On Thursday, Shares of Merrimack Pharmaceuticals Inc (NASDAQ:MACK), added 1.92% and now trading at $3.19 in the current trading session. The current trading range of the stock ranges between $3.12 and $3.39.
Merrimack Pharmaceuticals, Inc. (NASDAQ: MACK) recently declared that its Board of Directors has authorized and declared a special cash dividend of $140 million on the company’s common stock. This special dividend will be paid from the proceeds of the company’s asset sale to Ipsen S.A., which was accomplished on April 3, 2017.
The special dividend is payable on May 26, 2017 to stockholders of record as of the close of business on May 17, 2017. The ex-dividend date for the special dividend will be May 30, 2017, the first trading day following the payment date. Stockholders of record on the record date who sell their shares before the ex-dividend date will not receive the special dividend. Based on the current number of shares outstanding, the special dividend will be about $1.06 per common share; this amount may vary based on the number of outstanding shares as of the record date.
The tax treatment of holding common stock to any particular stockholder will depend on the stockholder’s particular tax circumstances. Merrimack stockholders are urged to consult their tax advisor regarding the U.S. federal, state, local and foreign income and other tax consequences to them, in light of their particular investment or tax circumstances, of the receipt of the special dividend.
Analyst recommendation for this stock stands at 2.50.