GreenBox Provides Update as to First Record Date of Special Dividend Series

Rhea-AI Summary

GreenBox POS (NASDAQ: GBOX) announced a delay in implementing its special dividend series tied to the spinoff company Coyni, focused on smart contract technology. Initially, shareholders were expected to receive 0.30 shares of SpinCo for each GBOX share by August 16, 2021. However, the record date has been postponed as the Company is reassessing strategies and will announce the new date at least 10 days prior to implementation. The Company's innovative blockchain solutions enhance payment processing efficiency for merchant clients.

Positive

• Announcement of special dividend series related to spinoff company Coyni enhances shareholder value.
• Shareholders stand to receive 0.30 shares of SpinCo for each share held, reflecting confidence in future business growth.

Negative

• Postponement of record date for the special dividend could lead to uncertainty among investors.

SAN DIEGO, CA , Aug. 12, 2021 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) ("GreenBox" or the "Company"), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions today issued an update to its previously announced plans to implement a special dividend series based on the public offering of a spinoff company (a “SpinCo”) related to its new smart contract technology business, branded as Coyni. In line with its previous announcement, the Company expects there to be two possible opportunities for shareholders of record of GreenBox to be awarded shares representation in the SpinCo.

The Company previously announced that shareholders of record of GreenBox common shares on or about August 16, 2021 would receive 0.30 shares representation in the SpinCo for each share of GreenBox common stock held. However, as the Company is still analyzing optimal strategies and record dates related to the special dividend series, the first record date is postponed and will not be on August 16th. The Company has committed to announcing the first record date at least ten (10) calendar days prior to its implementation.

About GreenBox POS

GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products with fraud detection technology, improving the efficiency of handling large-scale commercial processing volumes for its merchant clients. For more information, please visit the Company's website at www.greenboxpos.com.

Forward-Looking Statements Disclaimer

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company and the SpinCo, including risks regarding the ability of and the SpinCo to raise necessary equity capital, the Company's continued listing on Nasdaq, receipt of required regulatory approvals and consents, risks related to the payment processing, financial technology, and the blockchain industries, market operational activities, and management's ability to manage and to operate the business of the Company and the SpinCo and the transactions described in this release. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

Investor Relations Contact
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
GBOX@mzgroup.us
www.mzgroup.us

FAQ

What is the status of GreenBox's special dividend related to SpinCo?

The implementation of the special dividend has been postponed, with a new record date to be announced at least 10 days in advance.

How much will shareholders receive from the special dividend?

Shareholders are expected to receive 0.30 shares of SpinCo for each share of GreenBox common stock held.

When was the original record date for the special dividend?

The original record date was set for August 16, 2021, but it has been delayed.

What is the focus of the spinoff company Coyni?

Coyni is focused on smart contract technology within the blockchain sector.

How does GreenBox enhance payment solutions?

GreenBox uses proprietary blockchain technology to offer customized payment solutions and improve efficiency in handling large-scale commercial processing.