Illumina Board of Directors approves spin-off of GRAIL; declares spin-off dividend of GRAIL shares

Core Viewpoint - Illumina, Inc. has announced the spin-off of GRAIL, which is expected to be completed on June 24, 2024, marking a significant milestone for the company as it focuses on advancing genomics innovation and improving human health [1][2]. Stock Distribution - Illumina shareholders will receive one share of GRAIL common stock for every six shares of Illumina common stock held as of June 13, 2024, with a total distribution of 85.5% of GRAIL's outstanding common stock [2][3]. - Illumina will retain a 14.5% minority share in GRAIL following the spin-off [2]. Trading Details - "When-issued" trading for GRAIL common stock is expected to begin on or about June 12, 2024, under the ticker symbol "GRAL WI," transitioning to regular trading on June 25, 2024 [5]. - Illumina shares will trade in two markets: "regular way" with entitlement to GRAIL shares and "ex-distribution" without entitlement [5][6]. Fractional Shares - Fractional shares of GRAIL will not be distributed; instead, they will be aggregated and sold in the open market, with net proceeds distributed in cash to shareholders entitled to fractional shares [3]. Tax Implications - U.S. shareholders of Illumina generally will not recognize gain or loss from the distribution of GRAIL shares, except for cash received for fractional shares [4]. Company Information - Illumina is a leader in DNA sequencing and array-based technologies, focusing on improving human health through genomics [9]. - GRAIL aims to detect cancer early using advanced technologies, contributing to the fight against cancer [10].