Data Storage Corporation announced the final results of its tender offer to acquire up to 6,192,990 shares of common stock at $5.20 per share.
The company retired approximately 72% of outstanding shares through the tender offer.
Cash on hand was used to fund the tender offer, streamlining the capital structure and maintaining liquidity for future initiatives.
Outcome of Tender Offer
Approximately 72% of outstanding shares were retired through the tender offer.
Funding Source
The tender offer was fully funded by the company's cash on hand.
Post-Tender Offer Capital Structure
Data Storage Corporation retained over $10 million in cash following the tender offer.
Future Strategy
The company aims to pursue a disciplined acquisition strategy focusing on technology-enabled services with recurring revenue and high margins.
- By accepting 5,625,129 shares for purchase, Data Storage Corporation spent $29,250,970.80, representing 72.0% of total shares outstanding.
- The company now has 2,167,138 shares of common stock outstanding and maintains over $10 million in cash for future investments.
With a streamlined capital structure and significant cash reserves, Data Storage Corporation is well-positioned to execute its strategic growth plan focused on disciplined acquisitions in key technology sectors.