Hudson Technologies Inc. (Nasdaq: HDSN) Announces Transaction
Hudson Technologies, Inc. (Nasdaq: HDSN) today announced that the Fleming Funds have sold 14.9 million shares of Hudson’s common stock in a series of transactions involving the Company and certain members of the Company’s management. Prior to these transactions, the Fleming Funds were the Company’s largest shareholders and owned in the aggregate approximately 19.1 million shares, or 74%, of the Company’s outstanding common stock. Specifically, the Company purchased and retired 5.7 million shares of its common stock from the Fleming Funds at a purchase price of $0.65 per share, for total consideration of $3.7 million. Additionally, certain executive officers and one key employee of the Company, in separate private transactions, purchased 9.2 million shares of the Company’s common stock from Fleming Funds at a purchase price of $0.65 per share, for a total consideration of $6 million. The shares purchased by management are unregistered shares and management did not receive registration rights in connection with their purchase of these shares. Current regulations, among other things, restrict the public sale of unregistered shares for a minimum of one year.
Scott-Macon’s Chemical Group and Valuation Services Group provided valuation assistance to Hudson Technologies in these transactions.