WRIT Media Group, Inc. (OTCQB: WRIT) announced today that the Board of Directors has approved a special stock dividend (the “Distribution”) of 1,250,000 shares of common stock of Skylab USA, Inc. (“Skylab USA“). Subject to approval by FINRA, the Distribution is expected to be made on November 28, 2017 (the “Distribution Date”) to all WRIT Media Group, Inc. (“WRIT”) shareholders of record on November 14, 2017 (the “Record Date”).
The Distribution will occur by way of a pro rata dividend on shares of WRIT Media Group, Inc. common stock outstanding at the close of business (i.e., 5:00 PM, New York City time) on the Record Date. On the Distribution Date, each of WRIT’s shareholders who held shares on the Record Date will receive a fractional share of Skylab USA’s common stock for every share of WRIT Media Group’s common stock that the shareholder holds. The number of shares of Skylab USA’s common stock that each WRIT shareholder of record will be entitled to receive will be calculated by dividing 1,250,000 (the total number of shares of Skylab USA’s common stock to be distributed) by the total number of shares of WRIT’s common stock outstanding at the close of business on the Record Date, multiplied by the total number of shares of WRIT’s common stock the WRIT shareholder holds at the close of business on the Record Date. The shares of Skylab USA’s common stock will be issued in restricted certificate form, and fractional shares will not be issued in the Distribution. Shareholders will instead receive one share for such fractional interest.
Skylab USA, Inc., formerly known as Pandora Venture Capital Corp., is a wholly-owned subsidiary of WRIT Media Group, Inc. that will be spun off upon completion of the special dividend. WRIT Media Group’s ownership of its digital currency and software assets that were purchased via acquisition of Pandora Venture Capital Corp. will be unaffected by the spin off. Skylab USA, Inc. will be focused on increasing its corporate value through the acquisition of Skylab Apps, Inc. Upon completion of this acquisition, the new entity is expected to register its securities with the SEC under a new symbol, for trading on the public markets.
About WRIT Media Group
WRIT Media Group, Inc. (OTCQB: WRIT) is a diversified media and software company whose operations include digital currency software development, including trading platforms and Blockchain solutions, content production and distribution; and video game distribution via mobile platforms.
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