QAD Inc. (NASDAQ:QADI), a leading provider of enterprise software
solutions for global manufacturers, today announced that it has
completed the one-time Stock Option and Stock Appreciation Right
Exchange Program that commenced on June 17, 2009. Pursuant to the terms
of the Program, eligible participants were able to exchange outstanding
stock options and stock appreciation rights (SARs) originally granted
under QAD’s 1997 and 2006 Stock Incentive Programs with an exercise
price above the fair market value of QAD stock as of the first business
day following the close of the exchange offer period, for a reduced
number of SARs at a per share exercise price equal to the fair market
value of the company’s common stock on August 13, 2009, the date of
issuance of the new SARs.
Stock options and SARs to purchase 3,378,161 shares of the company's
common stock were tendered and accepted in the exchange offer, which
expired August 12, 2009 at 9:00 p.m. Pacific Time. These surrendered
equity awards represent 79% of the total shares subject to equity awards
eligible for exchange in the exchange offer. The surrendered equity
awards were cancelled as of August 13, 2009. In exchange for these
surrendered equity awards, new SARs to purchase 1,539,372 shares of the
company's common stock were issued. The exercise price of the new SARs
is $3.91.
For additional information on the program, please refer to QAD’s Tender
Offer Statement as filed with the Securities and Exchange Commission on
June 17, 2009.
About QAD
QAD is a leading provider of enterprise applications for global
manufacturing companies. QAD applications provide critical functionality
for managing manufacturing resources and operations within and beyond
the enterprise, enabling global manufacturers to collaborate with their
customers, suppliers and partners to make and deliver the right product,
at the right cost and at the right time. Manufacturers of automotive,
consumer products, electronics, food and beverage, industrial and life
science products use QAD applications in more than 90 countries and in
as many as 27 languages. For more information about QAD, telephone +1
805-566-6000, or visit the QAD Web site at www.qad.com.
"QAD" is a registered trademark of QAD Inc. All other products or
company names herein may be trademarks of their respective owners.
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