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Emmis Corporation (OTC: EMMS) announced the final results of its cash tender offer to buy up to 1 million shares of its Class A common stock. The offer, which expired on August 5, 2022, witnessed 163,621 shares tendered and not withdrawn. Emmis waived its condition of at least 250,000 shares being tendered and will purchase all submitted shares for approximately $550,000, representing about 1.8% of its Class A common stock and 1.5% of total equity. Following this, Emmis will have 10,535,653 shares outstanding. The company may also acquire additional shares at or above $3.75 each.
Emmis Communications Corporation (OTC: EMMS) announced the results of its cash tender offer to buy back up to 2 million shares of Class A common stock at $2.60 per share. The offer expired on November 19, 2021, with 1,027,494 shares tendered, totaling approximately $2.7 million. This buyback represents about 8.5% of the Class A shares and 7.5% of total equity, which will be canceled. Post-purchase, Emmis will have 12,601,659 shares outstanding, including 11,105,959 Class A shares. The company may continue to buy shares at or above $2.60 in open market transactions.
Emmis Communications Corporation (OTC: EMMS) has commenced a tender offer to repurchase up to 2 million shares of its Class A common stock at $2.60 per share, effective from October 21, 2021, and expiring on November 19, 2021. This decision aims to optimize financial resources and provide liquidity for shareholders after public quotations ceased due to SEC rule 15c2-11. The repurchase could amount to approximately 16.5% of Class A shares outstanding. The buyback will be financed from cash on hand and a $5 million line of credit.
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