Generex Biotechnology Announces New Structure, Pay Date and Ex-Date for the Previously Postponed Shareholder Stock Dividend and Declares a New Share Dividend in NuGenerex Immuno-Oncology
- Generex will give a 2 to 5 stock dividend to shareholders paying 2 GNBT shares for every 5 shares held
- Shareholders to receive an additional 2 to 5 stock dividend of NuGenerex Immuno-Oncology shares
- New Dates Established for shareholder stock dividend
- New Pay Date: January 3, 2020
- New Ex-Date: January 6, 2020
- Record Date remains August 30, 2019
MIRAMAR, Fla., Dec. 10, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (“Generex”) today announced revisions to the previously announced share dividend. Generex will now pay the postponed 1:1 dividend at a ratio of 2 to 5; i.e. for every 5 shares of Generex you own on the pay date you get 2 new Generex shares. The new pay date for this 2:5 dividend will be January 3, 2020 with an ex-date of January 6, 2020. Please remember if you sell your shares before the ex-date you will get a pay due bill and your dividend shares will go to the buyer. Conversely, if you buy shares up through the ex-date, you will receive the dividend through the “Pay Due” system and the seller will automatically pay you the dividends through broker to broker transfer.
As part of the dividend restructuring, Generex will also pay a new stock dividend of 2 to 5 in NuGenerex Immuno-Oncology shares; i.e. for every 5 shares of Generex Stock you own you will receive two shares of NuGenerex Immuno-Oncology (NGIO). This dividend will also be paid on January 3, 2020 with the ex-date of January 6, 2020. NGIO, a majority owned subsidiary of Generex, is being spun out of the parent company to form a new, publicly traded oncology company focused on modulation of the immune system to treat cancer. Generex management is in the process of filing the requisite legal documents, conducting the necessary 2-year audits, preparing the S1 filing, and planning to initiate operations as a new public company.
Joe Moscato, President & CEO of Generex said, “I am happy that we have gotten back on track with our postponed share dividend. It has always been a part of the Generex plan to build value for investors and to share our successes with our shareholders. We are still working to legally undo the harm caused by the improper trading that led to the postponement of the dividend, and with this revised dividend structure, we believe we have found a way to reward our loyal shareholders while we do everything necessary to hold liable those parties who have committed improprieties. The good thing is, we can now give a sizable dividend in our soon to be public cancer company, NGIO, which will provide our shareholders with additional value. Please remember, our first major 20:1 dividend was postponed two times last year but was still highly successful in building shareholder value. Many thanks to all of our shareholders for your patience. We see no other problems in paying the restructured dividend on the new pay date of January 6, 2020, and we look forward to paying both dividends in the new year. We are excited for Generex in the new decade as we integrate our new subsidiaries and activate our operations with a mission to build a large integrated healthcare enterprise.”
About Generex Biotechnology Corp.
Generex Biotechnology 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 immune-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.
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.
Generex Biotechnology Corporation
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