Array declares special dividend of $23.00 per share following the sale of the UScellular wireless operations

Rhea-AI Summary

Array Digital Infrastructure (NYSE: USM), formerly United States Cellular Corporation, has declared a special cash dividend of $23.00 per share following the sale of its wireless operations to T-Mobile. The dividend will be paid on August 19, 2025, to shareholders of record on August 11, 2025.

Due to the dividend's size exceeding 25% of the current stock price, shares will trade with "due bills" through the payment date. The ex-dividend date is set for August 20, 2025. Array, now a leading wireless infrastructure operator, owns over 4,400 cell towers nationwide and operates as an 81% owned subsidiary of Telephone and Data Systems (NYSE: TDS).

Positive

• Special dividend of $23.00 per share announced
• Successful completion of wireless operations sale to T-Mobile
• Strong infrastructure portfolio with 4,400 cell towers nationwide
• Backing of major parent company TDS with 81% ownership

Negative

• Complex due bill trading process may affect short-term share liquidity
• Significant corporate restructuring with business model transformation

CHICAGO, Aug. 1, 2025 /PRNewswire/ -- Array Digital Infrastructure, Inc.^SM ("Array^SM"), (NYSE: USM), formerly United States Cellular Corporation, has declared a special cash dividend of $23.00 per Common Share and Series A Common Share. The special dividend is payable on August 19, 2025, to shareholders of record on August 11, 2025.

Since the Special Dividend is more than 25% of the current stock price, the New York Stock Exchange ("NYSE") has determined that the shares will trade with "due bills" representing an assignment of the right to receive the Special Dividend up through and inclusive of the payment date of August 19, 2025. The ex-dividend date will be August 20, 2025, the first business day following the payment date. Stockholders who sell their shares on or before the payment date will not be entitled to receive the Special Dividend. Due bills obligate a seller of shares to deliver the special dividend payable on such shares to the buyer. Accordingly, if an investor wishes to receive the Special Cash Dividend, the investor will need to hold the Array shares through and including the payment date of August 19, 2025.

The due bill obligations are settled customarily between the brokers representing the buyers and sellers of the securities. Buyers and sellers of Array common stock should consult with their broker before trading to ensure they understand the effect of NYSE's due bill procedures. Array has no obligations for either the amount of the due bill or the processing of the due bill.

Shareholders are also urged to consult their tax advisor for tax treatment.

As announced earlier today, United States Cellular Corporation has closed the sale of its wireless operations to T-Mobile. Following the close, United States Cellular Corporation has changed its name to Array Digital Infrastructure, Inc. ("Array").

Array Annual Meeting

Array expects to hold its 2025 annual meeting of shareholders on Thursday, October 9, 2025.

Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country.  

Headquartered in Chicago, Array is an approximately 81% owned subsidiary of Telephone and Data Systems, Inc. [NYSE: TDS]. Founded in 1969, Telephone and Data Systems provides wireless infrastructure and broadband services through its businesses including Array and TDS Telecom. Visit tdsinc.com.  

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SOURCE Telephone and Data Systems, Inc. and United States Cellular Corporation

FAQ

When will Array (NYSE: USM) pay the $23.00 special dividend?

Array will pay the special dividend on August 19, 2025 to shareholders of record as of August 11, 2025.

What is the ex-dividend date for Array's special dividend?

The ex-dividend date is August 20, 2025, the first business day following the payment date.

How many cell towers does Array Digital Infrastructure own?

Array owns and operates over 4,400 cell towers across the United States.

Who owns Array Digital Infrastructure?

Array is approximately 81% owned by Telephone and Data Systems, Inc. (NYSE: TDS).

What happens if I sell Array (USM) shares before the payment date?

Shareholders who sell their shares on or before the payment date of August 19, 2025 will not be entitled to receive the special dividend due to the due bill trading process.