IDT Initiates Spin-Off Of Zedge

(RTTNews) - IDT Corp. (IDT) announced that its Zedge Inc. subsidiary has filed a Form 10 Registration Statement with the Securities and Exchange Commission related to the planned spin-off of IDT's majority interest in Zedge to IDT stockholders.

The Zedge spin-off is intended to be tax-free to IDT's shareholders. Prior to consummation of the spin-off, IDT expects to receive a legal opinion as to the spin-off's tax-free status.

In connection with the spin-off, each IDT stockholder will receive one share of Zedge Class A common stock for every three shares of IDT Class A common stock and one share of Zedge Class B common stock for every three shares of IDT Class B common stock. Upon completion of the spin-off, we expect that IDT stockholders as of the record date will hold approximately 83 percent of Zedge.

As of March 4, 2016, there were approximately 1.6 million shares of IDT Class A common stock, and approximately 21.4 million shares of IDT Class B common stock issued and outstanding.

No action is required by IDT stockholders to receive the shares of Zedge common stock.