Affymax, Inc. (AFFY)

[ospreyeye]

AFFY: On August 25, 2014, Xstelos delivered a letter to the Issuer’s board of directors (the “Board”). In the letter, Xstelos reaffirmed its proposal whereby it would, among other things, tender, at $0.10 per Share, for up to 25% of the outstanding Shares of the Issuer, subject to limitations under Section 382 of the Internal Revenue Code of 1986, as amended. The letter also reiterated Xstelos’ continued belief that its proposal, at $0.10 per Share, will offer significantly more value to the Issuer’s shareholders than the Issuer’s existing plan of liquidation, under which shareholders are estimated to receive between $0.05 and $0.06 per Share, while preserving the Issuer’s ability to benefit from its net operating loss carryforwards.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10171276