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Galena Biopharma, Inc. Message Board

  • troll_jill troll_jill Mar 5, 2012 1:42 PM Flag

    RXII Distribution

     

    Holders of record on March 8, will receive a one for one dividend of RXII shares. The shares will be listed on one of the OTC markets under the name RXII. As a holder you will be required to pay a dividend on the shares at the distribution price that is set on March 8th. This price can be anywhere from 2 cents on the low end to 80 cents on the high end.

    Imagine if they price the shares at 80 cents and you hold 10,000 shares. you will have a taxable dividend of $8,000 for calendar year 2012.

    Now they have already stated that they will not make the share payout right away. so when shares start trading you may not have access to your shares. What happens if that 80 cent price drops down to 5 cents and that is all you can sell for. Well you end up paying $2,000 in taxes for a stock that you sold for $500.

    Remember if you hold the stock at the close of Market on Thursday, you are liable for the taxes on the distribution. Even if you cant sell the shares.

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