Qualcomm urged its shareholders to reject an unsolicited “mini-tender” offer from Tutanota LLC, warning that the proposal is structured to potentially acquire shares at a below-market price.

The offer seeks to purchase up to 500,000 Qualcomm shares—less than 0.05% of outstanding stock—at $150 per share, but is conditional on the company’s share price exceeding that level before expiration. Qualcomm stated that this condition, along with other uncertainties such as financing requirements, could disadvantage investors and delay payment.

Qualcomm emphasized that it is not affiliated with Tutanota and does not endorse the offer, advising shareholders not to tender their shares. The company also noted that investors who have already participated can withdraw their shares before the April 27, 2026 deadline.

The company further highlighted that mini-tender offers typically fall below the 5% ownership threshold, allowing bidders to bypass certain U.S. Securities and Exchange Commission protections. Regulators have cautioned that such offers may attempt to exploit investors who do not compare the offer price with current market values.