Business
TNI BioTech, Inc. Establishes New Record Date for Spin-Off Stock Dividend of Cytocom, Inc. Shares
TNI BioTech, Inc. Establishes New Record Date for Spin-Off Stock Dividend of Cytocom, Inc. Shares.
About this update from Biostax Corp.
[{"type":"text","content":"\n\n\n\nTNI BioTech, Inc. Establishes New Record Date for Spin-Off Stock Dividend of Cytocom, Inc. Shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nTNI BioTech, Inc. Establishes New Record Date for Spin-Off Stock Dividend of Cytocom, Inc. Shares\n- TNIB extends record date pursuant to a demand by shareholders.\n- TNIB Confirms a One-for-One spin-off stock dividend to be distributed to TNI BioTech, Inc. stockholders as of the new record date of August 15, 2014 and the filing of a Cytocom Registration Statement.\n- Cytocom is in final discussion to engage investment banking firm to file a Registration Statement.\nPR Newswire\nORLANDO, Fla., July 14, 2014\n\n\n\nORLANDO, Fla., July 14, 2014 /PRNewswire/ -- TNI BioTech, Inc. – (OTCQB: TNIB) (\"TNIB\" or the \"Company\"), a biotechnology company focused on developing innovative, targeted immune therapies, today announced that its Board of Directors has extended the record date of our spin-off of Cytocom, Inc., a subsidiary of TNIB.\n\nThe Company's Board received a Letter on July 13, 2014 from Carricklee Consulting Ltd on behalf of shareholders holding warrants demanding a 30-day extension of the record date.  The extension will grant them the opportunity to convert some if not all of their remaining warrants priced between Fifty Cents and One Dollar Fifty.  If such warrants are converted, it will provide them with additional shares in Cytocom on the payment date.  Shareholders last week converted warrants at $.50 cents at a premium to market.  Due to the official demand and significant positions of those shareholders, the Company believes we have a fiduciary obligation to extend the record date until August 15, 2014.\n\nAt the time of the distribution, each TNIB shareholder will receive one common share of Cytocom for every one share of TNIB common stock held by such TNIB stockholder as of 5:00 p.m., Eastern Time, on August 15, 2014, which is the \"record date\" for the distribution; however, to the extent that a TNIB shareholder sells a portion or all of that stockholder's shares of...