- The spin-off will be effective at 11:59 p.m. EDT on the distribution date, on our about July 31 st, 2013.
- On the distribution date, each IDT stockholder as of 5:00 PM EDT on the record date, July 25 th, 2013, will receive one share of SPCI Class A common stock for every two shares of IDT Class A common stock and one share of SPCI Class B common stock for every two shares of IDT Class B common stock.
- Beginning on July 23 rd, 2013, the entitlement to shares of SPCI Class B common stock will trade on the NYSE MKT “when issued” market with the ticker symbol STRP WI. On the first day of trading following the distribution date, “when issued” trading will cease, and “regular-way” trading of SPCI Class B common stock will begin on the NYSE MKT with the ticker symbol “STRP”.
- Also beginning on July 23 rd, 2013 and continuing through the distribution date, there will be two NYSE markets in IDT Class B common stock: a “regular-way” market and an “ex-distribution” market. Shares of IDT Class B common stock exchanged in the “regular-way” market will trade with an entitlement to receive shares of SPCI Class B common stock through the distribution. Shares of IDT Class B common stock exchanged in the “ex-distribution” market will trade without such an entitlement.
- IDT has received a legal opinion from Pryor Cashman LLP that the distribution should qualify as tax-free transaction for U.S. federal income tax purposes. However, cash distributed in lieu of fractional shares generally will be taxable to the recipient stockholders. Stockholders are urged to consult their financial advisors and tax advisors regarding the particular consequences of the distribution in their situation, including, without limitation, the specific implications of selling IDT common stock on or prior to the Distribution Date and the applicability and effect of any U.S. federal, state, local and foreign tax laws.
- SPCI Class B common stock has been assigned CUSIP # 862578101
IDT Corp. Announces Details Of Straight Path Spin-Off
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