LOS ANGELES uWink Inc. said Friday it has completed its tender offer for odd-lot shares of its over-the-counter bulletin board stock and will file to deregister with the Securities and Exchange Commission around Jan. 30.
The company previously said the move to take the company private would save about $190,000 annually in fees tied to public reporting mandates. uWink operates three technology-focused restaurants and was founded by Chuck E. Cheese’s creator Nolan Bushnell.
Company officials also have said they plan to spin off uWink’s technology licensing division, which offers table-top, touch-screen hardware and software, featuring games and entertainment, as well as the ability to order and pay.
The three uWink restaurants in California, which feature the company’s table-top order-play-and-pay system, will remain a separate entity under uWink Inc.
The tender offer, first announced last month, was completed on Jan. 15, with about 97 shareholders tendering approximately 3,485 shares, officials said Friday. uWink has about 12.7 million shares outstanding and has traded under $1 since June 2008. The company said it undertook the tender offer to reduce the number of smaller shareholders.
Shareholders of uWink owning 99 or fewer shares who sold their stock through the offer will be paid $0.50 per share and receive an incentive payment of $20. Payments are expected to go to shareholders around Jan. 23.
Contact Lisa Jennings at [email protected].