximately 17.6 percent of Socket Mobile's currently
issued and outstanding shares of common stock. Based on these
preliminary numbers, Socket Mobile anticipates that following
settlement of the tender offer, it will have approximately 5.9
million shares outstanding. The determination of the final number
of shares to be purchased, the final price per share and the
proration factor is subject to confirmation by the depositary of
the proper delivery of the shares validly tendered and not
withdrawn.
The number of shares to be purchased and the price per share are
preliminary. The actual number of shares validly tendered and not
withdrawn, the actual number of shares to be purchased and the
final price per share will be announced following the completion of
the confirmation process. Payment for the shares accepted for
purchase, and the return of all other shares tendered and not
purchased, will occur promptly thereafter. Payment for shares will
be made in cash, less any applicable withholding taxes and without
interest.
About Socket Mobile, Inc.
Founded in 1992, Socket
Mobile is a leading innovator of data capture and delivery
solutions for enhanced productivity in retail point of sale, field
service, transportation, manufacturing and other mobile markets.
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. Socket Mobile has a
robust network of thousands of developers registered to use its
software developer's kit to add sophisticated barcode scanning to
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.
Forward Looking Statements
This release contains
forward-looking statements, including those regarding Socket
Mobile's expectation of the number of shares to be purchased and
the price at which such shares will be purchased. These
forward-looking statements are not guarantees and are subject to
risks, uncertainties and assumptions that could cause the actual
number of shares to be purchased and the price at which shares are
ultimately purchased to differ materially and adversely from the
number and amount expressed in the forward-looking statements in
this press release. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
to Socket Mobile's expectations as of the date hereof. Socket
Mobile disclaims any intent or obligations to update these
forward-looking statements.
Socket, DuraScan, and SocketScan are registered trademarks of
Socket Mobile, Inc. All other trademarks and trade names contained
herein may be those of their respective owners.
Socket Mobile Contact
David Dunlap
Chief Financial Officer
510/933-3035
dave@socketmobile.com
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SOURCE Socket Mobile, Inc.