GreenBox POS [NASDAQ: GBOX] disclosed that it is planning to spin off the firm’s subsidiary that controls the firm recently introduced stablecoin platform. The firm is planning to deploy a Special Dividend Series to be issued in two parts to GreenBox Common Stockholders. Currently, the firm expects it will disclose the record date for the spin-off before the end of the year.
GreenBox common stock shareholders of record at the close of business on August 16, 2021, which is the first record date will be allowed to get a right to 0.35 of a share of common stock in the Coin Platform for every 1.00 share of GreenBox common stock maintained, payable on the spin-off execution date.
Furthermore, GreenBox shareholders of record on the second record date will obtain an option to 0.20 of a share of common stock in the Coin Platform for every 1.00 share of GreenBox common stock held, payable on the spin-off completion date.
Additionally, the Coin Platform has not yet submitted a registration statement under the Securities Act of 1933, as modified, with the U.S. SEC to register its shares of common stock to be delivered in accordance with the First and Second Dividends and in accordance with the spin-off.
Moreover, no GreenBox shareholder will get a right to 0.55 of a share of common stock in the Coin Platform. It is expected that the second record date will be in the fourth quarter of 2021. Shares of the firm have plunged 1.03% as it has lost -0.12 at the time of writing on Thursday.