Sonic Foundry Special Committee Announces Acceptance of Burish Stock Purchase Offer
Sonic Foundry, Inc. (SOFO)
US:NASDAQ Investor Relations:
sonicfoundry.com/about/investors
Company Research
Source: GlobeNewswire
MADISON, Wis., April 27, 2020 (GLOBE NEWSWIRE) -- Sonic Foundry, Inc. (the “Company”) (OTC Pink Sheets: SOFO) announced today that its Special Committee of Independent and Disinterested Directors (the “Special Committee”) has accepted an offer from Mr. Mark Burish to purchase all outstanding shares of the Company’s common stock not presently held by Mr. Burish at $5.00 per share. The transaction is expected to close in the third calendar quarter of 2020. As previously announced, the Company formed the Special Committee to consider strategic alternatives. Mr. Burish has served as Chairman of the Board of Directors of Sonic Foundry since October 2011. The offer is not dependent upon a financing contingency, however, it is subject to customary terms and conditions, agreement on final definitive documents, and approval of the Special Committee, as well as the holders of a majority of shares not held by Mr. Burish or his affiliates. “During the last eight months, the Special Com
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