Read, STUDY, what I posted if you want to know more. It took me months to find it before someone could explain it to me properly. Or you can skip it and remember, it is all about the ex-date. FINRA sets the ex-date and that's what matters. Unless of course SIAF is such an exceptional case that not even exchange rules apply here. Would be a first, but you never know. Note: Although this page is an explanation of how cash dividend dates work, deferred ex-dates are also used, under certain circumstances, with stock dividends, spinoffs and warrant issues. With those types of distributions the 25% threshold is not a factor, as often times the value of a spinoff or warrant is not known at the time of declaration. However, any time a deferred ex-date is applicable, no matter if the distribution is in cash or securities, the deferred ex-date rules explained here, including the due bill process, apply.