PDL BioPharma to Complete Spin-Off of LENSAR, Inc. on October 1, 2020
LENSARcommon stock is expected to be distributed on October 1, 2020to PDL stockholders of record as of 5:00 p.m. Eastern Timeon September 22, 2020, the record date for the distribution.
- PDL stockholders will receive 0.075879 shares of
LENSARcommon stock for every one share of PDL common stock held by such holders (after giving effect to a one-for-nine reverse split of LENSAR'scommon stock effected on September 9, 2020).
"The decision by the PDL Board of Directors to spin off
"PDL has been an incredibly supportive parent to
Immediately after the distribution is completed,
SVB Leerink is serving as financial advisor to PDL in connection with the spin-off of
Distribution of LENSAR Shares to PDL Stockholders
As stated above, PDL stockholders of record as of
No action is required by PDL stockholders to receive the shares of
Fractional shares of
Trading of PDL and LENSAR Common Stock
There is currently no market for
Beginning shortly before the
Investors are encouraged to consult with their financial advisers regarding the specific implications of buying or selling PDL or
The completion of the distribution is subject to the satisfaction or waiver of a number of conditions, including, among the others described in the Information Statement included in the Form 10 filed by
Conference Call and Webcast
To access the live conference call via phone, please dial 866-777-2509 from
To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of https://www.pdl.com/ and select "Events & Presentations."
For more information please visit https://www.lensar.com/
Throughout its history, PDL's mission has been to improve the lives of patients by aiding in the successful development of innovative therapeutics and healthcare technologies.
For more information please visit https://www.pdl.com/
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including as it relates to the Company's proposed plan of liquidation and the expected terms and timing of the proposed spin-off of LENSAR. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Important factors that could impair the value of the Company's assets and business, including the implementation or success of the Company's monetization strategy/plan of complete liquidation, are disclosed in the risk factors contained in the Company's Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the
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Jody Cain, LHA Investor Relations, 310-691-7100, email@example.com