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Home » Creation Applied sciences Inc. and IEC Electronics Corp. Announce Completion of Tender Supply

Creation Applied sciences Inc. and IEC Electronics Corp. Announce Completion of Tender Supply

NEWARK, N.Y. and BOSTON, Oct. 05, 2021 (GLOBE NEWSWIRE) — IEC Electronics Corp. (NASDAQ: IEC) (“IEC”) and Creation Applied sciences Inc. (“Creation”) right now collectively introduced the profitable completion of the tender supply (the “Supply”) by CTI Acquisition Corp. for all the issued and excellent shares of widespread inventory of IEC for a value of $15.35 per share in money, with out curiosity and fewer any relevant withholding taxes. The Supply expired at 5:00 p.m., NY city time, on October 4, 2021. Creation expects to finish the acquisition of IEC right now by way of a merger with out a vote of IEC stockholders pursuant to Part 251(h) of the Basic Company Regulation of the State of Delaware.

The depository for the Supply has suggested Creation that, as of the expiration of the Supply, a complete of seven,731,697 shares had been validly tendered into and never validly withdrawn from the Supply, which tendered shares symbolize roughly 72.5% of IEC’s excellent shares of widespread inventory and a adequate variety of shares such that the minimal tender situation to the Supply was happy. Moreover, the depository has suggested that an extra 372,889 shares had been tendered by discover of assured supply, representing roughly 3.5% of the IEC shares of widespread inventory excellent. Accordingly, all shares that had been validly tendered and never validly withdrawn had been accepted for cost, and CTI Acquisition Corp. will promptly pay for all such tendered shares in accordance with the phrases of the Supply.

Because of the merger, IEC will grow to be an entirely owned subsidiary of Creation. Within the merger, every share of widespread inventory of IEC (apart from shares (i) owned by IEC’s stockholders who’ve perfected their statutory rights of appraisal beneath Delaware regulation, (ii) then owned by Creation Applied sciences Worldwide Inc. or IEC, or any wholly owned subsidiary thereof, or (iii) irrevocably accepted for buy within the Supply) might be cancelled and transformed into the appropriate to obtain the identical $15.35 per share in money, with out curiosity and fewer any relevant withholding taxes, that was paid within the Supply. Following completion of the merger, IEC’s widespread inventory will not be listed for buying and selling on the Nasdaq International Market, which is predicted to take impact later right now.

About IEC

IEC is a supplier of digital manufacturing providers (“EMS”) to superior expertise corporations that produce life-saving and mission vital merchandise for the medical, industrial, and aerospace and protection sectors. The corporate makes a speciality of delivering technical options for the customized manufacture of complicated full system assemblies by offering on-site analytical testing laboratories, customized design and check engineering providers mixed with a broad array of producing providers encompassing electronics, interconnect options and precision metalworking. As a full service EMS supplier, IEC holds all acceptable certifications for the market sectors it helps together with ISO 9001:2015, AS9100D, ISO 13485 and is Nadcap accredited. IEC is headquartered in Newark, NY and in addition has operations in Rochester, NY and Albuquerque, NM. Further details about IEC might be discovered on its website at www.iec-electronics.com.

About Creation

Creation offers complete product lifecycle options together with turnkey design, fast prototyping, manufacturing and success to its prospects world wide. Since 1991, Creation has been centered on making it simple for OEMs to ‘say sure’ to their prospects. The corporate of roughly 3,100 folks operates ten manufacturing areas, two design facilities and a fast prototyping middle within the U.S., Canada, Mexico and China. Its OEM prospects are within the Aerospace & Protection, Medical and Tech Industrials markets. Further details about Creation might be discovered on its website at www.creationtech.com.

Further Data and The place To Discover It
Necessary Further Data

This press launch is neither a proposal to buy nor a solicitation of a proposal to promote widespread inventory of IEC or every other securities. This communication is for informational functions solely. The tender supply transaction that commenced on August 26, 2021 by associates of Creation is being made pursuant to a Tender Supply Assertion on Schedule TO (together with the Supply to Buy, a associated Letter of Transmittal and different supply supplies) filed by such associates of Creation with the U.S. Securities and Trade Commissions (“SEC”). As well as, IEC filed a associated Solicitation/Advice Assertion on Schedule 14D-9 with the SEC. The supply to buy shares of IEC’s widespread inventory is barely being made pursuant to the Supply to Buy, the Letter of Transmittal and associated supply supplies filed as part of the Tender Supply Assertion on Schedule TO, in every case as amended every now and then. THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND OTHER MATERIALS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 CONTAIN IMPORTANT INFORMATION. PRIOR TO MAKING ANY DECISION REGARDING THE TENDER OFFER, IEC STOCKHOLDERS ARE STRONGLY ADVISED TO CAREFULLY READ THE TENDER OFFER STATEMENT ON SCHEDULE TO (INCLUDING THE OFFER TO PURCHASE, THE RELATED LETTER OF TRANSMITTAL AND OTHER OFFER MATERIALS) AND THE RELATED SOLICITATION/ RECOMMENDATION STATEMENT ON SCHEDULE 14D-9, AS FILED AND AS MAY BE AMENDED FROM TIME TO TIME. IEC stockholders could receive the Tender Supply Assertion on Schedule TO (together with the Supply to Buy, the associated Letter of Transmittal and different supply supplies) and the associated Solicitation/Advice Assertion on Schedule 14D-9 at no cost on the SEC’s web site at www.sec.gov. As well as, the Tender Supply Assertion on Schedule TO (together with the Supply to Buy, the associated Letter of Transmittal and different supply supplies) and the associated Solicitation/Advice Assertion on Schedule 14D-9 could also be obtained freed from cost from the knowledge agent for the tender supply, D.F. King & Co., Inc., 48 Wall Avenue, 22nd Flooring, New York, New York 10005, Phone Quantity (800) 848-2998, if a stockholder, by (212) 269-5550, if a financial institution or dealer.

Cautionary Assertion Concerning Ahead-Wanting Statements

This launch incorporates forward-looking statements inside the that means of the Personal Securities Litigation Reform Act of 1995. In some circumstances, you possibly can establish forward-looking statements by phrases equivalent to “could,” “will,” “ought to,” “expects,” “believes,” or different comparable phrases or phrases. The last word correctness of those forward-looking statements relies upon quite a few identified and unknown dangers and occasions and is topic to numerous uncertainties and different components that will trigger the precise outcomes, efficiency or achievements of IEC or Creation to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by these forward-looking statements. These dangers and uncertainties embody the dangers detailed in IEC’s Annual Report on Type 10-Ok, its Quarterly Reviews on Type 10-Q and its different filings with the Securities and Trade Fee.

All forward-looking statements included on this launch are made solely as of the date indicated or as of the date of this launch. Neither IEC nor Creation undertake any obligation to replace or revise any forward-looking statements to replicate occasions or circumstances that subsequently happen or which we hereafter grow to be conscious of, besides as required by regulation. These forward-looking statements shouldn’t be relied upon as representing IEC’s view or Creation’s view as of any date subsequent to the date of this press launch.

Creation Contact:
Craig Conrad
Vice President Advertising and marketing and Communications
Creation Applied sciences Inc.
(508) 446-3492
[email protected]