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PDL BioPharma Announces Conversion Rate Adjustment for Convertible Note | ||
By: PR Newswire Association LLC. - 04 Mar 2015 | Back to overview list |
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INCLINE VILLAGE, Nev., March 4, 2015 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that the adjusted conversion rate for the:
The conversion rate for the note is adjusted in connection with the regular quarterly dividend of $0.15 to be paid on March 12, 2015, to all stockholders who own shares of PDL on March 5, 2015, the record date. May 2015 Notes The conversion rate for the May 2015 Notes was previously 171.1768 shares of common stock per $1,000 principal amount of the May 2015 Notes. In connection with a cash dividend, the conversion rate is increased by multiplying the previous conversion rate by a fraction, the numerator of which is the average closing price of PDL's common stock for the 10 consecutive trading days immediately preceding the ex-dividend date of March 3, 2015, for the cash dividend, and the denominator of which is such average closing price minus the per share dividend amount. About PDL BioPharma The Company was formerly known as Protein Design Labs, Inc. and changed its name to PDL BioPharma, Inc. in 2006. PDL was founded in 1986 and is headquartered in Incline Village, Nevada. PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases for which it receives significant royalty revenue. For more information, please visit www.pdl.com. PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc. Forward-looking Statements Logo - http://photos.prnewswire.com/prnh/20110822/SF55808LOGO
SOURCE PDL BioPharma, Inc. |
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Copyright 2015 PR Newswire Association LLC. | Back to overview list |