Summary by Moomoo AI
Illumina, Inc. has announced the upcoming spin-off of GRAIL, LLC, which will be executed through the distribution of at least 85.5% of GRAIL's common stock to Illumina's shareholders as a pro rata dividend. This corporate action was initially reported in a Current Report on Form 8-K filed on June 3, 2024. The distribution is scheduled to be effective at 12:01 A.M. New York City time on June 24, 2024. In preparation for the spin-off, GRAIL's common stock will trade on a 'when-issued' basis on the Nasdaq Global Select Market under the ticker 'GRALV' starting on or about June 12, 2024, until the distribution date. Post-distribution, GRAIL is expected to commence 'regular way' trading on Nasdaq under the ticker 'GRAL' from June 25, 2024. Concurrently, two markets for Illumina common stock will exist from around June 12, 2024, through the distribution date. Shares trading under 'ILMN' will carry entitlement to GRAIL shares, while those trading under 'ILMNV' will not. After June 25, 2024, Illumina common stock will consolidate back to a single market trading under 'ILMN' on Nasdaq.