Company Receives Tenders for 2,038,242 Shares.SAN DIEGO--(BUSINESS WIRE)--Oct. 30, 1998--Nitches Inc. (Nasdaq:NICH NICH National Institute of Child Health (Karachi, Pakistan) NICH Non Involuting Congenital Hemangioma NICH Netherlands Institute for Cultural Heritage NICH National Institute of Culture and History in Belize ) announced today that it has received tenders of a total of 2,038,242 shares of its common stock in connection with its previously announced tender offer to purchase 1,000,000 shares of its common stock at a price of $4.00 per share. The tender offer expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. on Oct. 21, 1998. The shares tendered will be purchased by the company from all tendering shareholders on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis of 50% utilizing a portion of the additional 2% of total outstanding shares that the company may purchase as stated in the tender offer document. It is anticipated that payment for shares purchased and the reissue re·is·sue v. re·is·sued, re·is·su·ing, re·is·sues v.tr. To issue again, especially to make available again. v.intr. To come forth again. n. 1. of the balance shares to all tendering shareholders will be completed by Nov. 6, 1998. |
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