Announcement • Aug 24
Alternative Liquidity Index LP, managed by Alternative Liquidity Capital cancelled the acquisition of 36.6% stake in LookSmart Group, Inc. (OTCPK:LKST). Alternative Liquidity Index LP, managed by Alternative Liquidity Capital announced an offer to acquire 36.6% stake in LookSmart Group, Inc. (OTCPK:LKST) for $0.04 million on August 10, 2022. As per the terms of the transaction, Alternative Liquidity shall acquire up to 21,000 shares in LookSmart at a price of $2.00 per share. Purchaser anticipates funding all of the purchase price and related expenses through its existing capital and assets. The cash and liquid securities necessary to complete the entire purchase are readily available and are committed to that purpose. Accordingly, there are no financing arrangements to fall through and no alternative financing plans. The purchase price is a 65% premium to the most recent trading price as of the date of the Offer. Offer is subject to customary closing conditions. The tender offer is expected to expire on September 26, 2022.
Alternative Liquidity Index LP, managed by Alternative Liquidity Capital cancelled the acquisition of 36.6% stake in LookSmart Group, Inc. (OTCPK:LKST) on August 23, 2022. LookSmart board recommends stockholders to reject the offer. LookSmart board recommend rejecting the offer stating Alternative Liquidity's offer price of $2.00 per share is Ninety Two and 3/100 (92.3%) Percent below the last traded price of $26.00 per share and is also Twenty-two Percent (22%) below the bid price of $2.55 in the stock price quotation. 