SRS Labs to buy up to $10 million of its shares in tender offer ending Sept. 29

By Lisa Kerner

Charlotte, N.C., Aug. 29 - SRS Labs, Inc. began its Dutch auction tender offer for up to $10 million in value of its common stock at a price within the range of $5.75 to $6.50 per share.

The offer may allow up to 1,739,130 shares, or approximately 11% of the company's outstanding common stock, to be acquired, SRS said in a statement released on Friday.

SRS (Nasdaq: SRSL) closed at $5.90 per share on Aug. 28.

The offer will expire at 5 p.m. ET on Sept. 29 unless extended, SRS said.

SRS' board of directors and its executive officers do not intend to participate in the tender offer.

Craig-Hallum Capital Group LLC is acting as the dealer manager, and the depositary for the offer is American Stock Transfer & Trust Co. Laurel Hill Advisory Group, LLC (888 742-1305) is the information agent.

Santa Ana, Calif.-based SRS Labs provides audio and voice technology solutions.

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