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Friday, October 21, 2022

Equity Corporate Actions Alert #2022 - 297
(UPDATED: Business Combination Effected) Spin-Off/Distribution Information for Ligand Pharmaceuticals Incorporated (LGND)

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  • Industry Announcement

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On October 3, 2022, Ligand Pharmaceuticals Incorporated announced a spin-off of OmniAb, Inc. and a distribution of Earnout Shares to holders of record on October 26, 2022. The distributions were subject to the completion of the business combination with Avista Public Acquisition Corp. II (AHPA/U/W) which was completed today, November 1, 2022. The EX-distribution when-issued market of Ligand Pharmaceuticals Incorporated (LGNDV) and the when-issued market for OmniAb, Inc. Common Stock (OABIV) began trading on Nasdaq on Tuesday, October 25, 2022. The details for the spin-off and when-issued markets are as follows:

Parent Company/Issue: Ligand Pharmaceuticals Incorporated Common Stock
CUSIP: 53220K504
Symbol: LGND
Record Date: October 26, 2022
Payment Date: November 1, 2022
EX Date: November 2, 2022
Due Bill Redemption Date: November 3, 2022
Ratio of Spin-Off/ Distribution:
 4.90007 shares of OmniAb, Inc (OABI) & 0.75842 Earnout Shares for each share of Ligand Pharmaceuticals Incorporated (LGND) held. Nasdaq will not be making an adjustment for the earnout share portion of the distribution. The earnout shares will be non-transferable upon issuance, and are subject to a vesting schedule. Details on the earnout shares can be found in the S-4 filing for Avista Public Acquisition Corp II.

An EX-distribution when issued market will be established for Ligand Pharmaceuticals Incorporated. Trades in the EX-distribution when issued market will not carry due-bills for the spin off/distribution. The details for the EX-istribution when-issued market are as follows:

Symbol: LGNDV
CUSIP: 53220K223
First Trade Date: October 25, 2022
Suspension Date: November 2, 2022
Settlement Date: November 4, 2022

A when-issued market will be established for the shares of OmniAb, Inc. (OABIV). This symbol will be suspended effective November 2, 2022 (the Ex-date). The details for the when issued market are as follows:

Symbol: OABIV
CUSIP: 68218J103
First Trade Date: October 25, 2022
Suspension Date: November 2, 2022
Settlement Date: November 4, 2022

For information regarding this announcement, contact Nasdaq Corporate Data Operations at +1 877 308 0523.

If you would like to register as a market maker in LGND or OABI contact Nasdaq Trading Services at +1 212 231 5100.

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