Jupiter Wellness Plan To Spin Off Caring Brands As Digital Securities Dividend
Jupiter Wellness Inc (NASDAQ: JUPW) has plans to transfer and spin off 40% of its wholly-owned subsidiary, Caring Brands Inc, by way of a dividend. Jupiter will maintain 60%.
The dividend will be in a form of digital securities and will be transferred to shareholders with a record date to occur in late November.
The spin-off transaction will be subject to various conditions, including Caring Brands, Inc. meeting the qualifications for future listing on the Blockchain-powered Securities Exchange Upstream and NFTs powered by Horizon Fintex and MERJ Exchange Limited.
Management's intention is to publicly list Caring Brand in a listing on Upstream in December 2022.
The planned dual listing on Upstream is designed to provide Caring Brands, Inc. the opportunity to access a global, digital-first investor base.
Caring Brands is a developer of cannabidiol (CBD) based therapeutics and wellness products.
Price Action: JUPW shares are trading lower by 11.64% at $1.02 on the last check Monday.
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