Insignia Systems, Inc. ISIG today announced the preliminary results
of its modified Dutch auction tender offer (the “Tender Offer”) to purchase up
to $12 million of its common stock, which expired at 5:00 p.m., New York City
time, on August 15, 2013.
Based on the preliminary count by Wells Fargo Bank, N.A., the depositary for
the Tender Offer, a total of 929,051 shares of Insignia's common stock, par
value $0.01 per share, were properly tendered and not properly withdrawn at or
below the purchase price of $2.35 per share.
In accordance with the terms and conditions of the Tender Offer, and based on
the preliminary count by the depositary, Insignia expects to acquire 929,051
shares of its common stock at a price of $2.35 per share, for an aggregate
cost of approximately $2.2 million, excluding fees and expenses relating to
the Tender Offer. These shares represent approximately 6.8 percent of
Insignia's currently outstanding common stock. Insignia expects to purchase,
without proration, all of the shares of common stock that were properly
tendered in the Tender Offer at or below $2.35 per share and not properly
withdrawn.
Information regarding the number of shares to be purchased and the aggregate
purchase price are preliminary and subject to verification by the depositary.
The final number of shares purchased and aggregate purchase price will be
announced following completion of the verification process. Payment for the
shares accepted for purchase under the tender offer, and return of all other
shares tendered and not purchased, will occur promptly thereafter.
Shareholders who have questions may call D.F. King & Co., the information
agent for the Tender Offer, at 800-758-5880.
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