Annual Meeting Scheduled for October 25, 2019
Retiring Pool shares reduces outstanding shares from 63,793,955 shares to 43,418,055 shares, a 31.9% reduction in outstanding shares
MIRAMAR, Fla., Sept. 06, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that the annual shareholder meeting is set for October 25, 2019. Shareholders of record as of September 3, 2019 are eligible to vote at the shareholders meeting. In the next two weeks, shareholders will receive proxy materials from the Company’s transfer agent Broadridge together with voting instructions. Details of the time and location for the meeting will be announced in the near future.
Also today, Generex is pleased to announce that Joe Moscato, President and Chief Executive Officer today began the legal and regulatory process to retire the 20,375,900 “Pool” shares he controls for the benefit of Generex. The process is expected to be completed next week . For clarity, prior to retiring the shares, there are 63,793,955 shares outstanding; with the retirement of the Pool, there will be 43,418,055 shares outstanding. The 20,375,900 shares remaining in the Pool will be returned to the Generex treasury.
Mr. Moscato stated, “Having made significant progress in our strategic plan to bring Generex back to the Nasdaq, and in line with our corporate governance, we are happy to announce the date for the annual shareholders meeting to be held on October 25, 2019, prior to the payment of the 1:1 shareholder dividend on October 29th. As always, we look forward to hearing from our loyal shareholders who continue to support our initiatives, and in turn have been rewarded not only with the appreciation of our share price, but also with our 20:1 and soon to be paid 1:1 stock dividend.”
“Further, 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, today I have initiated the process to retire the Pool shares, which is expected to be completed next week. As we approach our goal of bringing Generex back to the Nasdaq stock exchange, I am happy to share our success with our shareholders by retiring nearly 32% of the outstanding shares of GNBT. Together with the upcoming 1:1 stock dividend to be paid to shareholders on October 29th, the Pool retirement solidifies our shareholder commitment and puts Generex on solid footing as we execute on our strategic plan to build an integrated life science and healthcare company that provides end-to-end solutions for the benefit of physicians and their patients.”
“Finally, I would like to invite everyone to tune in to our live webcast (http://wsw.com/webcast/hcw5/gnbt) from the H.C. Wainwright conference on Monday September 9th at 3:25 PM, where I will present the Generex enterprise and our strategic plans including the announcement of a new, major acquisition in diabetes care.”
So, if we take 63,793,555 times 2.25 equals $143,535,500 divided by new shares outstanding 43,418,055 equals share price of $3.31 as of sometime next week after the shares are retired. That is if we maintain the current market cap, but that market cap is because we have 63,793,555 shares right now. So hopefully our price goes up next week with the retirement of shares. But I don't know for sure.
Retiring Pool shares reduces outstanding shares from 63,793,955 shares to 43,418,055 shares, a 31.9% reduction in outstanding shares
MIRAMAR, Fla., Sept. 06, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that the annual shareholder meeting is set for October 25, 2019. Shareholders of record as of September 3, 2019 are eligible to vote at the shareholders meeting. In the next two weeks, shareholders will receive proxy materials from the Company’s transfer agent Broadridge together with voting instructions. Details of the time and location for the meeting will be announced in the near future.
Also today, Generex is pleased to announce that Joe Moscato, President and Chief Executive Officer today began the legal and regulatory process to retire the 20,375,900 “Pool” shares he controls for the benefit of Generex. The process is expected to be completed next week . For clarity, prior to retiring the shares, there are 63,793,955 shares outstanding; with the retirement of the Pool, there will be 43,418,055 shares outstanding. The 20,375,900 shares remaining in the Pool will be returned to the Generex treasury.
Mr. Moscato stated, “Having made significant progress in our strategic plan to bring Generex back to the Nasdaq, and in line with our corporate governance, we are happy to announce the date for the annual shareholders meeting to be held on October 25, 2019, prior to the payment of the 1:1 shareholder dividend on October 29th. As always, we look forward to hearing from our loyal shareholders who continue to support our initiatives, and in turn have been rewarded not only with the appreciation of our share price, but also with our 20:1 and soon to be paid 1:1 stock dividend.”
“Further, 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, today I have initiated the process to retire the Pool shares, which is expected to be completed next week. As we approach our goal of bringing Generex back to the Nasdaq stock exchange, I am happy to share our success with our shareholders by retiring nearly 32% of the outstanding shares of GNBT. Together with the upcoming 1:1 stock dividend to be paid to shareholders on October 29th, the Pool retirement solidifies our shareholder commitment and puts Generex on solid footing as we execute on our strategic plan to build an integrated life science and healthcare company that provides end-to-end solutions for the benefit of physicians and their patients.”
“Finally, I would like to invite everyone to tune in to our live webcast (http://wsw.com/webcast/hcw5/gnbt) from the H.C. Wainwright conference on Monday September 9th at 3:25 PM, where I will present the Generex enterprise and our strategic plans including the announcement of a new, major acquisition in diabetes care.”
So, if we take 63,793,555 times 2.25 equals $143,535,500 divided by new shares outstanding 43,418,055 equals share price of $3.31 as of sometime next week after the shares are retired. That is if we maintain the current market cap, but that market cap is because we have 63,793,555 shares right now. So hopefully our price goes up next week with the retirement of shares. But I don't know for sure.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.
