GreenBox POS, an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions announced its intent to implement a Special Dividend Series to be issued in two parts to GreenBox Common Stockholders in connection with the planned spin-off of the Company’s subsidiary that controls the Company’s recently launched stablecoin platform (the “Coin Platform”). The Company currently anticipates it will announce the record date for the spin-off prior to the end of the year.
GreenBox common stock shareholders of record at the close of business on August 16, 2021 (first record date) will be entitled to receive a right to 0.35 of a share of common stock in the Coin Platform for every 1.00 share of GreenBox common stock owned, payable on the spin-off completion date (“First Dividend”). To qualify to receive the First Dividend, the GBOX shares will need to be held for a specified period of time after the first record date. The second record date, to be announced at a future date will be the date specific fundamental milestones are achieved by the Coin Platform. These milestones will be announced at least one (1) month prior to the second record date. GreenBox shareholders of record on the second record date will receive a right to 0.20 of a share of common stock in the Coin Platform for every 1.00 share of GreenBox common stock owned, payable on the spin-off completion date (the “Second Dividend”). To qualify to receive the Second Dividend, the GBOX shares will need to be held for a specified period of time after the second record date. Each share will only be entitled to either the First Dividend (if the shares are held as of August 16th) or the Second Dividend (if the shares are not held as of August 16th but are held as of the second record date). No GreenBox shareholder will receive a right to 0.55 of a share of common stock in the Coin Platform. It is anticipated that the second record date will be in the fourth quarter of 2021.
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Shareholder tracking methodology will be outlined in a subsequent press release and appropriate SEC filings.
“We are thrilled to reward GreenBox shareholders for their loyalty by issuing this special dividend series for those investing in the Company for the long run. Not only are shareholders able to participate in GreenBox’s rapid growth, but by spinning off our Coin Platform we believe we will unlock the tremendous value of our token technology for GreenBox shareholders to also benefit from,” said Ben Errez, Chairman of GreenBox POS. “After considering multiple strategic options, we believe this is the fastest way to leverage and scale our unique blockchain and token technologies while maximizing market share gains in the financial payments space and delivering long-term shareholder value for both GBOX and the Coin Platform.”
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The Coin Platform has not yet filed a registration statement under the Securities Act of 1933, as amended, with the U.S. Securities and Exchange Commission to register its shares of common stock to be issued pursuant to the First and Second Dividends and pursuant to the spin-off.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations, or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
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