TKK Symphony (TKKS) Extends Tender Offer For Sixth Time

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TKK Symphony (TKKS) Extends Tender Offer For Sixth Time

Feb 11, 2020 INTEL by SPACInsider

TKK Symphony Acquisition Corporation (TKKS) announced this morning 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 (plus accrued interest) for a SIXTH time.  The tender offer will now expire at 5:00 p.m. New York City time, tomorrow, Wednesday, February 12, 2020, unless further extended or earlier terminated.

As for the status of their tender offer, TKKS disclosed that to-date, an aggregate of 24,987,171 ordinary shares have been tendered out of 25,000,000. That leaves 12,829 shares with an estimated trust value of approximately $132,523 (if we assume a current estimated per share trust value of $10.33). If you recall, at their last extension, 24,560,639 shares had been tendered. And at the extension prior to that one, 21,295,878 tendered. So their results are getting worse.

The reason given for the extension is, “The purpose of the extension is to provide additional time for the parties to close the transaction.” However, by extending only one day it’s going to be pretty difficult to change the current circumstances, so again, further extensions are not off the table.  TKK Symphony’s completion deadline is February 20th, so anything is possible after six tender offer extensions.

Stay tuned…

 

 

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