Mannatech Announces Final Results of Tender Offer

Rhea-AI Summary

Mannatech, Incorporated (NASDAQ: MTEX) announced the completion of its cash tender offer, which concluded on June 25, 2021. The company purchased 171,433 shares of its common stock at $26.00 per share, totaling approximately $4.46 million. This represents around 8.31% of its total outstanding shares as of April 30, 2021. The purchase was funded through the company's cash reserves. Mannatech is devoted to enhancing lives with its health and wellness products through a network of independent associates.

Positive

• Completed purchase of 171,433 shares at $26.00 each, totaling approximately $4.46 million.
• The tender offer absorbed about 8.31% of total outstanding shares, potentially boosting shareholder value.

Negative

• None.

Mannatech, Incorporated ("Mannatech" or the "Company") (NASDAQ: MTEX), a global health and wellness company committed to transforming lives to make a better world, announced today the final results of its cash tender offer, which expired at 12:00 midnight, New York City time, at the end of Friday, June 25, 2021, to purchase up to 211,538 shares of its outstanding common stock, par value $0.0001 per share, at a per share price of $26.00 (the "tender offer").

Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer (the "Depositary"), a total of 171,433 shares of common stock of the Company were properly tendered and not properly withdrawn.

In accordance with the terms and conditions of the tender offer, the Company accepted for payment a total of 171,433 shares of common stock of the Company at a cash purchase price of $26.00 per share, for a total cash cost of approximately $4,457,258, excluding fees and expenses relating to the tender offer. Such shares of common stock represented approximately 8.31% of the Company's total outstanding shares as of April 30, 2021. The Depositary will promptly pay for the shares accepted for purchase.

The Company funded the share purchase in the tender offer from cash on hand.

The Company's tender offer was made pursuant to an Offer to Purchase and Letter of Transmittal, each dated May 28, 2021.

About Mannatech

Mannatech, Incorporated is committed to transforming lives through the development of high quality integrated health, weight management, fitness and skin care products distributed through its global network of independent associates and members. The company has been operating for more than 25 years with operations in 25 markets^. For more information, visit Mannatech.com.

^ Mannatech operates in China under a cross-border e-commerce platform that is separate from its network marketing model.

Please Note: This release contains “forward-looking statements.” These forward-looking statements generally can be identified by use of phrases or terminology such as “may,” “will,” “should,” “hope,” “could,” “would,” “expects,” “plans,” “intends” “anticipates,” “estimates,” “approximates,” “predicts,” “projects,” “potential,” and “continues” or other similar words or the negative of such terminology. Similarly, descriptions of Mannatech’s objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Mannatech believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission (“SEC”) and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties and other factors. Some of these factors include, among others, the price at which shares of Mannatech’s common stock may trade on Nasdaq, which may be higher or lower than the purchase price in the tender offer, the impact of the outbreak of the novel coronavirus ("COVID-19") pandemic, Mannatech’s inability to attract and retain associates and preferred customers, increases in competition, litigation, regulatory changes and its planned growth into new international markets. Although Mannatech believes that the expectations, statements and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other filings filed with the United States SEC, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.

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FAQ

What was the outcome of Mannatech's cash tender offer?

Mannatech successfully purchased 171,433 shares at $26.00 each, totaling about $4.46 million.

When did Mannatech's cash tender offer expire?

The tender offer expired at 12:00 midnight, New York City time, on June 25, 2021.

What percentage of shares did Mannatech buy back through the tender offer?

Mannatech bought back approximately 8.31% of its total outstanding shares as of April 30, 2021.

How did Mannatech fund the tender offer?

The tender offer was funded through Mannatech's cash on hand.