Liberated Syndication, Inc. (“Libsyn” or the “Company”), the leading podcasting platform for creators and advertisers, issued a reminder that it’s previously announced Tender Offer to purchase shares of its common stock is set to close as scheduled and will not be extended. The Tender Offer was launched to purchase shares for an aggregate price of $10 million at a price per share ranging from $1.10 to $1.60, in $0.10 increments.
The Tender Offer, which commenced on November 13, 2024, is set to expire at 11:59 P.M., Eastern Time, on December 13, 2024. Interested stockholders are encouraged to take advantage of this opportunity before the deadline. Shares tendered may be withdrawn at any time prior to the expiration of the Tender Offer. Stockholders who do not wish to participate do not need to take any action.
Pursuant to the Tender Offer, stockholders of the Company may tender all, or a portion of their shares at a price specified by the tendering stockholder (“tender price”) of not less than $1.10 and not more than $1.60 per share, in $0.10 increments.
Pursuant to the Tender Offer, the Company will first purchase all tendered and not withdrawn shares at the lowest price within the range of prices specified above and will then purchase all tendered and not withdrawn shares at the next highest price within the range of prices specified above (in $0.10 increments) and will continue this process until the company has purchased ip to $10 million in the aggregate of its common stock.
Stockholders will receive their tender price proceeds in cash, subject to applicable withholding (if any) and without interest, for shares tendered at prices equal to or less than the purchasing price, subject to the conditions of the Tender Offer.
The terms and conditions of the Tender Offer are detailed in an Offer to Purchase and related Letter of Transmittal and annex to that letter have been mailed to the Company’s Stockholders. These documents are available on the Company’s website at www.libsyn.com.
The Tender Offer will be subject to the conditions described in the Offer to Purchase. To be valid, tenders of shares must be made prior to the expiration date of the Tender Offer period and otherwise in accordance with the instructions for tendering shares set forth in the Offer to Purchase and related Letter of Transmittal.
The Company’s Board of Directors (the “Board”) has authorized the Tender Offer. However, none of the Company, the Company’s Board of Directors, the depository or the information agent for the Tender Offer makes any recommendation to stockholders as to whether to tender or refrain from tendering their shares or as to the price or prices at which stockholders may choose to tender their shares. The Company has not authorized any person to make such recommendation.
Stockholders must make their own decisions as to whether to tender their shares, and, if so, how many shares to tender and the price or prices at which their shares should be tendered. In doing so, stockholders should read carefully the information contained in, or incorporated by reference in, the Offer to Purchase and in the Letter of Transmittal (as they may be amended or supplemented). Stockholders are urged to discuss their decisions with their own tax advisors, financial advisors and/or brokers.