Verint Announces Record Date & Distribution Date for Spin-Off of Cognyte Software Ltd., Verint’s Cyber Intelligence Solutio...
January 15 2021 - 8:30AM
Business Wire
Spin-Off Expected to Close on February 1,
2021
Verint® Systems Inc. (Nasdaq: VRNT), announced today the record
and distribution dates for the spin-off of its Cognyte business,
which is expected to be effected through the distribution of 100
percent of the shares of Cognyte Software Ltd., currently a wholly
owned subsidiary of Verint, to holders of Verint shares.
After the close of business on February 1, 2021, the
distribution date for the spin-off, Verint will distribute to
holders of Verint shares, as a pro rata dividend, one Cognyte share
for every Verint share held on the close of business on January 25,
2021, the record date for the spin-off. Cognyte shares are expected
to commence trading on a standalone basis on NASDAQ under the
symbol “CGNT” on February 2, 2021.
Verint shareholders do not need to take any action to receive
Cognyte shares to which they are entitled and do not need to pay
any consideration or surrender or exchange Verint shares. The
distribution generally should not be taxable to Verint shareholders
for U.S. federal and Israeli income tax purposes.
The completion of the distribution remains subject to customary
closing conditions. Cognyte’s Registration Statement on Form 20-F
filed with the Securities and Exchange Commission (SEC) contains
detailed information about Cognyte’s operations, including its
business strategy, financial condition, risk factors and conditions
to the completion of the spin-off. The registration statement is
available on the SEC’s website at www.sec.gov.
About Cognyte Software Ltd.
Following the spin-off, Cognyte will be a global leader in
security analytics software that empowers governments and
enterprises with Actionable Intelligence® for a safer world. Over
1,000 government and enterprise customers in more than 100
countries rely on Cognyte’s solutions to accelerate security
investigations and connect the dots to successfully identify,
neutralize, and prevent national security, personal safety,
business continuity and cyber threats.
About Verint Systems Inc.
Verint® is a global leader in Actionable Intelligence® solutions
with a focus on customer engagement optimization and cyber
intelligence. Today, over 10,000 organizations in more than 180
countries—including over 85 percent of the Fortune 100—count on
intelligence from Verint solutions to make more informed, effective
and timely decisions. Learn more about how we’re creating A Smarter
World with Actionable Intelligence® at www.verint.com.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding the
anticipated spin-off of Cognyte, including timing and certainty,
the planned record and distribution dates, and anticipated tax
treatment; Verint and Cognyte’s anticipated competitive positioning
and positioning for future success following the spin-off. These
forward-looking statements are based on our current assumptions,
expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievement to
materially differ from those expressed or implied by these
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to uncertainties
regarding the impact of changes in macroeconomic and/or global
conditions; our ability to successfully complete the spin-off of
our Cognyte business on a tax-free basis, within the expected time
frame or at all, and achieve the intended benefits of the spin-off;
general economic and industry conditions; risks relating to our and
Cognyte’s customers’ orders and contracts; risks associated with
restrictions resulting from the COVID-19 pandemic; our ability to
access capital; and risks associated with the mishandling or
perceived mishandling of sensitive or confidential information. A
detailed discussion of these factors and other risks that affect
our business and the Cognyte business are included in filings we
and Cognyte make with the Securities and Exchange Commission (SEC)
from time to time, including Cognyte’s Registration Statement on
Form 20-F, as amended, and in our most recent reports on Form 10-K
and Form 10-Q, particularly under the heading “Risk Factors.”
Copies of these filings are available online from the SEC or on the
SEC Filings section of our Investor Relations website at
https://www.verint.com/investor-relations. Copies of Cognyte’s
filings are available online from the SEC or on the SEC Filings
section of Cognyte’s Investor Relations website at
https://www.cognyte.com/investors. All forward-looking statements
in this press release are based on information currently available
to us, and we assume no obligation to update these forward-looking
statements in light of new information or future events.
VERINT, ACTIONABLE INTELLIGENCE, THE CUSTOMER ENGAGEMENT COMPANY
and CUSTOMER ENGAGEMENT SOLUTIONS are trademarks of Verint Systems
Inc. or its subsidiaries. Verint and other parties may also have
trademark rights in other terms used herein.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210115005107/en/
Investor Relations Contact:
Alan Roden Verint Systems Inc. (631) 962-9304
alan.roden@verint.com
Verint Systems (NASDAQ:VRNT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Verint Systems (NASDAQ:VRNT)
Historical Stock Chart
From Jul 2023 to Jul 2024