The previously announced spin-off by Biohaven of its subsidiary Biohaven Ltd. (“SpinCo”), which will own the Kv7 ion channel activators, glutamate modulation, myeloperoxidase inhibition, and myostatin inhibition platforms, preclinical product candidates, and some corporate infrastructure currently owned by Biohaven, has been given a record date of September 26, 2022 (the “Record Date”). The fulfilment of the spin-closing off’s requirements, including receiving shareholder approval at Biohaven’s special shareholder meeting scheduled for September 29, 2022, are yet to be met. These conditions were outlined in Biohaven’s proxy statement, which was submitted on August 30, 2022.
For each two common shares of Biohaven held as of the Record Date, each holder of Biohaven common shares will receive one common share of SpinCo on the distribution date (the “Distribution Date”). Shareholders of Biohaven don’t have to do anything or provide anything to get shares of SpinCo.
The common shares of Biohaven will begin trading under the ticker “BHVN” on September 23, 2022, and will continue to do so until the distribution is made on the distribution date. The right to receive SpinCo common shares is also sold by Biohaven common shareholders who sell their shares on or before the distribution date. In order to fully understand the ramifications of purchasing or selling Biohaven common shares on or before the Distribution Date, investors are recommended to speak with their financial advisors.
SpinCo common shares are anticipated to start trading on a “when-issued” basis on the New York Stock Exchange on September 23, 2022, under the tickers “BHVN WI” and “Biohaven Ltd.” SpinCo common shares can still be traded after they have been issued up to the distribution. On the first trading day after the distribution date, SpinCo common shares are anticipated to begin “regular-way” trading on the NYSE under the ticker symbol “BHVN”.
