Multi-Fineline Announces Registration Rights Deal with Majority Holder WBL, to File Shelf Registration Statement
Multi-Fineline Electronix, Inc. (NASDAQ: MFLX) and WBL Corporation Limited (together with its subsidiaries, "WBL"), which is listed on the Singapore Exchange Securities Trading Limited, today announced that they have entered into a Registration Rights Agreement. As of the date of this announcement, WBL's beneficial ownership in MFLEX is approximately 62 percent. In accordance with the Registration Rights Agreement, MFLEX intends to file a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission ("SEC") to register all 14,817,052 shares of common stock held by WBL for resale. MFLEX is not registering any primary shares to sell on its own behalf.
MFLEX also announced today that it is entering into a 10b5-1 plan providing for the repurchase of up to 200,000 shares in the aggregate of the Company's common stock on the open market. The timing, price, volume and terms of the repurchases will be based on market conditions, relevant securities laws and other factors. This plan will remain in effect through the end of the calendar year or until the repurchase of the shares under such authorization is completed (if earlier), unless terminated earlier pursuant to certain conditions.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.