NEW YORK, NY--(Marketwired - April 18, 2017) - SPYR, Inc. (OTCQB: SPYR) announced that it will give all of its shareholders of record as of May 19, 2017, a dividend in the form of shares in what is to become a new and separate publicly traded company. SPYR will issue each of its shareholders an equal number of shares (1 for 1) in a new spin-off company, which SPYR is creating in order to divest itself from its restaurant division. So, if you own 1000 shares of SPYR on May 19th, you'll receive an additional 1000 shares of the newly formed spin-off company.
Basically, SPYR is rewarding its shareholders for their patience and loyalty to the company. Simply by being a shareholder of record of SPYR on May 19th, each shareholder will be rewarded with dividend shares. SPYR has stated that after it concludes the spin-off of the restaurant division, the newly formed company will file a registration statement with the Securities and Exchange Commission qualifying it as a separate publicly traded entity with a separate trading symbol.
What does this mean for investors? Well, before SPYR, Inc. ever existed, there was Eat at Joes, and it traded under the ticker symbol JOES. In the months leading up to the change in the company's business model, which eventually became SPYR, Inc., JOES was trading between .20-50/share.
If the new spin-off company falls into the same price per share range, then owning 20,000 shares of SPYR on May 19th would mean you'd own between $4,000 and $10,000 worth of the new company. If you own 50,000 shares of SPYR on May 19th, then, using the previously stated price per share, you'd own between $10,000 and $25,000 worth of the new company -- free money.
JOES back then was what this new spin-off company will become -- the restaurant division. SPYR recently stated that the spin-off company will focus on the licensing or possibly franchising of the Eat at Joe's® name and concept and will also include the manufacture and distribution of branded foods. The company said it plans to achieve its goals related to "branded foods" in part by acquiring companies with new and interesting food concepts.
The good news to investors who will be receiving the dividend is that just like SPYR trades as a low float stock, which moves very easily with the least bit of volume, the new spin-off company will also be a low float stock. And if SPYR has bigger plans for the new spin-off company, the market could certainly set the price per share much higher than the aforementioned examples.
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