Illumina (Nasdaq: ILMN) announced on Monday that it plans to spin off cancer detection subsidiary GRAIL, which is expected to trade on the Nasdaq under the ticker GRAL following a share distribution to Illumina shareholders. Illumina will distribute 85.5% of GRAIL’s stock to its shareholders via dividend, and retain a 14.5% stake. Illumina shareholders will receive one share of GRAIL common stock for every six shares of Illumina held at the close of business on June 13, 2024, the record date for the distribution. Shares are then expected to trade on a “when-issued” basis under the symbol GRAL WI until the distribution date on Monday, June 24, 2024. On the following day, June 25, shares of GRAIL are expected to begin trading on a “regular way” basis on the Nasdaq.
Read the full article: Four Years after Its IPO Attempt, Grail Will List on the Nasdaq in June via Direct Spin-Off to Illumina Shareholders //
Source: https://www.renaissancecapital.com/IPO-Center/News/105017/Four-years-after-its-IPO-attempt-Grail-will-list-on-the-Nasdaq-in-June-via-