GreenBox POS Announces Spin-Off of Stablecoin Platform, Announces its Intent to Implement a Special Dividend Series
July 15 2021 - 7:31AM
GreenBox POS (NASDAQ: GBOX) ("GreenBox" or the "Company"), an
emerging financial technology company leveraging proprietary
blockchain security to build customized payment solutions today
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.
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."
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.
About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging
financial technology company leveraging proprietary blockchain
security to build customized payment solutions. The Company's
applications enable an end-to-end suite of turnkey financial
products with fraud detection technology, improving the efficiency
of handling large-scale commercial processing volumes for its
merchant clients. For more information, please visit the Company's
website at www.greenboxpos.com.
Forward-Looking Statements Disclaimer
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. All forward-looking statements are inherently uncertain as
they are based on current expectations and assumptions concerning
future events or future performance of the Company. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the
date hereof. In evaluating such statements, prospective investors
should review carefully various risks and uncertainties identified
in this release and matters set out in the Company's SEC filings.
The forward-looking events and circumstances discussed in this
release may not occur and could differ materially as a result of
known and unknown risk factors and uncertainties affecting the
Company and the Coin Platform, including risks regarding the
ability of the Coin Platform to raise necessary equity capital, the
Company’s continued listing on Nasdaq, receipt of required
regulatory approvals and consents, risks related to the payment
processing, financial technology, and the blockchain industries,
market operational activities, and management’s ability to manage
and to operate the business of the Company and the Coin Platform
and the transactions described in this release. These risks and
uncertainties could cause the Company's actual results to differ
materially from those indicated in the forward-looking
statements.
Investor Relations ContactMark SchwalenbergMZ
Group - MZ North
America312-261-6430GBOX@mzgroup.uswww.mzgroup.us
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