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SCOTTSDALE, Ariz. and WHITE PLAINS, N.Y., Aug. 28, 2013 (GLOBE NEWSWIRE) -- Steel Excel Inc. (Other OTC:SXCL) ("Steel") and iGO, Inc. (Nasdaq:IGOI) (the "Company") today announced the final results of Steel's tender offer for up to 1,316,866 of the outstanding shares of common stock of the Company for $3.95 per share, net to the seller in cash without interest and less any applicable withholding taxes.
Computershare Trust Company, N.A., the depositary for the tender offer, has completed its verification process and advised that, as of the expiration of the guaranteed delivery period associated with tender offer on August 27, 2013, a total of 2,058,422 shares of the Company's common stock were validly tendered and not properly withdrawn pursuant to the tender offer, representing approximately 68.8% of the outstanding shares of the Company's common stock on a fully diluted basis as of July 11, 2013.
On August 23, 2013, Steel accepted for payment 1,316,866 shares of the Company's common stock that were validly tendered and not properly withdrawn pursuant to the tender offer. Because the tender offer was oversubscribed, the number of shares of the Company's common stock that Steel accepted for purchase from each of the tendering stockholders has been prorated. The final proration factor, as reported by the depositary, is approximately 63.9744% of the tendered shares.
Payment for shares of the Company's common stock accepted for payment by Steel, based on the final proration factor and any adjustments to avoid purchases of fractional shares of the Company's common stock, will be made promptly in accordance with the terms of the tender offer. All shares of the Company's common stock tendered but not accepted for payment in the tender offer will be returned to the tendering stockholders.
About iGO, Inc.
iGO, Inc. offers a full line of innovative accessories for almost every mobile electronic device on the market. Whether consumers want to power, protect, listen to, share, cool, hold or connect to their devices, iGO has the accessories they need.