Tikcro Technologies Announces Liquidating Dividend

Rhea-AI Summary

Tikcro Technologies Ltd. (OTC: TIKRF), under liquidation, announced a liquidating cash dividend totaling $3,017,270, equating to $0.305 per share. The record date for this dividend is set for February 21, 2023. A paying agent will oversee the distribution of funds, and shareholders may obtain a withholding tax exemption based on their residency status. The deadline for submitting documentation for exemption is April 10, 2023. Additionally, Tikcro's intellectual property will be managed by a trustee, and any future monetization could lead to an additional dividend for shareholders. However, there are no guarantees regarding the monetization of the IP.

Positive

• Total liquidating cash dividend of $3,017,270 ($0.305 per share) announced.
• Potential for future additional dividends if intellectual property is monetized.

Negative

• None.

News Market Reaction – TIKRF

+172.73%

1 alert

+172.73% News Effect

On the day this news was published, TIKRF gained 172.73%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

TEL AVIV, Israel, Feb. 9, 2023 /PRNewswire/ -- Tikcro Technologies Ltd. (in liquidation) (OTC: TIKRF) today announced the declaration of a liquidating cash dividend in the aggregate amount of $3,017,270, or $0.305 per share, without interest and subject to applicable withholding requirements. The record date of the dividend is February 21, 2023. Tikcro has retained a paying agent to hold the funds and distribute them to the shareholders and an information agent to assist shareholders in processing withholding tax exemption documents.

Pursuant to a pre-ruling from the Israeli Tax Authority, certain "street name" shareholders will be able to perfect an exemption from Israeli withholding tax by submitting to their brokers a declaration of non-Israeli residency pursuant to the instructions to be sent to the shareholders after the record date. Other shareholders will be subject to withholding tax at the rate of 25% (or 23% for Israeli corporations), except for certain exempt institutions and for shareholders who deliver a valid withholding tax exemption certificate issued by the Israeli Tax Authority. A copy of the materials being sent to shareholders in connection with the dividend may be viewed on Tikcro's website at www.tikcro.com under "Investors—Final Dividend Distribution".

The deadline for shareholders to provide documentation with respect to exemption from Israeli withholding is April 10, 2023.  The dividend will be paid as soon as practicable after that date, except to shareholders who request a deferral by that date in order to apply to the Israeli Tax Authority for a withholding tax exemption.

Certain intellectual property ("IP") of Tikcro will be held by a trustee.  If the IP is monetized within the next five years, the trustee will distribute an additional dividend to shareholders who held shares on the record date, net of applicable taxes and customary expenses. There is no assurance that the IP will be monetized.

About Tikcro Technologies:

Tikcro Technologies Ltd. (OTC: TIKRF) developed certain antibodies selected and verified in pre-clinical trials with a focus on antibodies targeting immune modulator pathways for cancer treatment. For more information, visit Tikcro's website at www.tikcro.com. On April 29, 2021, the shareholders of the Company approved the voluntary liquidation of the Company and appointed a liquidation trustee pursuant to the Israeli Companies Law.

 

View original content:https://www.prnewswire.com/news-releases/tikcro-technologies-announces-liquidating-dividend-301743272.html

SOURCE Tikcro Technologies Ltd.

FAQ

What is the dividend amount announced by Tikcro Technologies?

Tikcro Technologies announced a liquidating cash dividend of $3,017,270, which amounts to $0.305 per share.

When is the record date for the dividend payment from Tikcro?

The record date for the dividend payment is February 21, 2023.

What is the deadline for shareholders to submit documents for tax exemption?

Shareholders must submit documents for tax exemption by April 10, 2023.

Will shareholders receive additional dividends in the future?

Future additional dividends may be paid if Tikcro's intellectual property is monetized, but there is no assurance of this occurring.