Generex Declares 1:1 Stock Dividend
GlobeNewswireJune 20, 2019, 9:00 AM EDT
MIRAMAR, Fla., June 20, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) is pleased to announce that the company today declared the previously announced 1:1 common stock dividend. The Record Date for the determination of the holders of the GNBT (the “Company”) common stock entitled to participate in the Company’s 1:1 common stock dividend will be Wednesday July 24, 2019. The dividend Payment Date will be the first day the Company’s common stock trades on the NASDAQ Capital Market; payment of the dividend is contingent upon the successful up-listing of the Company’s common stock on the NASDAQ Capital Market. In the event the Company is not listed on NASDAQ on or before October 31, 2019, the dividend will not be payable without further Company Board authorization and announcement.
The Company expects to file its application with NASDAQ shortly. Thirty days of process time after filing is customary. On the date of this announcement, the Company did not meet all of the initial listing criteria, such as the stock price requirement, however, the Company believes that events in process will enable it to meet the initial listing criteria at the $4, $3, or $2 stock price thresholds.
The Company believes that the ex-dividend date will be the trading day following the Payment Date, 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)). Company’s 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 Company’s stock dividend will result in one share of common stock paid for every one share of common stock owned.
Joe Moscato, President & Chief Executive Officer of Generex commented: “I am happy and proud to have been able to fulfill my promise to reward our loyal shareholders for allowing us to reorganize and revitalize the Company. This final dividend demonstrates our commitment to share our successes with our shareholders, as we take the final steps toward achieving our goal to bring Generex back to a national stock exchange, as I will discuss on tomorrow’s teleconference. Also, on the call, my management team and I will provide a complete corporate overview, an update on the exciting commercial launch of Excellagen, details on our go-forward strategy, and an introduction to our highly valuable, restructured MSO platform.”
The access information for the investor conference call on June 21, at 9:00 AM Eastern time is as follows:
Investors & persons of interest calling into the event:
GlobeNewswireJune 20, 2019, 9:00 AM EDT
MIRAMAR, Fla., June 20, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) is pleased to announce that the company today declared the previously announced 1:1 common stock dividend. The Record Date for the determination of the holders of the GNBT (the “Company”) common stock entitled to participate in the Company’s 1:1 common stock dividend will be Wednesday July 24, 2019. The dividend Payment Date will be the first day the Company’s common stock trades on the NASDAQ Capital Market; payment of the dividend is contingent upon the successful up-listing of the Company’s common stock on the NASDAQ Capital Market. In the event the Company is not listed on NASDAQ on or before October 31, 2019, the dividend will not be payable without further Company Board authorization and announcement.
The Company expects to file its application with NASDAQ shortly. Thirty days of process time after filing is customary. On the date of this announcement, the Company did not meet all of the initial listing criteria, such as the stock price requirement, however, the Company believes that events in process will enable it to meet the initial listing criteria at the $4, $3, or $2 stock price thresholds.
The Company believes that the ex-dividend date will be the trading day following the Payment Date, 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)). Company’s 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 Company’s stock dividend will result in one share of common stock paid for every one share of common stock owned.
Joe Moscato, President & Chief Executive Officer of Generex commented: “I am happy and proud to have been able to fulfill my promise to reward our loyal shareholders for allowing us to reorganize and revitalize the Company. This final dividend demonstrates our commitment to share our successes with our shareholders, as we take the final steps toward achieving our goal to bring Generex back to a national stock exchange, as I will discuss on tomorrow’s teleconference. Also, on the call, my management team and I will provide a complete corporate overview, an update on the exciting commercial launch of Excellagen, details on our go-forward strategy, and an introduction to our highly valuable, restructured MSO platform.”
The access information for the investor conference call on June 21, at 9:00 AM Eastern time is as follows:
Investors & persons of interest calling into the event:
1
