logo
Share SHARE
FONT-SIZE Plus   Neg

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

Galena Biopharma, Inc. (GALE: Quote) 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
Burger chain Shake Shack Inc. said late Thursday that it has priced its initial public offering of 5 million Class A shares at $21 per share, which is above the previously estimated price range of $17 to $19 per share. The shares are expected to begin trading on the New York Stock Exchange on Friday, January 30 under the ticker symbol "SHAK." Google reported a higher fourth-quarter profit, driven by a 15 percent increase in revenues and one-time gains from the sale of Motorola Mobile business, somewhat offset by stock-based compensation expense and foreign exchange losses. Quarterly earnings and revenue missed Wall Street estimates, as ad revenues came under pressure. Online retailer Amazon.com, Inc. said Thursday after the markets closed that its fourth quarter fell 10.5% from last year, as higher expenses more than offset a 15% increase in sales. However, the company's quarterly earnings per share came in well above analysts' expectation, but its quarterly sales fell short of analysts' forecast.
comments powered by Disqus
RELATED NEWS
Trade GALE now with 
Follow RTT