VirnetX declares $1.00 special dividend, commits to distribute 80% of Apple litigation proceeds

VirnetX Holding Corp

Special dividend of $1.00 per share payable April 17, 2023 to record April 10, 2023; aggregate ~$71.4M.
Company committed to distribute 80% of net proceeds from Apple litigation (over $500M jury award on appeal).
Cooperation agreement with Radoff/JEC Group (owns ~6.6%) includes standstill and withdrawal of director nominations.
Company to add new independent director within 12 months for board diversity.
Over $165M distributed to shareholders including this dividend.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VirnetX Holding Corp entered into Agreement with The Radoff Family Foundation, Bradley L. Radoff, JEC II Associates, LLC, Michael Torok (collectively, the "Radoff/JEC Group") (effective 2023-03-29).

Action: entry
Counterparty: The Radoff Family Foundation, Bradley L. Radoff, JEC II Associates, LLC, Michael Torok (collectively, the "Radoff/JEC Group")
Effective: 2023-03-29

Exact text from the filing

On March 29, 2023, VirnetX Holding Corporation (the " Company ") entered into a cooperation letter agreement (the " Agreement ") with The Radoff Family Foundation, Bradley L. Radoff, JEC II Associates, LLC, Michael Torok (collectively, the " Radoff/JEC Group ").

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VirnetX Holding Corp filing history →

Source: SEC EDGAR

accession 0001140361-23-014671

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