LOS ANGELES, CA --(Marketwired - February 10, 2017) - ITUS Corporation
("ITUS") (NASDAQ:
ITUS), a company using the power of the immune system for early cancer detection, is changing the Record Date for its
current stock rights offering. The new Record Date will be Wednesday, March 1, 2017. For new shareholders to be eligible for the
rights offering, shareholders will need to purchase ITUS common stock by Friday, February 24, 2017.
Robert Berman, ITUS' President and CEO stated, "We are changing the Record Date due to the recent increased level of interest
in ITUS and because we are presenting at 3 major investor conferences over the next two weeks in the United States and
Europe."
ITUS' board of directors has approved a rights offering for ITUS shareholders of up to $12,000,000. The rights offering will
include the non-transferable right to purchase one (1) share of ITUS common stock, at a discount, for each share of ITUS common
stock owned by shareholders on the ownership day of Friday, February 24, 2017. The discounted price will be the lesser of (i)
twenty-five percent (25%) discount to the volume weighted average price for ITUS common stock for the five (5) trading day period
through and including Wednesday, March 1, 2017 (the "Record Date"), subject to ITUS board approval and (ii) fifteen percent (15%)
discount to the volume weighted average price for ITUS common stock for the five (5) trading day period through and including
Friday, March 24, 2017. ITUS shareholders may elect to participate in the rights offering during the subscription period, which
will begin on March 3, 2017, and is scheduled to end on March 24, 2017. The final discounted price will be announced on March 24,
2017 after market close and will be available on our website at www.ITUScorp.com.
Proceeds from the rights offering will be used for general working capital purposes, including the continued development of
Cchek™, and to further strengthen the company's balance sheet by reducing the company's debt. Because the rights are not
transferable, the rights cannot be sold, borrowed, assigned, or traded, and the only way to obtain the rights is to be a
shareholder of record as of February 24, 2017.
The new calendar for the 2017 rights offering is as follows:
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| Friday, February 24 |
Ownership Day - last day to purchase ITUS common stock to receive rights (must
purchase by 4:00 P.M. Eastern Time to become a shareholder on the Record Date). |
| |
|
| Wednesday, March 1 |
Record Date (must own ITUS common stock to be eligible to receive rights); Maximum
Price for rights offering is set. |
| |
|
| Friday, March 3 |
Subscription Period begins. |
| |
|
| Friday, March 24 |
Subscription Period ends at 5:00 P.M. Eastern Time (subject to extension of up to
thirty (30) days at the discretion of the Company). |
The company will announce any additional changes to the above schedule, and the company reserves the right to cancel the
rights offering at any time prior to the closing of the rights offering. ITUS recommends that current ITUS shareholders consider
notifying their broker or financial advisor about the upcoming rights offering to ensure they will maximize their ability to
participate in the rights offering.
The rights offering will include an over subscription privilege, which will entitle each rights holder that exercises its
basic subscription privilege the right to purchase additional shares of ITUS common stock that remain unsubscribed at the
expiration of the rights offering. Both the basic and over-subscription privileges are subject to proration.
Volume Weighted average pricing, commonly referred to as "VWAP", is the average share price of a stock weighted against its
trading volume within a particular time frame, which in this instance will be a trading day. VWAP will be calculated as the
number of shares bought during a given day multiplied by the share price of each purchase, the product of which is divided by the
total shares bought. For the convenience of our shareholders, ITUS will calculate and make available the applicable VWAP pricing
referred to in the opening paragraph above.
The Company has hired MacKenzie Partners, Inc. as its information agent to assist shareholders with the transaction. Prior to
the mailing of the prospectus, general information about rights offerings and answers to frequently asked questions will be made
available on the Investor section ITUS website, as well as at 1(800)322-2885. Live operator telephone support to assist
shareholders will also be available from 8 am to 9 pm Eastern standard time on weekdays and from 10 am to 6 pm on Saturdays.
Advisory Group Equity Services, Ltd, which is doing business as RHK Capital, will act as dealer manager for the rights
offering. RHK Capital and Advisor Group Equity Services invite any broker dealers interested in participating in the rights
offering to contact the syndicate department at itus@rhk.capital.
The information herein is not complete and is subject to change. This press release is not an offer to sell these securities
and is not soliciting an offer to buy these securities. The offering can be made only by a final prospectus, including a
prospectus supplement. Investors should consider investment objectives, risks, charges and expenses carefully before investing.
The base prospectus included in the registration statement contains additional information about ITUS, and the prospectus
supplement will contain additional information about the rights offering, and rights holders should read both carefully before
exercising their rights and investing.
ITUS Corporation
ITUS funds, develops, acquires, and licenses emerging
technologies in areas such as biotechnology. The Company is developing a platform called Cchek™, a series of non-invasive, blood
tests for the early detection of solid tumor based cancers, which is based on the body's immunological response to the presence
of a malignancy. Additional information is available at www.ITUScorp.com.
Forward-Looking Statements: Statements that are not historical fact may be considered forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not
statements of historical facts, but rather reflect ITUS Corporation's current expectations concerning future events and results.
We generally use the words "believes," "expects," "intends," "plans," "anticipates," "likely," "will" and similar expressions to
identify forward-looking statements. Such forward-looking statements, including those concerning our expectations, involve risks,
uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or
achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or
implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, those factors
set forth in "Item 1A - Risk Factors" and other sections of our Annual Report on Form 10-K for the fiscal year ended October 31,
2016 as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as
required by law. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information
presented in this press release.
ITUS Corporation: FOCUSED ON INNOVATION™