Business
SPYR Outlines Stock Dividend Distribution Details
SPYR Outlines Stock Dividend Distribution Details.
About this update from Spyr, Inc.
[{"type":"text","content":"\n\n\n\nSPYR Outlines Stock Dividend Distribution Details\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\nSPYR Outlines Stock Dividend Distribution Details\nPR Newswire\nDENVER, June 1, 2017\n\n\n\n\n\nDENVER, June 1, 2017 /PRNewswire/ -- SPYR, INC. (OTCQB: SPYR), a holding company with a wholly owned subsidiary in the mobile game & app development and publishing industry, today provides its shareholders with an update on the previously announced stock dividend, through which it will provide its \"shareholders of record\" with a one-for-one share dividend in a new wholly-owned subsidiary, Branded Foods Concepts, Inc. (\"Branded Foods\").  The share dividend is intended to qualify as a tax-free dividend of Branded Foods common stock to SPYR's existing stockholders of record as of May 19, 2017. Subject to the effectiveness of a Form 10 registration statement filing with the Securities and Exchange Commission (\"SEC\"), the spinoff transaction and payment of the share dividend is expected to be completed on September 29, 2017.  After completion of the spinoff and payment of the share dividend, SPYR stockholders will own 100 percent of Branded Foods' issued common stock.\n\nNo action or payment is required by SPYR stockholders to receive the dividend shares of Branded Foods.  After Branded Foods common stock is registered with the SEC, all SPYR shareholders holding shares \"purchased in the open market\" or holding \"restricted shares\" will receive dividend shares.  All shareholders holding SPYR shares \"purchased in the open market\" will be credited with the dividend shares of Branded Foods in their brokerage account.  And those shareholders who own \"restricted SPYR shares\" will receive restricted 144 dividend shares of Branded Foods.  An Information Statement containing details regarding the distribution of the Branded Foods common stock and its business and management following the spinoff will be the subject of a Form 14c Information Statement filed with the SEC and mailed to SPYR stockholders prior to the payment date.\n\nSEC r...