Under the tender offer, 11,943,878 warrants (50% of the warrants outstanding) were exercised, of which 2,706,350 warrants were exercised by exchanging 5 warrants and
Following the issuance of the shares relating to the warrant exercise, India Globalization Capital, Inc. will have 10,091,971 shares of common stock outstanding. The remaining 11,855,122 warrants outstanding after the tender offer will expire in accordance with their terms on
"We are pleased with the success of the tender offer. Our investors understood the institutional imperative of simplifying our capital structure," said Ram Mukunda, CEO of IGC.
Questions regarding the completed tender offer may be directed to Continental Stock Transfer & Trust Company, the Depositary, at (212) 509-4000, ext. 536, or Morrow & Co., Inc., the Information Agent, at (800) 607-0088.
This news release is merely a notification of the results of the tender offer and is neither an offer to buy or exchange securities nor a solicitation of an offer to sell or exchange any securities in IGC or any of its subsidiaries. The tender offer was made only through documentation distributed to record holders of IGC Warrants (AMEX: IGC.WS) and IGC Units (AMEX: IGC.U) as of
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Forward-Looking Statements:
This press release may contain forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied in these statements. Factors, which could cause actual results to differ, relate to: (i) the ability of the parties to successfully execute on the contracts and business plan, (ii) our ability to raise additional capital and the structure of such capital including the exercise of warrants, and (iii) changes in the exchange rate between the US dollar and the Indian Rupee. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward looking statements have been discussed in greater detail in the
Company's registration statement on Form S-1.
SOURCE India Globalization Capital, Inc.