Aware, Inc. (AWRE) Commences Dutch Auction Tender Offer
Aware, Inc. (Nasdaq: AWRE) 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.
Aware 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.
Aware is a leading technology supplier for the telecommunications and biometrics industries.
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