Rubicon Technology, Inc. Sets Record Date for its $11.00 per share Cash Distribution (8/12/22)
BENSENVILLE, IL., Aug. 12, 2022 (GLOBE NEWSWIRE) -- Rubicon Technology, Inc. (Nasdaq: RBCN) (“Rubicon” or the “Company”) announced today that, in connection with the cash tender offer (the “Offer”) by Janel Corporation (“Janel”) for up to 45% of Rubicon’s issued and outstanding common stock, par value $.001 per share (“Common Stock”), the Company’s Board of Directors has set August 23, 2022 (the “Record Date”) as the record date for its cash distribution of $11.00 per share of Common Stock (the “Distribution”). The Distribution and the Record Date are conditioned upon the consummation of the Offer by August 19, 2022. If such condition has occurred it is anticipated that the Distribution will be paid on or about August 29, 2022 (the “Payment Date”).
The payment of the Distribution represents more than 25% of the price per share of Common Stock and therefore NASDAQ has determined that the Common Stock will trade with “due bills,” representing an assignment of the right to receive the Distribution during the period from the Record Date to the ex-dividend date (the “Due Bill Period”). The Common Stock will not trade ex-dividend until August 30, 2022, the first business day after the Payment Date. Stockholders who sell the Common Stock during the Due Bill Period will not be entitled to receive the Distribution. Due bills obligate a seller of Common Stock to deliver the Distribution payable on such Common Stock to the buyer. The due bill obligations are settled customarily between the brokers representing the buyers and sellers of the shares. The Company has no obligation for either the amount of the due bill or the processing of the due bill. Buyers and sellers of the Common Stock should consult their broker before trading to be sure they understand the effect of NASDAQ’s due bill procedures.
About Rubicon Technology, Inc.
Rubicon Technology Worldwide LLC, a wholly owned subsidiary of Rubicon Technology, Inc., is an advance materials provider specializing in monocrystalline sapphire products for optical systems and expertise extending from the preparation of raw aluminum oxide through sapphire crystal growth and fabrication, enabling the Company to supply custom sapphire products with superior quality and precision. The Company is ISO 9001 certified and ITAR registered. More information is available at Rubicon Technology, Inc.’s website: www.rubicontechnology.com.
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