Generex Declares 1 for 1 Stock Dividend In Conjunction NASDAQ Up-Listing With Record Date Of 24 July 2019
MIRAMAR, FL -- June 20, 2019 -- InvestorsHub 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.”
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June 21st 2019 Generex Announces That the Pool Shares for the Benefit of Generex Will Be Retired and Put Back into the Corporate Treasury Following Payment of the 1:1 Dividend
Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that the “Pool” shares controlled for the benefit of Generex by Joe Moscato, President and Chief Executive Officer of Generex, and consisting of shares contributed by Mr. Moscato and three others, will be retired; the 20,375,900 million shares remaining in the Pool will be returned to Generex and put back into the Generex treasury once Generex achieves its up-list to NASDAQ and the dividend is paid. Generex noted that Mr. Moscato previously waived the dividend for the Pool shares.
For clarity, there are currently 60,307,396 shares outstanding. Of these only 34,542,338 shares are eligible for the dividend. Post dividend, there will be 69,084,676 shares in the market, as the 20,375,900 Pool shares will be retired and returned to the Generex treasury, leaving only 9 million additional shares in the market than pre-dividend.
Mr. Moscato stated, “As Trustee of the Pool shares that have been set up for the benefit of Generex, and to further demonstrate my commitment to our shareholders, we have decided to retire the Pool upon payment of the 1:1 dividend and up-listing to NASDAQ, and return 20+ million shares to the Generex Treasury. The retirement of over 20 million shares is huge for shareholders, as it significantly reduces investor dilution by one-third. As we approach our goal of bringing Generex back to a national exchange, I am happy to share our success with our shareholders and provide Generex with a strong foundation for growth.”
MIRAMAR, FL -- June 20, 2019 -- InvestorsHub 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.”
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June 21st 2019 Generex Announces That the Pool Shares for the Benefit of Generex Will Be Retired and Put Back into the Corporate Treasury Following Payment of the 1:1 Dividend
Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that the “Pool” shares controlled for the benefit of Generex by Joe Moscato, President and Chief Executive Officer of Generex, and consisting of shares contributed by Mr. Moscato and three others, will be retired; the 20,375,900 million shares remaining in the Pool will be returned to Generex and put back into the Generex treasury once Generex achieves its up-list to NASDAQ and the dividend is paid. Generex noted that Mr. Moscato previously waived the dividend for the Pool shares.
For clarity, there are currently 60,307,396 shares outstanding. Of these only 34,542,338 shares are eligible for the dividend. Post dividend, there will be 69,084,676 shares in the market, as the 20,375,900 Pool shares will be retired and returned to the Generex treasury, leaving only 9 million additional shares in the market than pre-dividend.
Mr. Moscato stated, “As Trustee of the Pool shares that have been set up for the benefit of Generex, and to further demonstrate my commitment to our shareholders, we have decided to retire the Pool upon payment of the 1:1 dividend and up-listing to NASDAQ, and return 20+ million shares to the Generex Treasury. The retirement of over 20 million shares is huge for shareholders, as it significantly reduces investor dilution by one-third. As we approach our goal of bringing Generex back to a national exchange, I am happy to share our success with our shareholders and provide Generex with a strong foundation for growth.”
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