FREMONT, Calif., Dec. 1, 2020 /PRNewswire/ -- SYNNEX
Corporation (NYSE: SNX) today announced the successful completion
of the spin-off of Concentrix Corporation (Nasdaq: CNXC) to SYNNEX
shareholders. Under the terms of the separation, on December 1, 2020, stockholders who held SYNNEX
common stock at the close of business on November 17, 2020 (the "Record Date") received a
distribution of one Concentrix common share for every one share of
SYNNEX common stock held as of the Record Date. No fractional
shares of Concentrix were distributed.
Since November 16, 2020, there
have been two markets in SYNNEX common stock. Shares that
were traded in the "regular way" were entitled to shares of
Concentrix common stock pursuant to the distribution. Shares
traded in the "ex-distribution" market traded without an
entitlement to shares of Concentrix common stock pursuant to the
distribution. These shares of SYNNEX common stock in the
"ex-distribution" market have been traded under the symbol "SNX
WI".
Concentrix shares have traded on a "when issued" basis on the
Nasdaq under the symbol "CNXCV", permitting investors to trade the
right to receive Concentrix shares in the distribution. "When
issued" trading of Concentrix common shares ended at the close of
the market on November 30, 2020.
Starting today, the "regular way" trading of Concentrix common
stock on the Nasdaq will commence under the symbol "CNXC."
"We are pleased to announce the completion of the separation
transaction and wish the Concentrix team well as an independent
publicly traded company," said Dennis
Polk, President and CEO of SYNNEX. "I am excited for the
future of SYNNEX and the ongoing value we expect to deliver to our
vendors, customers, associates and shareholders."
About SYNNEX
SYNNEX Corporation (NYSE: SNX) is a
Fortune 200 corporation and a leading business process services
company, providing a comprehensive range of distribution, logistics
and integration services for the technology industry to a broad
range of enterprises. SYNNEX distributes a broad range of
information technology systems and products, and also provides
systems design and integration solutions. Founded in 1980, SYNNEX
Corporation operates in numerous countries throughout North and
South America, Asia-Pacific and Europe. Additional information about SYNNEX
may be found online at synnex.com.
Safe Harbor Statement
Statements in this news release
regarding SYNNEX Corporation, which are not historical facts, are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements may be
identified by terms such as believe, foresee, expect, may, will,
provide, could and should and the negative of these terms or other
similar expressions. These forward-looking statements include, but
are not limited to, statements regarding when shares will trade the
regular way; expected benefits of the transaction; and expected
value. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those discussed in the forward-looking statements. These risks
and uncertainties include, but are not limited to general economic
and market conditions; risks related to the ability to realize the
anticipated benefits of the transaction; the unfavorable outcome of
any legal proceedings that have been or may be instituted against
SYNNEX or Concentrix; the ability to retain key personnel; negative
effects of the consummation of the spin-off on the market price of
the capital stock of SYNNEX or Concentrix; significant transaction
costs, fees, expenses and charges; unknown liabilities; the risk of
litigation and/or regulatory actions related to the transaction;
transaction-related financings; other business effects; and other
risks and uncertainties detailed in the Concentrix Form 10
registration statement, in our Form 10-K for the fiscal year ended
November 30, 2019, and in subsequent
SEC filings. Statements included in this press release are based
upon information known to SYNNEX Corporation as of the date of this
release, and SYNNEX Corporation does not intend to update
information contained in this press release.
Copyright 2020 SYNNEX Corporation. All rights reserved.
SYNNEX, the SYNNEX Logo, and all other SYNNEX company, product and
services names and slogans are trademarks or registered trademarks
of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat.
& Tm. Off. Other names and marks are the property of their
respective owners.
Investor Contact:
Liz
Morali
Investor Relations
SYNNEX Corporation
ir@synnex.com
510-668-8436
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SOURCE SYNNEX Corporation