Benzinga | Jul 15, 2021 09:15AM EDT

GreenBox POS Announces Stablecoin Platform Spin-Off, Offers Special Dividend

* Financial technology company GreenBox POS (NASDAQ:GBOX) plans to implement a Special Dividend Series in two parts.

* The dividend is related to the planned spin-off of its subsidiary that controls the recently launched stablecoin platform.

* It plans to announce the record date for the spin-off before the end of the year.

* GreenBox shareholders of record on Aug. 16 will be entitled to receive a right to 0.35 of a share in the stablecoin platform for every GreenBox share.

* GreenBox shareholders of record on the second record date will receive a right to 0.20 of a share in the stablecoin platform for every GreenBox share.

* No GreenBox shareholder will receive a right to 0.55 of a share in the stablecoin platform.

* The second record date will likely be in the Q4 of 2021.

* Price action: GBOX shares traded higher by 0.94% at $11.79 in the premarket session on the last check Thursday.