ALBANY, N.Y., July 30, 2013 /PRNewswire/ -- Trans World Entertainment Corporation (Nasdaq: TWMC) today announced the preliminary results of its modified "Dutch auction" tender offer to purchase up to $25 million in value of the Company's common stock, $0.01 par value per share (the "Shares"), at a price of not less than $4.50 and not greater than $5.10 per Share (in increments of $0.05) (the "Tender Offer"), which expired at 12:00 midnight, New York City time, on Monday, July 29, 2013. Based on a preliminary count by Computershare Trust Company, N.A., the depositary for the Tender Offer, a total of 417,615 Shares were properly tendered and not withdrawn in the Tender Offer at or below a price of $5.10 per Share, including 44,540 Shares that were tendered through notice of guaranteed delivery. Accordingly, based on the preliminary results, the Company expects to purchase 417,615 Shares, for a total cost of $2.1 million. These Shares represent approximately 1.3% of the Shares outstanding as of July 29, 2013.
The number of Shares to be purchased and the price per Share are preliminary. The determination of the final number of Shares to be purchased, the final price per Share and the proration factor, if any, is subject to confirmation by the depositary of the proper delivery of the Shares validly tendered and not withdrawn. The actual number of Shares purchased, the final purchase price and the proration factor, if any, will be announced promptly following completion of the verification process. Payment for the Shares accepted for purchase, and return of all other Shares tendered, will occur promptly after completion of the final purchase price and proration computations, if applicable.