On August 1, 2016, Emergent BioSolutions Inc. ("EBS") distributed (the "Distribution") approximately 20,230,000 shares of common stock of Aptevo Therapeutics Inc. ("Aptevo") to holders of EBS common stock. Pursuant to the Distribution, each EBS shareholder that held EBS common stock on July 22, 2016, the record date for the Distribution, received 0.5 shares of Aptevo common stock for every 1 share of EBS common stock held by such shareholder. No fractional shares of Aptevo common stock were issued in the Distribution. EBS shareholders received cash in lieu of fractional shares of Aptevo common stock.
For specifics on the spin, please review the company’s press release dated August 01, 2016, “Emergent BioSolutions Completes Spin-Off of Aptevo Therapeutics” and other documents filed with the SEC, or consult with your financial advisor.