Inhibrx, Inc. Announces Record Date and Expected Distribution Time for Anticipated Spin-Off and the Expected Merger Effective Time for Anticipated Merger

On May 8, 2024 Inhibrx, Inc. (Nasdaq: INBX) ("Inhibrx," or the "Company") reported that it has set a record date of May 17, 2024 (the "Record Date") for the previously announced distribution by the Company of 92% of shares of common stock of its subsidiary, Inhibrx Biosciences, Inc. ("SpinCo"), to holders of shares of the Company’s common stock on a pro rata basis (the "Spin-Off") (Press release, Inhibrx, MAY 8, 2024, View Source [SID1234642880]).

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The Company also announced that the distribution in the Spin-Off is expected to occur at 11:59 p.m., Eastern Time, on May 29, 2024 (the "Distribution Time") and the closing date of the previously announced acquisition of the Company by Sanofi (the "Merger") is expected to occur on May 30, 2024 (the "Merger Effective Time"). The completion of the Spin-Off and the Merger remains subject to closing conditions noted in the Company’s Definitive Proxy Statement filed on April 26, 2024, including receipt of shareholder approval at the Company’s special meeting of stockholders to be held on May 24, 2024.

At the Distribution Time, each holder of shares of the Company’s common stock will receive one share of SpinCo common stock for every four shares of the Company’s common stock held as of the Record Date. No action or payment is required by the Company’s stockholders to receive shares of SpinCo common stock.

Beginning on May 16, 2024, and continuing until the occurrence of the distribution at the Distribution Time, shares of the Company’s common stock will trade with an entitlement to the distribution under the symbol "INBX". Any holders of shares of the Company’s common stock who sell shares on or before the Distribution Time will also be selling their right to receive shares of SpinCo common stock. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of the Company’s common stock on or before the Distribution Time.

Beginning on May 16, 2024, shares of SpinCo common stock are expected to begin trading on a "when-issued" basis on The Nasdaq Global Market ("Nasdaq") under the symbol "INXB" and under "Inhibrx Biosciences, Inc." When-issued trading of shares of SpinCo common stock will continue until the distribution occurs. Following the completion of the Merger, SpinCo’s shares of common stock will be listed on Nasdaq under the symbol "INBX," which is currently the symbol for the Company’s shares of common stock.