Nuance Board of Directors Declares Spin-Off Dividend of Cerence Shares
September 04 2019 - 8:00AM
Nuance Communications, Inc. (NASDAQ: NUAN) (“Nuance”), a leading
provider of conversational AI, today announced that its Board of
Directors has declared a pro rata dividend of Cerence Inc. common
stock to be made effective at 5:00 p.m. EDT on October 1, 2019, to
Nuance’s stockholders of record as of 5:00 p.m. EDT on September
17, 2019, the record date.
Each Nuance stockholder of record will receive a distribution of
one share of Cerence Inc. common stock for every 8 shares of common
stock, par value $0.001 per share, of Nuance, that it holds on the
record date. The distribution is subject to certain conditions.
It is anticipated that when-issued trading on the Nasdaq Global
Select Market in Cerence Inc. common stock will begin on or about
Monday, September 16. On Wednesday, October 2, Cerence common stock
will begin regular-way trading on Nasdaq under the symbol
“CRNC.”
Forward-Looking Statements
Statements in this release regarding the spin-off and separation
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Any statements
that are not statements of historical fact (including statements
containing the words “believes,” “plans,” “anticipates,” “expects,”
“intends” or “estimates” or similar expressions) should also be
considered to be forward-looking statements. There are a number of
important factors that could cause actual results or events to
differ materially from those indicated by such forward-looking
statements, including but not limited to: the ability to effect the
separation and spin-off of our Automotive business; our ability to
successfully wind-down certain products or business lines;
fluctuations in demand for our existing and future products;
fluctuations in the mix of products and services sold in specific
periods; further unanticipated costs resulting from the FY17
malware incident including potential costs associated with
governmental investigations that may result from the incident; our
ability to control and successfully manage our expenses and cash
position; our ability to develop and execute in a timely manner our
productivity and cost initiatives; the effects of competition,
including pricing pressure, and changing business models in the
markets and industries we serve; changes to economic conditions in
the United States and internationally; the imposition of tariffs or
other trade measures particularly between the United States and
China; potential future impairment charges related to our
reorganized business reporting units; fluctuating currency rates;
possible quality issues in our products and technologies; our
ability to successfully integrate operations and employees of
acquired businesses; the ability to realize anticipated synergies
from acquired businesses and to cut stranded costs related to
divested businesses; and the other factors described in our most
recent Form 10-K, Form 10-Q and other filings with the Securities
and Exchange Commission as well as those described in Cerence
Inc.’s Registration Statement on Form 10. We disclaim any
obligation to update any forward-looking statements as a result of
developments occurring after the date of this release.
About Nuance Communications, Inc.
Nuance Communications, Inc. (NASDAQ: NUAN) is the pioneer and
leader in conversational AI innovations that bring intelligence to
everyday work and life. The company delivers solutions that
understand, analyze and respond to human language to increase
productivity and amplify human intelligence. With decades of domain
and artificial intelligence expertise, Nuance works with thousands
of organizations – in global industries that include healthcare,
telecommunications, automotive, financial services, and retail – to
create stronger relationships and better experiences for their
customers and workforce. For more information, please visit
www.nuance.com.
Trademark reference: Nuance and the Nuance logo are registered
trademarks or trademarks of Nuance Communications, Inc. or its
affiliates in the United States and/or other countries. All other
trademarks referenced herein are the property of their respective
owners.
Contact Information
For Press:
Kate Hickman Nuance Communications, Inc. Tel: 781-565-4627
Email: kathryn.hickman@nuance.com
For Investors:
Tracy Krumme Nuance Communications, Inc. Tel: 781-565-4334
Email: tracy.krumme@nuance.com
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