Ok, here's what I may understand. GNBT is NOT spinning off NIO (right now), they are giving us shareholders dividend of shares, so we are owners immediately. It will not be publicly trading immediately, we will be owners of a book entry number of shares. When NIO goes public, then we will be liquid immediately with the new stock symbol and listing. If they were to try to do both at the same time, then we would have a holding period before we could do anything with our new stock position. So that means this is not a spin off, so the dividend rules are different. It is treated as a <25% dividend of stock, but since it is not public, different rules apply. GNBT's lawyer did all the research and wrote the PR. It is considered to be accurate.