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Avantax, Inc. (NASDAQ: AVTA) will announce its first quarter 2023 financial results on May 8, 2023, after market close. Subsequently, a conference call is scheduled for May 9, 2023, at 8:30 a.m. ET to discuss the results and future outlook. Avantax provides tax-focused wealth management services with approximately $77 billion in total client assets as of December 31, 2022, operating under two business models: Avantax Wealth Management and Avantax Planning Partners. The conference call will be accessible via the Avantax Investor Relations page.
Semrush (NYSE: SEMR), a SaaS platform for online visibility management, has appointed Anna Baird and Steven Aldrich as independent directors, and Brian Mulroy as the new CFO. Baird brings over 30 years of experience in technology, previously serving at McAfee and as CRO at Outreach. Aldrich, with nearly 30 years in tech, has held leadership roles at Intuit, GoDaddy, and others. Mulroy, joining in April 2023, has extensive finance experience, including SVP at Microsoft. These appointments aim to bolster the company's growth strategy in the competitive marketing technology sector.
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.
Avantax (NASDAQ: AVTA) announced the results of its modified Dutch auction tender offer, which expired on February 24, 2023. The company accepted 8,333,333 shares at a price of $30.00 each, totaling $249.99 million, or approximately 17.4% of its outstanding shares as of February 28, 2023. A total of 8,869,382 shares were tendered at or below the accepted price, allowing the company to buy back approximately 93.9% of all auction tenders. The buyback will be funded using cash from prior sales and $170 million borrowed under a term loan facility.
Avantax, Inc. (NASDAQ: AVTA) announced the preliminary results of its modified Dutch auction tender offer to buy back up to $250 million of its common stock. The tender offer, which expired on February 24, 2023, saw approximately 8,876,199 shares tendered, with the company expecting to repurchase about 8,333,333 shares at $30.00 each, totaling around $250 million. This repurchase represents around 17.4% of the company's total outstanding shares. The repurchase will be funded through cash on hand and borrowings under a loan facility.
Avantax reported a successful fourth quarter in 2022, achieving record-breaking recruiting results with approximately $1.7 billion in newly recruited assets, marking a 79% increase from 2021.
66 independent Financial Professionals joined Avantax during this period. The company also continued to attract accounting firms to its employee-based model. With $76.9 billion in total client assets as of December 31, 2022, Avantax aims to provide comprehensive tax-focused wealth management solutions.