MOUNTAIN VIEW, Calif., Nov. 7, 2012 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today announced that it expects to commence a tender offer to purchase up to 487,500 shares of its common stock at a purchase price of $4.10 per share. The number of shares proposed to be purchased in the tender offer represents approximately 5.5 percent of IRIDEX's currently issued and outstanding shares of common stock. The last reported sale price of shares of IRIDEX common stock on the NASDAQ Global Market on November 6, 2012 was $3.92 per share. The tender offer will commence on November 7, 2012 and is scheduled to expire at 5:00p.m., New York City time, on December 7, 2012, unless extended. Tenders of shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to the expiration of the tender offer. The tender offer is not contingent upon any minimum number of shares being tendered. The tender offer is, however, subject to a number of terms and conditions. The terms and conditions of the tender offer will be described in the offer to purchase (the "Offer to Purchase") and related letter of transmittal (the "Letter of Transmittal") to be distributed to holders of IRIDEX common stock. On the terms and subject to the conditions of the tender offer, IRIDEX's stockholders will have the opportunity to tender some or all of their shares at a price of $4.10 per share, net to the seller in cash, less any applicable withholding taxes and without interest. All shares accepted in the tender offer will be purchased at the same price per share. None of IRIDEX, its board of directors, the depositary, or the information agents is making any recommendations to stockholders as to whether to tender or refrain from tendering their shares into the tender offer. Stockholders must decide how many shares they will tender, if any.