Illumina Board Approves Spin-off Of GRAIL

(RTTNews) - Illumina Inc. (ILMN) said that its board has approved the spin-off of GRAIL. GRAIL is anticipated to spin off from Illumina on June 24, 2024, and has applied to list on Nasdaq as "GRAL."

Illumina shareholders will retain their current shares of Illumina common stock and, on the distribution date, also receive one share of GRAIL common stock for every six shares of Illumina common stock held at the close of business on June 13, 2024, the record date for the distribution. The distribution is expected to occur on June 24, 2024.

Illumina's Board of Directors has declared a pro rata dividend of 85.5% of the outstanding common stock of GRAIL to Illumina's shareholders, and Illumina will retain 14.5% of the outstanding shares of GRAIL common stock.

Beginning on or about June 12, 2024, and continuing until, but not including, the distribution date, it is expected that GRAIL common stock will trade on a "when-issued" basis on Nasdaq under the ticker symbol "GRAL WI."

On Friday, June 21, 2024, when-issued trading of GRAIL common stock will end and on Tuesday, June 25, 2024, GRAIL common stock will begin trading "regular way" on Nasdaq under the ticker symbol "GRAL." Illumina will continue to trade on Nasdaq under the ticker symbol "ILMN."