Pareteum Corporation’s $28.6 Million Tender Offer for Shares of iPass, Inc.


Sichenzia Ross Ference LLP represented Pareteum Corporation (Nasdaq: TEUM), a cloud software platform, as it accepted for exchange shares of iPass, Inc. (Nasdaq: IPAS), a provider of global mobile connectivity.

The iPass shares were all validly tendered in the previously-announced tender offer by a wholly-owned Pareteum subsidiary to acquire all of iPass’ outstanding shares for the agreed consideration of 1.17 shares of Pareteum stock per iPass share. The shares accepted represent approximately 66.78% of iPass’ outstanding common stock. Pareteum acquired the remaining outstanding shares of iPass’ common stock through a merger of a wholly-owned Pareteum subsidiary with and into iPass. Pareteum issued a total of approximately 9.865M shares of its common stock, valued at $28.6M, based on the February 12, 2019 closing price of $2.90, and assumed approximately $11M in debt for a total transaction size of approximately $39.6M. Following the merger, iPass shares will no longer be traded on Nasdaq.

The Sichenzia Ross Ference LLP team was led by partners Darrin Ocasio (Picture) and Avital Perlman and associates Grant Levine and Huan Lou.

Involved fees earner: Grant Levine – Sichenzia Ross Ference LLP; Huan Lou – Sichenzia Ross Ference LLP; Darrin Ocasio – Sichenzia Ross Ference LLP; Avital Perlman – Sichenzia Ross Ference LLP;

Law Firms: Sichenzia Ross Ference LLP;

Clients: Pareteum Corporation ;