Tikcro Technologies Announces Extension of Submission Deadline regarding Liquidating Dividend

Rhea-AI Summary

Tikcro Technologies Ltd. (OTC: TIKRF) has extended the deadline for submitting documentation for exemption from Israeli withholding tax regarding its liquidating dividend from April 10, 2023, to April 28, 2023. This extension aims to allow more shareholders to complete their exemption requests. A cash dividend totaling $3,017,270 or $0.305 per share was declared on February 9, 2023, effective March 2, 2023. Shareholders are advised to submit a declaration of non-Israeli residency to avoid a 25% withholding tax, except for those exempt or with an exemption certificate. The payment will occur after April 28, 2023, barring any deferral requests.

Positive

• Liquidating dividend of $3,017,270 ($0.305 per share) declared, providing cash returns to shareholders.
• Extension of submission deadline allows more shareholders to qualify for tax exemptions.

Negative

• Shareholders face a 25% withholding tax unless they qualify for exemptions, potentially reducing the net dividend received.

TEL AVIV, Israel, April 3, 2023 /PRNewswire/ -- Tikcro Technologies Ltd. (in liquidation) (OTC: TIKRF) today announced the extension of the deadline for the submission of documentation with respect to exemption from Israeli withholding in connection with its liquidating dividend, from April 10, 2023 to April 28, 2023, in order to enable additional shareholders to perfect exemptions prior to the dividend payment.

On February 9, 2023, Tikcro declared a liquidating cash dividend in the aggregate amount of $3,017,270, or $0.305 per share, without interest and subject to applicable withholding requirements. The effective date of the entitlement of the dividend is March 2, 2023.

Pursuant to a pre-ruling from the Israeli Tax Authority, certain "street name" shareholders will be able to perfect an exemption from Israeli withholding tax by submitting to their brokers a declaration of non-Israeli residency pursuant to the instructions sent to the shareholders. Other shareholders will be subject to withholding tax at the rate of 25% (or 23% for Israeli corporations), except for certain exempt institutions and for shareholders who deliver a valid withholding tax exemption certificate issued by the Israeli Tax Authority. A copy of the materials sent to shareholders in connection with the dividend may be viewed on Tikcro's website at www.tikcro.com under "Investors—Final Dividend Distribution".

The dividend will be paid as soon as practicable after April 28, 2023, except to shareholders who request a deferral by that date in order to apply to the Israeli Tax Authority for a withholding tax exemption. A deferral can be requested by completing the Election Form sent to shareholders.

If you have any questions, you may contact our Information Agent, as follows: 

Alliance Advisors, LLC
200 Broadacres Drive
Bloomfield, New Jersey 07003
Email: sharp@allianceadvisors.com 
Tel: 1-844-876-6184 (toll free) or 1-209-692-6086

About Tikcro Technologies:
Tikcro Technologies Ltd. (OTC: TIKRF) developed certain antibodies selected and verified in pre-clinical trials with a focus on antibodies targeting immune modulator pathways for cancer treatment. For more information, visit Tikcro's website at www.tikcro.com. On April 29, 2021, the shareholders of the Company approved the voluntary liquidation of the Company and appointed a liquidation trustee pursuant to the Israeli Companies Law.

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SOURCE Tikcro Technologies Ltd.

FAQ

What is the new deadline for Tikcro Technologies' dividend documentation submission?

The new deadline for submitting documentation for exemption from Israeli withholding tax is April 28, 2023.

What is the amount of Tikcro Technologies' liquidating dividend?

Tikcro Technologies declared a liquidating dividend totaling $3,017,270, or $0.305 per share.

When can shareholders expect to receive the dividend payment?

The dividend will be paid as soon as practicable after April 28, 2023, unless a deferral is requested.

What is the withholding tax rate for the liquidating dividend?

Shareholders may be subject to a 25% withholding tax unless they qualify for exemptions.