PDL BioPharma Board Approves Spin-Off Of LENSAR; To Complete Spin-Off On October 1, 2020

(RTTNews) - PDL BioPharma Inc. (PDLI) said its Board has approved the separation of LENSAR Inc., a majority owned subsidiary of PDL, from PDL in the form of a dividend involving the distribution of all outstanding shares of LENSAR common stock owned by PDL to holders of PDL common stock.

As per the terms of the distribution, LENSAR common stock is expected to be distributed on October 1, 2020 to PDL stockholders of record as of 5:00 p.m. ET on September 22, 2020. Further, PDL stockholders would receive 0.075879 shares of LENSAR common stock for every one share of PDL common stock held by such holders.

Upon completion of the distribution, LENSAR would be an independent, publicly traded company, and "regular-way" trading of LENSAR's common stock would begin the first trading day after the completion of the distribution. The LENSAR stock is expected to be listed on the Nasdaq Capital Market under the symbol "LNSR."