logo
Share SHARE
FONT-SIZE Plus   Neg

Galena Biopharma Sets Record Date For Spin-Off Stock Dividend Of RXi Shares

Galena Biopharma, Inc. (GALE) Monday said that its Board of Directors has declared a conditional spin-off stock dividend on Galena common stock of one share of common stock of RXi Pharmaceuticals Corporation, a subsidiary of Galena, for each outstanding share of Galena common stock.

The dividend will be payable, subject to certain conditions, to Galena stockholders as of close of business (Eastern time) on March 8, 2012, the record date for the distribution, in the ratio of one RXi share for each share of Galena common stock held as of the the record date.

The Galena Board of Directors has not set a payment date for the distribution, but Galena anticipates that the payment date for the distribution of the shares will occur as soon as possible, and no later than 60 days, following the record date.

The establishment of a payment date for the distribution is dependent upon the timing of the effectiveness of an application filed with the Financial Industry Regulatory Authority, to permit RXi common stock to be traded in the OTC Markets Group under the symbol "RXII."

The payment of the distribution also will be conditioned upon the closing of the investment in RXi under the securities purchase agreement, dated September 24, 2011, among Galena, RXi and investors in RXi previously announced by Galena.

The announcement of the conditional spin-off stock dividend was as required by NASDAQ Listing Rule 5250(e)(6).

GALE is currently trading at $1.18, up $0.11 or 10.28%, on the Nasdaq. Over the past year, the stock traded in a range of $0.36 - $1.78.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Shares of social network company Twitter Inc. (TWTR), jumped over 5 percent on Wednesday, after one of its cofounders Ev Williams dropped a hint during a television interview about the company's sale. Ev Williams, a Twitter cofounder and board member, was asked by Bloomberg TV about the company's... Mazda Motor Corp. (MZDAF.PK) is recalling over 190,000 CX-7 sport utility vehicles to fix a issue that could lead to loss of steering control. The recall involves CX-7 models from 2007 through 2012 manufactured between February 14, 2006 to May 9, 2012. The company said there have been no reports of... Over 68 million email address and passwords of Dropbox users were stolen by hackers, according to a report from Motherboard. Although, the account details were stolen during a previously disclosed breach that took place in 2012, the magnitude of the attack has come to light only now. Following...
comments powered by Disqus
Follow RTT