High Templar Tech Expects to Buy 40.87M ADSs at $3.20 with 88.8% Proration
HTT•High Templar Tech’s modified Dutch auction tender offer for up to 39 million ADSs received 46,046,558 tenders at or below $3.20, leading to expected purchases of approximately 40,869,952 ADSs, or 43.7% of outstanding shares. The company will spend $130.8 million and apply an 88.8% proration factor.
1. Preliminary Tender Results
The tender offer for up to 39 million American Depositary Shares expired June 24, with 46,046,558 ADSs properly tendered at or below the $3.20 purchase price, including 446,909 via guaranteed delivery. This level of participation exceeded the offer cap, necessitating pro rata allocation.
2. Tender Offer Allocation
High Templar Tech expects to purchase approximately 40,869,952 ADSs at $3.20 each, including 1,869,952 ADSs under its right to acquire an additional 2% of outstanding shares. With oversubscription, accepted tenders will be prorated at roughly 88.8%, odd-lot tenders accepted in full and conditional tenders withdrawn.
3. Next Steps and Financial Impact
The anticipated aggregate cost of $130.8 million excludes related fees and expenses. Final ADS purchase numbers will be confirmed after the guaranteed delivery settlement period, and payment to shareholders will occur promptly following Depositary confirmation.
