BEDFORD, Mass., March 5 /PRNewswire-FirstCall/ -- Aware, Inc. (Nasdaq: AWRE), a leading supplier of broadband technology and biometrics software, today announced that its Board of Directors has approved a modified Dutch Auction self-tender offer for up to 3,500,000 shares, or approximately 15%, of its outstanding common stock (including the associated preferred share purchase rights), at a price in the range of $1.80 to $2.60 per share, for a maximum aggregate purchase price of approximately $9.1 million. The closing price of Aware's stock was $1.68 on Wednesday, March 4, 2009, the last trading day preceding the commencement of the tender offer.
The Company intends to finance the repurchases from cash on hand. As of December 31, 2008, the Company had approximately $45.5 million of cash and cash equivalents.
The tender offer will expire at 5:00 pm New York City time, on Thursday, April 2, 2009, unless extended by Aware. Tenders of Aware's common stock must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer.
The modified Dutch Auction will allow stockholders to indicate how many shares and at what price within the Company's specified range they wish to tender. Based on the number of shares tendered and the price specified by the tendering stockholders, the Company will determine the lowest price per share within the range that will enable it to purchase up to 3,500,000 shares, or such lesser number of shares as are properly tendered. The Company also reserves the right in the tender offer to purchase up to an additional 2% of its shares outstanding. Tender offer materials are being distributed to stockholders and are being filed with the Securities and Exchange Commission today.
None of the Company, its directors an
|SOURCE Aware, Inc.|
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