ProPhase Labs to repurchase up to 4M shares of common stock
ProPhase Labs announced that it has commenced a tender offer to purchase up to 4M shares of its common stock at a price of $2.30 per share. The number of shares proposed to be purchased in the tender offer represents approximately 24.7% of the approximately 16.2M shares of ProPhase's common stock issued and outstanding as of August 21, 2017. The last reported sale price of ProPhase's common stock on August 15, 2017, the last full trading day before ProPhase announced its intention to commence the tender offer, was $2.13 per share.The tender offer will expire at 5:00 p.m., New York City time, on Monday, September 25, 2017, unless extended by ProPhase. ProPhase has approximately $36.9M in cash and cash equivalents, a portion of which will be used to fund the tender offer.