share_log

8-K/A: Current report (Amendment)

SEC ·  Jun 28, 2024 04:39

Summary by Moomoo AI

Illumina has completed the spin-off of GRAIL on June 24, 2024, distributing one share of GRAIL common stock for every six Illumina shares to stockholders of record as of June 13. GRAIL began trading on NASDAQ under "GRAL" symbol on June 25. Illumina retained a 14.5% ownership stake in the newly independent company.To support the separation, Illumina provided GRAIL with $974 million in disposal funding for 2.5 years of operations. The company secured a $750 million 364-day credit facility at approximately 6.69% interest rate to partially fund this contribution. Following the spin-off, Illumina will no longer consolidate GRAIL's financial results.The transaction is expected to result in significant accounting adjustments, including goodwill and intangible asset impairment charges of $1.466 billion and $420 million respectively, to be recorded in Q2 2024. The separation agreement includes a 30-month royalty payment waiver from GRAIL to Illumina.
Illumina has completed the spin-off of GRAIL on June 24, 2024, distributing one share of GRAIL common stock for every six Illumina shares to stockholders of record as of June 13. GRAIL began trading on NASDAQ under "GRAL" symbol on June 25. Illumina retained a 14.5% ownership stake in the newly independent company.To support the separation, Illumina provided GRAIL with $974 million in disposal funding for 2.5 years of operations. The company secured a $750 million 364-day credit facility at approximately 6.69% interest rate to partially fund this contribution. Following the spin-off, Illumina will no longer consolidate GRAIL's financial results.The transaction is expected to result in significant accounting adjustments, including goodwill and intangible asset impairment charges of $1.466 billion and $420 million respectively, to be recorded in Q2 2024. The separation agreement includes a 30-month royalty payment waiver from GRAIL to Illumina.
Helpful
Not Helpful

This announcement is a separate document:

Doc 1

Doc 2

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Related Stocks Related Stocks
    Symbol Mini Chart Price
    Burning Rock Biotech
    BNR
    -- 6.940
    Neuronetics
    STIM
    -- 4.360
    Personalis
    PSNL
    -- 5.510
    OncoCyte
    OCX
    -- 2.5600
    Enzo Biochem
    ENZ
    -- 0.545
    Log In for the Full List
    Reassessing Chinese Assets
    Following the introduction of China's groundbreaking DeepSeek technology, Wall Street giants have revised their investment outlooks for the Chinese market.
    Discussing
    Big Tech’s earnings season in full swing! Nvidia is the only one left
    On Thursday, $Amazon (AMZN.US)$ stock fell after the firm reported Q4 adjusted earnings of $1.86/share, vs estimates of $1.50/share, on reve Show More
    AMZN earnings preview: Grab rewards by guessing the opening price!