ProPhase announces intention to commence tender offer to repurchase 1.7M shares
ProPhase Labs announced that it intends to commence a tender offer to purchase up to 1.7M shares of its common stock at a price per share of $2.30 per share. The company anticipates that the tender offer will be launched on or before November 20 and will remain open for at least 20 business days from initiation. If the maximum number of shares to be purchased in the tender offer were in fact tendered, the number of shares that would then be purchased in the tender offer represents approximately 13.7% of ProPhase's currently issued and outstanding common shares. If stockholders tender more than 1.7M shares, the maximum sought in the tender offer, ProPhase will purchase shares from all stockholders who properly tender shares, on a pro rata basis, based on the aggregate number of shares tendered. The NASDAQ Official Closing Price of ProPhase's common stock on November 9, 2017 was $2.11 per share. ProPhase has approximately $27.7M in cash and cash equivalents and investments, a portion of which will be used to fund the tender offer.