SeqLL Inc. (Nasdaq: SQL, SQLLW) has withdrawn its previously considered cash and stock dividends linked to acquiring Lyneer Investments LLC and revamping operations. Despite a set record date of September 26, 2023, dividend specifics were undecided. Challenges endangering the Lyneer deal prompted the reversal. SeqLL will propose a compensation plan to its shareholders post-acquisition, offering the equivalent value they’d have obtained with the canceled dividends.
SeqLL Inc. (“SeqLL” or the “Company”) (Nasdaq: SQL, SQLLW), today announced the decision of its Board of Directors to cancel the special cash dividend and stock dividend that it intended to make to its common stockholders in connection with, and subject to, the consummation of its planned acquisition of Lyneer Investments LLC (“Lyneer”) and the disposition of its current business operations. The Company had previously set September 26, 2023, as the record date for the dividends (the “Record Date”). While the Record Date had been set, the dividends had not yet been declared by the Board nor had the amount of the proposed dividends been set. The cancellation was due to significant logistical issues associated with the proposed dividends that the Board believed could have jeopardized the ability of the Company to complete its planned acquisition. In lieu of making the cash dividend and the stock dividend, the Company expects to make a settlement offer to all of its stockholders as of the Record Date within 90 days of the consummation of its acquisition of Lyneer to settle any claims for failing to pay such dividends by issuing to such stockholders the amount of cash and the number of shares of its common stock that such stockholders would have received had such dividends been declared and made.
Source: Biospace
