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Startek announced that ESM Holdings Limited, an indirect wholly-owned subsidiary of the Company, has entered into a definitive share purchase agreement with Arabian Internet and Communications Services Company to divest its stake in Contact Center Company, CCC, to Solutions. The agreement is subject to customary closing conditions, third-party consents and regulatory approvals, including consents required under the Startek secured revolving credit facility and senior term loan facility agreement. Startek owns 51 percent ownership interest in CCC with the remaining 49 percent ownership interest held by STC. Pursuant to a share purchase agreement with Solutions, Startek and STC will divest their respective ownership interest in CCC at an enterprise value of SAR450 million, subject to debt-like and working capital adjustments. At prevailing exchange rates, this values the Startek stake at U.S. $61.2 million subject to closing adjustments and capital gains taxes. It is anticipated that Startek will utilize the net proceeds from the transaction to pay down amounts outstanding under its secured revolving credit facility and senior term loan facility agreement. "The journey with CCC has been highly successful and I am grateful to all the associates who have made this possible. I am confident of their continued success under the ownership of Solutions," said Bharat Rao, CEO, Startek. "The divestment of CCC will support the Startek business as we deleverage the balance sheet and prioritize growing our core business." The transaction is expected to be completed during the second quarter of 2023.

MCI Capital announced the final results of its previously announced cash tender offer to purchase up to 4,000,000 shares of common stock of StarTek at a purchase price of $4.20 per share, which expired at 5:00 p.m., New York City time, on January 4, 2023. The tender offer fully closed on January 9th, 2023. MCI has accepted for payment, at a purchase price of $4.20 per share, and promptly paid $12,350,713.20 for, all 2,940,646 shares of common stock that were validly tendered and not validly withdrawn pursuant to the Offer. After giving effect to this transaction, MCI and its affiliates beneficially own approximately ~7.3% of StarTek's outstanding shares of common stock as of October 31, 2022.

CSP Alpha Holdings disclosed last night that it submitted a letter to the Special Committee of StarTek to formally withdraw its non-binding proposal related to the proposed acquisition by CSP of all of the shares of StarTek common stock not beneficially owned. The latter states in part, "The Special Committee announced on September 9, 2022 that it had rejected the Proposal, and it had determined that the proposed purchase price of US$4.65 set forth in the Proposal was inadequate and it would be inappropriate and redundant to provide CSP with additional directional guidance regarding value and price. Though we continue to believe that the proposed valuation set forth in the Proposal reflects a full and fair price and compelling value to the holders of shares of StarTek Common Stock not beneficially owned by us, based on discussions with the Special Committee's advisors and the Special Committee's announcement on September 9, 2022, it is evident that the Special Committee has a different perspective and we would be unable to reach agreement with the Special Committee on an appropriate valuation at this time. Therefore, we hereby withdraw the Proposal."