Emmis Communications Announces Final Results of Tender Offer

INDIANAPOLIS, Nov. 22, 2021 /PRNewswire/ -- Emmis Communications Corporation (OTC: EMMS) ("Emmis" or the "Company") announced today the final results of its cash tender offer to purchase up to 2 million shares of its Class A common stock at a purchase price of $2.60 per share. The tender offer expired at 5:00 P.M., New York City time, on Friday, November 19, 2021. 

Based on the final count by Broadridge, Inc., the Depositary for the tender offer, a total of 1,027,494 shares of Emmis' Class A common stock were properly tendered and not withdrawn. In accordance with the terms and conditions of the tender offer, Emmis will purchase all of the shares tendered for an aggregate price of approximately $2.7 million, excluding fees and expenses relating to the tender offer. The shares to be purchased represent approximately 8.5% of the issued and outstanding shares of Emmis' Class A common stock and 7.5% of Emmis' total issued and outstanding equity, which includes the issued and outstanding shares of Emmis' Class B common stock. The shares purchased in the tender offer will be cancelled by Emmis.  After giving effect to the purchase and cancellation of the shares, Emmis will have 12,601,659 shares of common stock issued and outstanding consisting of 11,105,959  shares of its Class A common stock and 1,495,700 shares of its Class B common stock.

Subject to applicable law, Emmis reserves the right to purchase additional shares of its Class A common stock in open market or private purchases at prices at or above $2.60 share.

Shareholders who have questions or would like additional information about the tender offer may contact the Information Agent for the tender offer, Alliance Advisors, LLC, toll-free at (855) 325-6673.

This news release contains, in addition to historical information, forward-looking statements related to the tender offer, including the total number of shares to be purchased under the tender offer and the process for the completion of the tender offer. Such statements are based on management's current expectations and are subject to a number of uncertainties and risks, which could cause actual results to differ materially from those described in the forward-looking statements.  Information about potential factors that could affect Emmis' business, results of operations and financial condition is included in the Risk Factors sections of the Offer to Purchase. All forward-looking statements included in this document are based on information available to Emmis as of the date of this document, and except to the extent Emmis may be required to update such information under any applicable securities laws, Emmis assumes no obligation to update such forward-looking statements.

Emmis Communications Corporation (OTC Markets: EMMS) currently owns 4 FM and 2 AM radio stations in New York and Indianapolis, as well as Indianapolis Monthly magazine. Emmis also owns a controlling interest in Digonex, which provides dynamic pricing solutions across multiple industries, and Lencore, the world leader in high-quality sound masking solutions for offices and other commercial applications.

Contact:
Ryan A. Hornaday,
Chief Financial Officer
Tel: 317-684-6549
[email protected]

SOURCE Emmis Communications

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