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MIRAMAR, Fla., June 20, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB: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:
Domestic US/Canada – 1 - 866‑342‑8588
Direct Toll / International - 1 203‑518‑9865
Conference ID - 91034
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.
About Generex Biotechnology Corporation
Generex Biotechnology Corporation is an integrated healthcare holding company with end‐to‐end solutions for patient centric care from rapid diagnosis through delivery of personalized therapies. Generex is building a new kind of healthcare company that extends beyond traditional models providing support to physicians in an MSO network, and ongoing relationships with patients to improve the patient experience and access to optimal care.
In addition to advancing a legacy portfolio of immuno‐oncology assets, medical devices, and diagnostics, the Company is focused on an acquisition strategy of strategic businesses that complement existing assets and provide immediate sources of revenue and working capital. Recent acquisitions include a management services organization, a network of pharmacies, clinical laboratory, and medical device companies with new and approved products.
Our newly formed, wholly‐owned subsidiary, NuGenerex Distribution Solutions (NDS), integrates our MSO network with a pharmacy network, clinical diagnostic lab, durable medical equipment company (DME‐IQ) and dedicated call center.
Revenue from the Company’s subsidiaries will support clinical advancement of its wholly owned therapeutic products with a focus in immunotherapeutics based on stimulating critical members of the immune response, known as T helper cells, and its proprietary buccal administration of insulin.
Cautionary Note Regarding Forward-Looking Statements
This release and oral statements made from time to time by Generex representatives in respect of the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plan," "believes," "will," "achieve," "anticipate," "would," "should," "subject to" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.
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