Snap responds to “mini-tender” offer by TRC Capital Investment Corp.

Snap Inc. announced it received notice of an unsolicited “mini-tender” offer by TRC Capital, to purchase up to 2 million shares of Snap Class A common stock at a price of $50.25 per share in cash. TRC Capital’s offer price is 4.43% below the $52.58 closing price per share of Snap’s Class A common stock on Oct. 29, 2021, the last trading day before TRC Capital commenced its mini-tender offer. If all shares are acquired, TRC Capital’s ownership would represent approximately 0.15% of Snap’s outstanding Class A common stock.

Snap, which is not affiliated with TRC Capital, said it does not endorse the offer documentation or the unsolicited mini-tender offer. Mini-tender offers seek to acquire less than five percent of a company’s outstanding shares.