SeqLL Inc. (“SeqLL” or the “Company”) (Nasdaq: SQL, SQLLW), announced today that its board of directors has set September 26, 2023 as the record date for its special stock dividend and cash dividend to be made to the holders of its common stock pursuant to the terms of the Agreement and Plan of Reorganization dated as of May 29, 2023, as amended (the “Merger Agreement”), by and among the Company, SeqLL Merger LLC, Atlantic Acquisition Corp., Atlantic Merger LLC, Lyneer Investments, LLC, IDC Technologies, Inc. and Lyneer Management Holdings LLC. The dividend distribution of shares of common stock of the Company and the cash dividend will be made to all SeqLL common stockholders of record as of the close of business on September 26, 2023 (the "Record Date"). The cash and stock dividends, which are contingent upon, and subject to, the consummation of the transactions contemplated by the Merger Agreement, are expected to be completed on or about October 2, 2023 (the "distribution date"), subject to certain conditions.
The amount of the cash dividend will be determined in connection with the closing of the transactions contemplated by the Merger Agreement. The number of shares to be issued in the stock dividend will be determined based on the price per share at which the Company’s common stock is sold in a public offering to be completed prior to the closing under the Merger Agreement. No fractional shares will be distributed in the stock dividend. Additional information regarding the cash dividend and the stock dividend is set forth under the heading “Proposal I – The Merger Proposal” in the Company’s proxy statement included in the Company’s Schedule 14A filed with the Securities and Exchange Commission on August 10, 2023 (the “Proxy Statement”).
No vote or action is required by SeqLL shareholders to receive the special stock and cash dividends. SeqLL shareholders who hold their shares through brokers or other nominees will have their shares of common stock and cash dividend credited to their accounts by their nominees or brokers.
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