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Illumina | 8-K: Current report

SEC ·  Jun 4, 2024 05:27

Summary by Moomoo AI

Illumina, Inc., a biotechnology company, has announced the approval of a Spin-Off of its subsidiary GRAIL, LLC by its board of directors. The Spin-Off will result in the distribution of at least 85.5% of GRAIL's common stock to Illumina's shareholders as a pro rata dividend. This distribution is scheduled to be effective on June 24, 2024, at 12:01 AM New York City time, with GRAIL expected to commence trading on the Nasdaq Global Select Market under the ticker symbol 'GRAL' the following day. Shareholders of Illumina as of the record date, June 13, 2024, will receive one share of GRAIL for every six shares of Illumina they own. The Spin-Off is contingent upon certain conditions outlined in GRAIL's Form 10 registration...Show More
Illumina, Inc., a biotechnology company, has announced the approval of a Spin-Off of its subsidiary GRAIL, LLC by its board of directors. The Spin-Off will result in the distribution of at least 85.5% of GRAIL's common stock to Illumina's shareholders as a pro rata dividend. This distribution is scheduled to be effective on June 24, 2024, at 12:01 AM New York City time, with GRAIL expected to commence trading on the Nasdaq Global Select Market under the ticker symbol 'GRAL' the following day. Shareholders of Illumina as of the record date, June 13, 2024, will receive one share of GRAIL for every six shares of Illumina they own. The Spin-Off is contingent upon certain conditions outlined in GRAIL's Form 10 registration statement with the SEC. In conjunction with the Spin-Off, Illumina anticipates incurring charges between $35 and $50 million, mainly for legal and advisory fees, with the majority expected in Q2 and the remainder by Q3 of 2024. Additionally, the Spin-Off may lead to a potential goodwill impairment for Illumina, which could be recognized following an interim test in Q2 of 2024. The company's balance sheet as of March 31, 2024, shows $1,466 million in goodwill, $561 million in non-amortizing in-process research and development, and $2,092 million in net amortizing intangible assets related to GRAIL.

This announcement is a separate document:

Doc 1

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