Generex Revises Record & Payment Dates for 20:1 St
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Posted On: 11/14/2018 11:26:18 AM
Generex Revises Record & Payment Dates for 20:1 Stock Dividend
11:00 AM ET, 11/14/2018 - Business Wire
MIRAMAR, Fla.--(BUSINESS WIRE)--Nov. 14, 2018-- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that it has revised the record and payment dates for the previously announced 20:1 common stock dividend.
The Record Date for the determination of the holders of the Company’s common stock entitled to participate in the Company’s 20:1 common stock dividend will now be Tuesday, November 20, 2018. The dividend Payment Date will be Friday, November 30, 2018.
The Company believes that the ex-dividend date will be Monday, December 3, 2018 by application of FINRA Uniform Practice Code section 11140(b)(2) because the dividend is greater than 25 percent of the value of the Company’s common stock. In addition, effective September 5, 2017, the U.S. Securities and Exchange Commission shortened the settlement cycle for transactions in U.S. equities from trade date plus three business days (T+3) to T+2 (Rule 15c6-1(a) under the Securities Exchange Act of 1934 (17 CFR 240)). Common stock acquired in trades settled prior to the ex-dividend date will be entitled to receive the dividend.
If shareholders of record sell stock after the record date but before the ex-dividend date, their shares will be sold with a “due bill” book entry which will denote that, although the Company will pay the dividend to the stockholder’s account, the stockholder’s account must relinquish the amount of that dividend over to the buyer of the stock. Conversely, if stock is purchased after the record date but the trade settles before the ex-dividend date, the buyer will be entitled to the dividend and will receive it via the due bill process.
The stock dividend will result in 20 shares of common stock paid for every share of common stock owned.
Generex President & Chief Executive Officer Joseph Moscato stated: “I am pleased that we now have definitive dates for our common stock dividend and can now move forward with this part of our plan to reward our stockholders for their patience as we’ve reorganized Generex and paved the way for us to create value for our stockholders as we continue to build value in our Company.”
This press release does not constitute legal advice.Investors are encouraged to solicit independent legal advice and to consult their independent investment brokerage firms as to record, payment, and ex-dividend dates and the application thereof to trades in the Company’s common stock in the context of the stock dividend.
11:00 AM ET, 11/14/2018 - Business Wire
MIRAMAR, Fla.--(BUSINESS WIRE)--Nov. 14, 2018-- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that it has revised the record and payment dates for the previously announced 20:1 common stock dividend.
The Record Date for the determination of the holders of the Company’s common stock entitled to participate in the Company’s 20:1 common stock dividend will now be Tuesday, November 20, 2018. The dividend Payment Date will be Friday, November 30, 2018.
The Company believes that the ex-dividend date will be Monday, December 3, 2018 by application of FINRA Uniform Practice Code section 11140(b)(2) because the dividend is greater than 25 percent of the value of the Company’s common stock. In addition, effective September 5, 2017, the U.S. Securities and Exchange Commission shortened the settlement cycle for transactions in U.S. equities from trade date plus three business days (T+3) to T+2 (Rule 15c6-1(a) under the Securities Exchange Act of 1934 (17 CFR 240)). Common stock acquired in trades settled prior to the ex-dividend date will be entitled to receive the dividend.
If shareholders of record sell stock after the record date but before the ex-dividend date, their shares will be sold with a “due bill” book entry which will denote that, although the Company will pay the dividend to the stockholder’s account, the stockholder’s account must relinquish the amount of that dividend over to the buyer of the stock. Conversely, if stock is purchased after the record date but the trade settles before the ex-dividend date, the buyer will be entitled to the dividend and will receive it via the due bill process.
The stock dividend will result in 20 shares of common stock paid for every share of common stock owned.
Generex President & Chief Executive Officer Joseph Moscato stated: “I am pleased that we now have definitive dates for our common stock dividend and can now move forward with this part of our plan to reward our stockholders for their patience as we’ve reorganized Generex and paved the way for us to create value for our stockholders as we continue to build value in our Company.”
This press release does not constitute legal advice.Investors are encouraged to solicit independent legal advice and to consult their independent investment brokerage firms as to record, payment, and ex-dividend dates and the application thereof to trades in the Company’s common stock in the context of the stock dividend.
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