TKK Symphony Acquisition Corporation (TKKS) announced this evening that it would be extending the expiration of its tender offer to purchase up to 25,000,000 shares at a purchase price of $10.28, for a fourth time. However, as part of the tender offer price, TKKS will now also include a contingent cash payment equal to a pro rata portion of any additional accrued interest remaining in the Company’s trust account in excess of the $10.28 per share offer.
The tender offer was expected to expire tonight (at 5:00 p.m.), but will now expire at 5:00 p.m. New York City time, on Thursday, January 23rd, 2020. Keep in mind that TKKS’s combination deadline does not expire until February 20, 2020, so if at January 23rd TKKS feels they need to further extend the tender offer deadline, they do have room for one more extension.
However, as of 5:00 p.m., New York City time today, an aggregate of 21,295,878 ordinary shares have been tendered. Which is an improvement from mid-December when they announced their third extension and stated that 24,927,104 shares had been tendered (nearly the entire trust). Today’s announcement means that 3,704,122 shares remain with an approximately value of $38 million.
TKKS is chipping away at it and they now have an additional 10 days to improve those numbers even further. Stay tuned.
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