Schmitt Provides Shareholder Value Opportunity Update, Announces Dutch Tender Offer
The Company’s Board of Directors (the “Board”) has decided to continue with its previously announced delisting from the
The Company intends to delist its common stock from the Nasdaq Capital Market and deregister its common stock under the Securities Exchange Act of 1934 promptly following the conclusion of the tender offer.
The Board believes the tender offer will provide liquidity for Company shareholders who wish to exit at a premium to the three-month average closing price of the Company’s common stock while minimizing transaction costs. The tender offer will be subject to the terms and conditions set forth in an Offer to Purchase and in a related Letter of Transmittal, which are expected to be prepared and distributed to Company shareholders in approximately 10 days.
Neither the Company nor the Board is making any recommendation whether Company shareholders should tender or refrain from tendering their shares to the Company. Schmitt is not making a recommendation because it believes that its shareholders should make their own decisions based on their views as to the value of Schmitt’s shares and its prospects, as well as shareholders’ liquidity needs, investment objectives and other individual considerations. Shareholders must decide whether to tender their shares and, if so, how many shares to tender and at what price. Shareholders should discuss whether to tender their shares with their broker or other financial or tax advisors. Schmitt’s directors and executive officers will NOT tender their currently owned shares in the offer.
An Offer to Purchase, Letter of Transmittal and other documents related to the tender offer will be mailed to Company shareholders of record and will be available for distribution to beneficial owners of shares upon commencement of the tender offer. Shareholders are urged to carefully read such materials before making any decision with respect to the tender offer.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES OF SCHMITT’S COMMON STOCK. COMMENCEMENT OF THE PROPOSED TENDER OFFER IS SUBJECT TO, AMONG OTHER THINGS, COMPLETION OF ALL REGULATORY FILINGS. ANY SOLICITATION OF OFFERS TO BUY SCHMITT’S COMMON STOCK WILL ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS TO BE SENT BY SCHMITT TO ITS SHAREHOLDERS ON THE COMMENCEMENT OF THE PROPOSED TENDER OFFER. SHAREHOLDERS SHOULD CAREFULLY READ THOSE MATERIALS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS AND CONDITIONS OF THE TENDER OFFER. SHAREHOLDERS MAY OBTAIN COPIES OF THE OFFER TO PURCHASE, RELATED MATERIALS AND OTHER DOCUMENTS ONCE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION THROUGH THE COMMISSION'S WEB SITE AT WWW.SEC.GOV WITHOUT CHARGE.
Safe Harbor Statement
This document may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors. A complete discussion of the risks and uncertainties that may affect Schmitt’s business, including the business of its subsidiary, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by the Company with the
Chief Executive Officer
Source: Schmitt Industries, Inc.