DOWNERS GROVE, Ill. - ATI Physical Therapy, Inc. (OTCMKTS: ATIP), a leading outpatient physical therapy provider with a market capitalization of $11.97 million, has announced the termination of its tender offer to repurchase up to 1,650,000 shares of its Class A common stock. The offer, initially set at a purchase price of $2.85 per share, was canceled due to the failure to meet the minimum condition of having at least 1,565,000 shares validly tendered. According to InvestingPro data, the stock currently trades at $2.71, showing significant volatility with a 52-week range of $0.41 to $7.74.
The tender offer, detailed in the Offer to Purchase dated December 17, 2024, stipulated certain conditions for its completion, one of which was the Minimum Condition. This condition required a specific number of shares to be tendered in order for the offer to proceed. Since this threshold was not reached, ATI will not be accepting any of the shares that were tendered, and no payments will be made for them.
This decision effectively ends the offer, and ATI has made it clear that this press release is a formal notice of termination. The company has emphasized that the press release is purely for informational purposes and should not be construed as an invitation to buy or sell any securities.
Shareholders who have already tendered their shares will not receive any consideration, as no shares will be purchased under the canceled offer. Those seeking further details or clarification regarding the tender offer may reach out to the information agent, Innisfree M&A Incorporated.
ATI Physical Therapy operates over 850 locations across 24 states and offers a range of services, including musculoskeletal pain prevention and treatment, athletic training support, and online physical therapy through its CONNECT™ platform. The company, which generated $728.11 million in revenue over the last twelve months with an EBITDA of $28.8 million, is headquartered in Downers Grove, Illinois, and prides itself on delivering high-quality care and achieving impactful patient outcomes. InvestingPro subscribers can access detailed financial analysis, including 12 additional key metrics and exclusive ProTips about ATI's financial health and growth prospects.
This news article is based on a press release statement from ATI Physical Therapy.
In other recent news, ATI Physical Therapy, Inc. has witnessed a significant shift in its executive lineup. The company recently announced the appointment of Scott Rundell as interim Chief Financial Officer (CFO) following the resignation of former CFO Joseph Jordan. This change comes amid challenging financial conditions reflected in the company's market capitalization of just $11.92 million.
Rundell, who has been with ATI since March 2018, will receive a monthly bonus of $18,125 for up to four months from the date of his appointment. The company, with annual revenues of $728 million, faces significant financial challenges with a negative return on assets of -5.49%, as reported by InvestingPro.
Furthermore, ATI Physical Therapy, previously listed under the name Fortress Value Acquisition Corp (NYSE:MP). II, has undergone significant changes since its delisting from the New York Stock Exchange on December 3, 2024. It is set to deregister its common stock on March 4, 2025. These are the latest developments in the company's recent history.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.