- Emmis Communications (OTCPK:EMMS) has launched a tender offer to repurchase up to 1M shares of its Class A common stock at prices of not greater than $3.75 nor less than $2.75 per share.
- The tender offer is scheduled to expire on Aug. 05, 2022 and is contingent upon at least 250K shares being tendered.
- The purchase will be funded primarily from cash on hand and borrowings under an existing $1.6M line of credit.
- Assuming 1M Class A common shares are tendered, Emmis (OTCPK:EMMS) would repurchase ~11% of the Class A shares issued and outstanding as of July 1, 2022, and ~9.3% of its total common stock, which includes Class B common stock not subject to the tender offer.
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