Avantax Announces Corrected Probation Factor for Modified Dutch Auction Tender Offer

Avantax, Inc. (NASDAQ: AVTA) announced the completion of its modified Dutch auction tender offer, which allowed shareholders to sell up to $250 million of common stock.

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Avantax, Inc. (NASDAQ: AVTA) announced the completion of its modified Dutch auction tender offer, which allowed shareholders to sell up to $250 million of common stock. The offer, which closed on February 24, 2023, saw approximately 93.9% of shares submitted at a price of $30.00 or less accepted. The proration factor was set at 97.2%. This initiative reflects Avantax's strategic focus on enhancing shareholder value while managing tax-focused financial solutions. As of December 31, 2022, the company managed $77 billion in total client assets.

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DALLAS, March 01, 2023 (GLOBE NEWSWIRE) -- Avantax, Inc. (NASDAQ: AVTA), a leading provider of technology-enabled, tax-focused financial solutions, earlier announced the final results of its modified “Dutch auction” tender offer for up to $250 million of its common stock at a price per share not less than $27.00 and not more than $31.00, which expired at 12:00 midnight, New York City time, at the end of the day on February 24, 2023. In that announcement, the Company indicated that it would purchase approximately 93.9% of the shares of stockholders who submitted auction tenders at a price of $30.00 or less per share and purchase price tenders (other than “odd lot” holders, whose shares will be purchased on a priority basis). The actual proration factor for the tender offer will be 97.2%.

The dealer managers for the tender offer are PJT Partners, JMP Securities LLC and Texas Capital Securities. D.F. King & Co., Inc. is serving as information agent for the tender offer, and Computershare is serving as the depositary for the tender offer.

About Avantax^®

Avantax, Inc. (NASDAQ: AVTA) delivers tax-focused wealth management solutions for Financial Professionals, tax professionals and CPA firms, supporting our goal of minimizing clients’ tax burdens through comprehensive tax-focused financial planning. We have two distinct, but related, models within our business: the independent Financial Professional model and the employee-based model. We refer to our independent Financial Professional model as Avantax Wealth Management®. Avantax Wealth Management offers services through its registered broker-dealer, registered investment advisor (“RIA”) and insurance agency subsidiaries and is a leading U.S. tax-focused independent broker-dealer that works with a nationwide network of Financial Professionals operating as independent contractors. We refer to our employee-based model as Avantax Planning Partners℠. Avantax Planning Partners offers services through its RIA and insurance agency by partnering with CPA firms to provide their consumer and small-business clients with holistic financial planning and advisory services. Collectively, we had $77 billion in total client assets as of December 31, 2022.

For additional information, please visit us at www.avantax.com or https://investors.avantax.com.

Source: Avantax, Inc.

Investor Relations Contact:
Dee Littrell
(972) 870-6463
IR@Avantax.com

Media Contacts:
Gagnier Communications
Dan Gagnier
(646) 569-5897
avantax@gagnierfc.com

FAQ

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What were the results of Avantax's tender offer for common stock?

Avantax's tender offer resulted in approximately 93.9% of submitted shares being accepted at a price of $30.00 or less, with a proration factor of 97.2%.

When did Avantax's tender offer expire?

Avantax's modified Dutch auction tender offer expired at 12:00 midnight on February 24, 2023.

What is the maximum price per share in Avantax's tender offer?

The maximum price per share in Avantax's tender offer was set between $27.00 and $31.00.

How much stock did Avantax intend to buy back in its tender offer?

Avantax aimed to repurchase up to $250 million in common stock through its tender offer.

What is Avantax's total client asset value?

As of December 31, 2022, Avantax managed a total of $77 billion in client assets.