PORTLAND, Ore., Oct. 21, 2016 /PRNewswire/ -- TigerLogic Corporation (OTCQX: TIGR) today announced that its Board of Directors has approved an initial liquidating distribution of $0.09 per share of TigerLogic's common stock. The distribution will be paid on or about November 9, 2016. The Board has fixed the close of business on October 31, 2016 as the record date for determining stockholders entitled to receive the initial liquidating distribution.
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As previously announced, TigerLogic intends to file a certificate of dissolution with the Delaware Secretary of State on October 31, 2016, the record date for the initial liquidating distribution. In connection with the effectiveness of the certificate of dissolution, TigerLogic will close its stock transfer books and discontinue recording transfers of its common stock, effective as of 5:00 p.m. Eastern Time on October 31, 2016. As a result, the common stock, and stock certificates evidencing the shares of common stock, will no longer be assignable or transferable on the Company's books, other than transfers by will, intestate succession or operation of law.
Subject to uncertainties inherent in the winding up of its business, TigerLogic may make one or more additional liquidating distributions, which could total as much as $0.04 per share. However, no assurances can be made as to the ultimate amounts to be distributed, if any, or the timing of any such distributions.
About TigerLogic Corporation
TigerLogic Corporation (OTCQX: TIGR) recently completed the divestiture of its operating assets and is engaged in winding-up its business. For more information about TigerLogic visit http://www.tigerlogic.com.
Cautionary Statement Regarding Forward-Looking Statements
The foregoing release contains forward-looking statements about TigerLogic's current plans and expectations, including plans and expectations regarding the dissolution and winding up of its business and possible future distributions to stockholders. Such forward-looking statements are subject to risks and uncertainties and actual results could differ materially from the plans and expectations presented herein. Such risks and uncertainties include, but are not limited to, the following: the implementation and timing of filing the certificate of dissolution and the closing of the company's stock records; the plans and precise nature, amount and timing of any distributions to stockholders, which will depend on and could be delayed by, among other things, the timing and amount of proceeds released from escrows established in connection with the sale of TigerLogic's former Omnis business, claim settlements with creditors, unexpected or greater than expected expenses; the limited ability of shareholders to publicly trade TigerLogic's common stock after the company closes its stock transfer books on the date it files a certificate of dissolution with the Delaware Secretary of State, and other risks and uncertainties. All forward-looking statements are made as of the date hereof and TigerLogic disclaims any responsibility to update or revise any forward-looking statement provided in this news release.
Contacts:
TigerLogic Corporation
Roger Rowe, 503 488-6988
130090@email4pr.com
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SOURCE TigerLogic
