MIRAMAR, Fla., Feb. 07, 2020 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (“Generex”) is pleased to announce the successful completion of the FINRA review process for the dividend. After an exhaustive and long review, FINRA has determined that the original August 30 record date is too long ago to adequately track all the pay due bills from stock being bought and sold by investors, so a new record date of February 17th, 2020 has been established. This will insure everyone who has bought stock since August and retains the stock will receive the dividend not by way of a Pay Due Bill, but rather, directly from Generex. Those who sold stock after the original record date need not worry about anything as they were formally entitled to receive the dividend, but they would have had to transfer the dividend to the buyer of their shares. With the new February 17th record date being established, those who are entitled to receive the 5/2 stock dividend in Generex and the 5/2 stock dividend in NuGenerex Immuno-Oncology will receive it directly from the company.
In addition, the pay date is now February 24th and ex-date is February 25th. If a shareholder sells the stock after the record date the pay due bill process will be in full effect and the shareholder will be required to transfer the dividend stock to the buyer. The ex-date rule in this situation is found in FINRA Rules Section 11140 (b)(2), which reads as follows: “(2) In respect to cash dividends or distributions, stock dividends and/or splits, and the distribution of warrants, which are 25% or greater of the value of the subject security, the ex-dividend date shall be the first business day following the payable date.” As always, speak to your financial advisor for more information.
“After a long and challenging process, we are finally able to deliver the promised stock dividends to our loyal shareholders”, said Joe Moscato, President & CEO of Generex. “We have worked in collaboration with FINRA to agree on this revised plan with a new and definitive timeline. We are very happy to have definitive dates for this dividend that shareholders have been prudently waiting for. Paying the dividend is fantastic for all stakeholders in Generex, as it will enable us to file the second part of our S1 registration statement with financial terms that of the offering, which could only be done after paying the dividend. Also, with this approval from FINRA, we are now able to execute on our strategic and operational plans, including the spin-out of NuGenerex Immuno-Oncology onto the Nasdaq, so Generex can realize the substantial value of the Ii-Key immunotherapy platform. We will advance the clinical trial program for Regentys ECMH for the treatment of ulcerative colitis and Crohn’s Disease. We will expand the sales and marketing efforts for Excellagen wound conforming gel matrix as approvals continue throughout the VA system and the Indian Health Service, and we will implement the launch of our new product offering from Olaregen, Olarex, an umbilical cord tissue product that is widely used in surgery and regenerative medicine applications. At Pantheon, we plan to increase production and expand sales of foot and ankle kits, and we will expedite our plans for MediSource to introduce new orthopedic implants and biologic products.”
Mr. Moscato continued, “Further, we have exciting plans to launch our new MSO model that offers orthopedic surgeons and podiatrists in the MSO network an opportunity to order wound care and orthopedic products directly from the NuGenerex family of companies at discounted prices through the group purchasing system of the MSO. We will also offer the recently optimized DME-IQ software and service for orthopedic medicine groups to manage their durable medical equipment inventory and billing, and we have plans to integrate additional software and DME services going forward. Lastly, we can execute our plans to start our diabetes focused MSO, NuGenerex Health in partnership with three major physician practices in Arizona. We are scheduled to build out facilities to provide integrated specialty and primary care services to care for a large population of patients with diabetes and complex metabolic disease, including ophthalmology, podiatry, neurology, and cardiovascular specialists as well as bariatric medicine, pharmacy, and lab services that will enable us to start the process for the NuGenerex HMO product offering. After three years of work to transform Generex into an end-to-end solutions provider for physicians and patients, we are poised for growth and success.”
