|9 Months Ended|
Sep. 30, 2017
|Subsequent Events [Abstract]|
Note 10 – Subsequent Event
On November 10, 2017, we announced our intention to commence a tender offer to purchase up to 1,700,000 shares of our Common Stock at a price per share of $2.30 per share. We anticipate that the tender offer will be launched on or before November 20, 2017 and will remain open for at least 20 business days from initiation. If the maximum number of shares to be purchased in the tender offer were in fact tendered, the number of shares that would then be purchased in the tender offer represents approximately 13.7% of our currently issued and outstanding common shares. If stockholders tender more than 1,700,000 shares, the maximum sought in the tender offer, ProPhase will purchase shares from all stockholders who properly tender shares, on a pro rata basis, based on the aggregate number of shares tendered. The NASDAQ Official Closing Price of our Common Stock on November 9, 2017 was $2.11 per share. As of November 10, 2017, we have approximately $27.7 million in cash and cash equivalents and marketable securities, a portion of which will be used to fund the tender offer.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef