Insignia Systems, Inc. (ISIG)

[mlkrborn]

Insignia Sys announces commencement of tender offer to purchase up to $12 mln of its shares, appointment of Glen Dall as CEO and changes to Board of Directors (ISIG) 2.13 : Co announced it has commenced a "modified Dutch auction" tender offer to purchase up to $12 mln of its common stock. Under the terms of the tender offer, the Co's shareholders will have the opportunity to tender some or all of their shares at a price within the range of $2.15-2.35 per share. Based on the number of shares tendered and the prices specified by the tendering shareholders, the co will determine the lowest price per share within that range that will enable it to buy $12 million of its shares, or such lesser number of shares that are properly tendered. All shares accepted for purchase will be purchased at the same price.

The co will not purchase shares below a shareholder's indicated price, and in some cases, the co might purchase shares at a price that is above a shareholder's indicated price under the terms of the tender offer. At the minimum price of $2.15 per share, the co would purchase a maximum of 5,581,395 shares, which represents ~41% of the co's currently outstanding common stock.