Rubicon Technology, Inc. Sets Record Date for its $11.00 per share Cash Distribution
August 12 2022 - 8:00AM
Rubicon Technology, Inc. (Nasdaq: RBCN) (“Rubicon” or the
“Company”) announced today that, in connection with the cash tender
offer (the “Offer”) by Janel Corporation (“Janel”) for up to 45% of
Rubicon’s issued and outstanding common stock, par value $.001 per
share (“Common Stock”), the Company’s Board of Directors has set
August 23, 2022 (the “Record Date”) as the record date for its cash
distribution of $11.00 per share of Common Stock (the
“Distribution”). The Distribution and the Record Date are
conditioned upon the consummation of the Offer by August 19, 2022.
If such condition has occurred it is anticipated that the
Distribution will be paid on or about August 29, 2022 (the “Payment
Date”).
The payment of the Distribution represents more
than 25% of the price per share of Common Stock and therefore
NASDAQ has determined that the Common Stock will trade with “due
bills,” representing an assignment of the right to receive the
Distribution during the period from the Record Date to the
ex-dividend date (the “Due Bill Period”). The Common Stock will not
trade ex-dividend until August 30, 2022, the first business day
after the Payment Date. Stockholders who sell the Common Stock
during the Due Bill Period will not be entitled to receive the
Distribution. Due bills obligate a seller of Common Stock to
deliver the Distribution payable on such Common Stock to the buyer.
The due bill obligations are settled customarily between the
brokers representing the buyers and sellers of the shares. The
Company has no obligation for either the amount of the due bill or
the processing of the due bill. Buyers and sellers of the Common
Stock should consult their broker before trading to be sure they
understand the effect of NASDAQ’s due bill procedures.
About Rubicon Technology, Inc.
Rubicon Technology Worldwide LLC, a wholly owned
subsidiary of Rubicon Technology, Inc., is an advance materials
provider specializing in monocrystalline sapphire products for
optical systems and expertise extending from the preparation of raw
aluminum oxide through sapphire crystal growth and fabrication,
enabling the Company to supply custom sapphire products with
superior quality and precision. The Company is ISO 9001 certified
and ITAR registered. More information is available at Rubicon
Technology, Inc.’s website: www.rubicontechnology.com.
Forward-looking statements
Certain statements made in this press release
are "forward-looking statements" intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements may
be identified by, among other things, the use of forward-looking
terminology such as "believes," "expects," "may," "should,"
"intend" or "anticipates" or the negative thereof or other
variations thereon or comparable terminology, or by discussions of
strategy that involve risks and uncertainties. Such forward-looking
statements include the ability of Rubicon Technology, Inc. and
Janel Corporation to complete the Offer, including the parties'
ability to satisfy the conditions set forth in the Offer and the
possibility of termination of the Offer, and other statements
regarding the timing and the closing of the Offer and transactions
contemplated thereby. These statements are based on current
expectations of future events. If underlying assumptions prove
inaccurate or unknown, or unknown risks or uncertainties
materialize, actual results could vary materially from Rubicon
Technology, Inc.’s or Janel Corporation's expectations and
projections. Risks and uncertainties include, among other things,
uncertainties as to the timing of the Offer and the transactions
contemplated thereby; as well as other cautionary statements
contained in Rubicon Technology, Inc.'s periodic reports filed with
the Securities and Exchange Commission, including in its Annual
Report on Form 10-K for the year ended December 31, 2021. Rubicon
Technology, Inc. does not undertake to update the disclosures made
herein, and you are urged to read its filings with the Securities
and Exchange Commission.
Contact: Rubicon Technology,
Inc. Timothy E. Brog Chief Executive Officer (847)
295-7000
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