Illumina board approves GRAIL spin-off; distribution set for June 24, 2024

ILLUMINA, INC.

Holders receive 1 GRAIL share per 6 Illumina shares held at close on June 13, 2024 (record date).
Distribution effective 12:01 AM NYC time on June 24, 2024; GRAIL expected to trade 'regular way' on Nasdaq on June 25 under ticker 'GRAL'.
Illumina estimates $35-$50M incremental costs for spin-off, mainly legal and advisory fees, substantially incurred by Q3 2024.
Spin-off approval triggers potential goodwill impairment test; carrying value includes $1.466B goodwill and $561M IPR&D related to GRAIL.
Conditions include satisfaction or waiver of conditions in GRAIL's Form 10; no stockholder vote or action required.

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