MIRAMAR, FL -- June 20, 2019 -- InvestorsHub NewsWire -- Generex
Biotechnology Corporation (www.generex.com) (GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) is
pleased to announce that the company today declared the previously
announced 1:1 common stock dividend. The Record Date for the
determination of the holders of the GNBT (the “Company”) common
stock entitled to participate in the Company’s 1:1 common stock
dividend will be Wednesday July 24, 2019. The dividend
Payment Date will be the first day the Company’s common stock
trades on the NASDAQ Capital Market; payment of the dividend is
contingent upon the successful up-listing of the Company’s common
stock on the NASDAQ Capital Market. In the event the Company is not
listed on NASDAQ on or before October 31, 2019, the dividend will
not be payable without further Company Board authorization and
announcement.
The Company expects to file its application with NASDAQ shortly.
Thirty days of process time after filing is customary. On the date
of this announcement, the Company did not meet all of the initial
listing criteria, such as the stock price requirement, however, the
Company believes that events in process will enable it to meet the
initial listing criteria at the $4, $3, or $2 stock price
thresholds.
The Company believes that the ex-dividend date will be the
trading day following the Payment Date, by application of FINRA
Uniform Practice Code section 11140(b)(2), because the dividend is
greater than 25 percent of the value of the Company’s common
stock. In addition, effective September 5, 2017, the U.S.
Securities and Exchange Commission shortened the settlement cycle
for transactions in U.S. equities from trade date plus three
business days (T+3) to T+2 (Rule 15c6-1(a) under
the Securities Exchange Act of 1934 (17 CFR
240)). Company’s common stock acquired in trades settled
prior to the ex-dividend date will be entitled to receive
the dividend.
If shareholders of record sell stock after the record date but
before the ex-dividend date, their shares will be sold with a “due
bill” book entry which will denote that, although the Company will
pay the dividend to the stockholder’s account, the stockholder’s
account must relinquish the amount of that dividend over to the
buyer of the stock. Conversely, if stock is purchased after the
record date but the trade settles before the ex-dividend date, the
buyer will be entitled to the dividend and will receive it via the
due bill process.
The Company’s stock dividend will result in one share of common
stock paid for every one share of common stock owned.
Joe Moscato, President & Chief Executive Officer of Generex
commented: “I am happy and proud to have been able to fulfill my
promise to reward our loyal shareholders for allowing us to
reorganize and revitalize the Company. This final dividend
demonstrates our commitment to share our successes with our
shareholders, as we take the final steps toward achieving our goal
to bring Generex back to a national stock exchange, as I will
discuss on tomorrow’s teleconference. Also, on the call, my
management team and I will provide a complete corporate overview,
an update on the exciting commercial launch of Excellagen, details
on our go-forward strategy, and an introduction to our highly
valuable, restructured MSO platform.”
The access information for the investor conference call on June
21, at 9:00 AM Eastern time is as follows:
Investors & persons of interest calling into the event:
Domestic US/Canada – 1 - 866-342-8588
Direct Toll / International - 1 203-518-9865
Conference ID - 91034
This press release does not constitute legal advice.
Investors are encouraged to solicit independent legal advice and to
consult their independent investment brokerage firms as to record,
payment, and ex-dividend dates and the application thereof to
trades in the Company’s common stock in the context of the stock
dividend.
About Generex
Biotechnology Corporation
Generex Biotechnology Corporation 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 immuno-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.
Our newly formed, wholly-owned
subsidiary, NuGenerex Distribution
Solutions (NDS), integrates our MSO network with a pharmacy
network, clinical diagnostic lab, durable medical equipment company
(DME-IQ) and dedicated call center.
Revenue from the Company’s subsidiaries will support clinical
advancement of its wholly owned therapeutic products with a focus
in immunotherapeutics based on stimulating critical members of the
immune response, known as T helper cells, and its proprietary
buccal administration of insulin.
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 Contacts:
Joseph Moscato
646-599-6222
Todd Falls
800-391-6755 Extension 222
investor@generex.com
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