This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Maxygen Announces Second Quarter 2012 Financial Results And Business Update

Stocks in this article: MAXY

At June 30, 2012, Maxygen held approximately $182.7 million in cash, cash equivalents and short-term investments. In addition, Maxygen continues to retain all rights to its MAXY-G34 product candidate, a next-generation pegylated, granulocyte colony stimulating factor.

Special Cash Distribution

As noted above, Maxygen’s Board of Directors has authorized a special pro rata distribution of $3.60 per share for each outstanding share of Maxygen common stock owned on the close of business on the August 21, 2012 record date. The cash distribution will total approximately $100.0 million in the aggregate based on shares of the company’s common stock outstanding on July 31, 2012. The cash distribution is expected to be paid on September 6, 2012.

The distribution will be funded from available cash on hand. In considering the special cash distribution, Maxygen’s Board of Directors evaluated a number of factors, including the likely effects on Maxygen’s ability to fund its limited future operational requirements, its ability to pursue its on-going strategic evaluation, the adequacy of its reserves for potential future liabilities, the potential tax treatment of the distribution and uncertainties regarding potential future increases in the tax rates applicable to the distribution.

“I am very pleased to announce that as a result of our on-going efforts to maximize the value of our assets and return a significant amount of that value to our stockholders, the Board has authorized this significant cash distribution to our stockholders. Coupled with prior distributions and share repurchases, Maxygen will have returned over $250 million in cash and property to stockholders since 2009,” said James R. Sulat, Chief Executive Officer of Maxygen. “As we go forward, Maxygen will continue to evaluate opportunities to return capital to its stockholders.”

Trading in Maxygen Common Stock

Pursuant to certain NASDAQ rules, when a distribution or dividend is declared in a per share amount that exceeds 25% of a company's stock price, the date on which that company’s shares will begin to trade without the distribution or dividend, or ex-dividend, is the first business day following the payable date. These rules are expected to apply to this distribution of cash, as the cash being distributed is expected to exceed 25% of the Maxygen stock price.

2 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,557.14 +157.47 0.96%
S&P 500 1,928.04 +24.03 1.26%
NASDAQ 4,385.9450 +69.8710 1.62%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs