Breaking News

Safeguard Scientifics announced a new $3M share repurchase program, in accordance with the requirements of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. These repurchases, which will use existing funds, will be made in open market or privately negotiated transactions and are expected to be completed within the 2022 calendar year. This new plan replaces the $6M share repurchase plan announced in May 2021, which resulted in the repurchase of 236,159 shares at an average cost of $6.94 per share for a total of $1.6M. The May 2021 plan was suspended in October 2021 as part of the Company's modified Dutch auction self-tender, which resulted in the repurchase of 4.3M common shares at $9.06 per share, including transaction costs, for a total of $39M. Since the release of Safeguard's Q4 2021 earnings and the filing of its 2021 Form 10-K, there have been no material developments to Safeguard's ownership interests and no substantive developments in its recently announced process to evaluate strategic alternatives. The engagement of Houlihan Lokey to assist in the Company's evaluation of strategic alternatives may or may not result in a transaction and, if a transaction were to occur, it may occur at a value per share that is higher or lower than the current share price. As the engagement has only recently begun, there can be no assurance regarding any potential outcome. Furthermore, Safeguard has agreed to fund approximately $1.4M to Clutch Holdings, Inc. along with other existing investors. Inclusive of this funding, Safeguard's year-to-date deployments total $3.4M, as compared to the full year 2022 deployments estimate of $5M to $9M announced in our fourth quarter 2021 earnings release.

Safeguard Scientifics announced the final results of its previously announced modified "Dutch auction" self-tender offer to purchase for cash up to $35 million in value of shares of its common stock at a price within the range of $7.90 to $9.00 per share. As described in the tender offer, the Company reserved the right to purchase up to an additional 2% of the Company's outstanding shares of common stock without amending or extending the offer. The tender offer expired at 5:00 p.m. Eastern Time on Friday, October 1, 2021. Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, a total of 5,014,874 shares of common stock were properly tendered and not properly withdrawn at or below the purchase price of $9.00 per share. Because the number of shares tendered exceeds $35 million in value, the tender offer is oversubscribed and the Company exercised its right to purchase the Additional Shares. Therefore, in accordance with the terms and conditions specified in the tender offer, the Company will purchase shares of its common stock from all tendering shareholders on a pro rata basis, disregarding fractions. In the aggregate, 4,304,826 shares of common stock, including 415,938 Additional Shares, were accepted for payment at the same price of $9.00 per share for an aggregate purchase price of approximately $38.7 million, excluding fees and expenses related to the tender offer. Accordingly, on a pro rata basis, including the impact of the Additional Shares purchased, but excluding odd lots and conditional tenders where the condition was not satisfied, and disregarding fractions, approximately 85.9% of the shares for each shareholder who properly tendered shares have been accepted for payment.

Safeguard Scientifics announced the preliminary results of its previously announced modified "Dutch auction" self-tender offer to purchase for cash up to $35 million in value of shares of its common stock at a price within the range of $7.90 to $9.00 per share. The tender offer expired at 5:00 p.m. Eastern Time on Friday, October 1, 2021. Based on the preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, a total of 5,035,906 shares of common stock were properly tendered and not properly withdrawn at or below the purchase price of $9.00 per share, including 709,375 shares that were tendered by notice of guaranteed delivery. Because the tender offer was oversubscribed, and pursuant to the terms of the tender offer, the Company has elected to purchase 415,938 additional shares. The relative number of shares of common stock that will be purchased from each shareholder will be prorated based on the number of shares of common stock properly tendered, except for tenders of odd lots, which will be accepted in full. As a result, in accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Safeguard expects to acquire 4,304,826 shares of its common stock at a price of $9.00 per share for an aggregate purchase price of approximately $38.7 million, excluding fees and expenses related to the tender offer. The shares of common stock expected to be purchased represent approximately 20.7% of the Company's shares of common stock issued and outstanding as of October 1, 2021, which would result in the Company having 16,491,595 shares issued and outstanding immediately following such repurchase. The Company will pay for the repurchases of shares of its common stock with available cash.

Safeguard Scientifics is up 8.5%, or 67c to $8.55.

Safeguard Scientifics announced that the previously announced acquisition of its ownership interest in Flashtalking was completed resulting in cash proceeds to Safeguard of approximately $44.8M. The company may receive additional amounts of up to approximately $0.8M over the next 24 months from the resolution of escrow contingencies. Safeguard is also announcing the commencement of a modified "Dutch auction" self-tender offer to purchase for cash up to $35M in value of shares of its common stock at a price within the range of $7.90-$9.00 per share. The closing price of SFE's common stock on Wednesday September 1, 2021, the last full trading day prior to the commencement of the tender offer, was $7.88 per share. SFE intends to finance the tender offer with cash proceeds from the sale of its ownership interest in Flashtalking.

Safeguard Scientifics is up 12.4%, or 95c to $8.62.

Safeguard Scientifics is up 8.5%, or 65c to $8.32.

Safeguard Scientifics announced that Flashtalking signed a definitive agreement to be acquired by Mediaocean. The combined entity will leverage Flashtalking's best-in-class solutions for primary ad serving, creative personalization, identity management, and verification with Mediaocean's mission-critical platform for omnichannel advertising used by the world's leading brands and agencies. The transaction is expected to close in the third quarter of 2021. Upon closing, Safeguard expects to receive approximately $43 million of cash proceeds. Terms of the transaction were not disclosed.