Summary by Moomoo AI
Illumina, Inc., a leading biotechnology company, has successfully completed the spin-off of its subsidiary GRAIL, Inc. on June 24, 2024. The separation was executed as a tax-free distribution of 26.5 million shares of GRAIL common stock to Illumina shareholders, with Illumina retaining a 14.5% ownership stake in GRAIL. The spin-off resulted in GRAIL becoming an independent public company, trading under the symbol 'GRAL' on the NASDAQ Global Select Market as of June 25, 2024. To facilitate the spin-off, Illumina provided GRAIL with $974 million in Disposal Funding, less GRAIL's cash on hand at the time of the spin-off. To fund this, Illumina entered into a credit agreement for a $750 million term loan with a variable interest rate, which was fully drawn...Show More
