Cassava Sciences announces dividend distribution of warrants to shareholders

Cassava Sciences announced a pro rata dividend distribution of warrants to holders of the Company’s common stock as of December 22, 2023. Shareholders will receive 4 warrants for each 10 shares of common stock held as of the Record Date, subject to rounding. Cassava Sciences will distribute the warrants to shareholders on or about January 3, 2024. After the Distribution Date, the warrants are expected to list and trade on Nasdaq, separate from Cassava Sciences’ common stock, under the ticker SAVAW. Stockholders will receive 4 warrants for each 10 shares of common stock held as of the Record Date, rounded down to the nearest whole number for any fractional warrant. As an example, a shareholder who owns 1,000 shares of Cassava Sciences will receive 400 warrants plus, as applicable and as described below, the Bonus Share Fraction. Each warrant will entitle the holder to purchase, at the holder’s sole and exclusive election, one share of common stock at an initial exercise price of $33.00 per share plus, as applicable and as described below, the Bonus Share Fraction. After the Distribution Date, warrant holders may cash-exercise their warrants, or they may sell their warrants on the open market. The Company will receive cash proceeds only from warrant holders who exercise their warrants. Warrant holders may exercise their warrants as will be specified under the terms of a warrant agreement that is expected to be filed with the U.S. Securities and Exchange Commission on or about January 3, 2024.