ITUS Announces February 24, 2017 is the Ownership Day for the ITUS Rights Offering
LOS ANGELES, CA -- (Marketwired) -- 02/23/17 -- ITUS Corporation ("ITUS") (NASDAQ: ITUS) announced that Friday, February 24, 2017, is the ownership day for its rights offering. The ownership day is the last day to purchase ITUS shares to be eligible for the ITUS rights offering. Because stock transactions typically take three days to clear, shares that are purchased by 4:00 p.m. Eastern Time on February 24, 2017 will receive a right in the offering.
The calendar for the 2017 rights offering is as follows:
|Friday, February 24||Ownership Day -- last day to purchase ITUS common stock to receive rights (must purchase by 4:00 P.M. Eastern Time to become a shareholder on the Record Date).|
|Wednesday, March 1||Record Date (must own ITUS common stock to be eligible to receive rights); Maximum Price for rights offering is set.|
|Friday, March 3||Subscription Period begins.|
|Friday, March 24||Subscription Period ends at 5:00 P.M. Eastern Time (subject to extension of up to thirty (30) days at the discretion of the Company).|
ITUS's board of directors has approved a rights offering for ITUS shareholders of up to $12,000,000. The rights offering will include the non-transferable right to purchase one (1) share of ITUS common stock, at a discount, for each share of ITUS common stock owned by shareholders on the ownership day of Friday, February 24, 2017. The discounted price will be the lesser of (i) twenty-five percent (25%) discount to the volume weighted average price for ITUS common stock for the five (5) trading day period through and including Wednesday, March 1, 2017 (the "Record Date"), subject to ITUS board approval and (ii) fifteen percent (15%) discount to the volume weighted average price for ITUS common stock for the five (5) trading day period through and including Friday, March 24, 2017.
The rights offering will include an over subscription privilege, which will entitle each rights holder that exercises its basic subscription privilege the right to purchase additional shares of ITUS common stock that remain unsubscribed at the expiration of the rights offering. Both the basic and over-subscription privileges are subject to proration.
Advisory Group Equity Services, Ltd, which is doing business as RHK Capital, will act as dealer manager for the rights offering. RHK Capital and Advisor Group Equity Services invite any broker dealers interested in participating in the rights offering to contact the syndicate department at firstname.lastname@example.org.
The information herein is not complete and is subject to change. This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities. The offering can be made only by a final prospectus, including a prospectus supplement. Investors should consider investment objectives, risks, charges and expenses carefully before investing. The base prospectus included in the registration statement contains additional information about ITUS, and the prospectus supplement will contain additional information about the rights offering, and rights holders should read both carefully before exercising their rights and investing.
ITUS funds, develops, acquires, and licenses emerging technologies in areas such as biotechnology. The Company is developing a platform called Cchek™, a series of non-invasive, blood tests for the early detection of solid tumor based cancers, which is based on the body's immunological response to the presence of a malignancy. Additional information is available at www.ITUScorp.com.
Forward-Looking Statements: Statements that are not historical fact may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but rather reflect ITUS Corporation's current expectations concerning future events and results. We generally use the words "believes," "expects," "intends," "plans," "anticipates," "likely," "will" and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning our expectations, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, those factors set forth in "Item 1A - Risk Factors" and other sections of our Annual Report on Form 10-K for the fiscal year ended October 31, 2016 as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release.
ITUS Corporation: FOCUSED ON INNOVATION™
Source: ITUS Corporation
Released February 23, 2017
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