BELLEVUE, Wash., March 4, 2019 /PRNewswire/ -- ITEX Corporation (OTC: ITEX), The Membership Trading Community®, today announced that it has commenced a partial tender offer to purchase up to 527,779 shares of its common stock, at a price of $4.30 per share.
The maximum number of shares proposed to be purchased in the tender offer represents approximately 25% of ITEX's currently outstanding common shares. On March 1, 2019, the last trading day prior to the commencement of the tender offer, the last sale price of ITEX's shares reported on the OTC Pink Marketplace was $4.40 per share. The trailing 12-month average closing price was $4.05 per share with total volume of approximately 152,000 shares.
The tender offer will expire on March 29, 2019 at midnight (one minute after 11:59 p.m.), New York City time, unless extended. Tenders of shares of ITEX's common stock must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer. Only shares properly tendered and not properly withdrawn pursuant to the tender offer will be purchased. The tender offer will be financed entirely with cash on hand. ITEX reserves the right, in its sole discretion, to purchase in the tender offer, subject to applicable law, an additional number of shares not to exceed 2% of the outstanding shares without amending or extending the tender offer.
Questions concerning the tender offer or requests for copies of the Offer to Purchase, Letter of Transmittal and related documents should be directed to Corporate Communications at ITEX Corporation at 800-277-9722, extension 4003. OTR, Inc. is the Depositary for the tender offer. The Offer to Purchase, Letter of Transmittal and related documents are being mailed to registered stockholders and will also be made available for distribution to beneficial owners of ITEX's common stock.
None of ITEX, its Board of Directors, or the Depositary is making any recommendation to stockholders as to whether to tender or refrain from tendering any shares. Stockholders and investors should read carefully the Offer to Purchase, Letter of Transmittal and related materials, should consult with their own financial and tax advisors, and should make their own decisions about whether to tender shares, and, if so, how many shares to tender.
This news release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell shares of ITEX's common stock. The tender offer is being made pursuant to the Offer to Purchase, Letter of Transmittal and related materials that ITEX will be distributing to its stockholders and posting with the OTC Disclosure and News Service.
ITEX, The Membership Trading Community®, is a leading marketplace for cashless business transactions. Our business services and exclusive distribution channel allows member businesses to transfer value to acquire products and services without exchanging cash. We generate revenue by charging members percentage-based transaction fees and association fees. ITEX is headquartered in Bellevue, WA.
For more information, please visit www.itex.com.
This release contains forward-looking statements, which reflect management's current views of future events and operations. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially. We have included a discussion of certain risks and uncertainties that could cause actual results and events to differ materially from our forward-looking statements in the section titled "Risk Factors," filed with our Annual Report, posted with the OTC Disclosure and News Service on October 19, 2018, which is available at www.otcmarkets.com. ITEX undertakes no duty to update or revise any forward-looking statements.
SOURCE ITEX Corporation