SYNNEX Corporation, a leading business process services company, today announced that it is continuing to make meaningful progress on the previously announced plan to separate into two independent public companies and has made a public filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) for the spin-off.
The Company previously submitted a confidential draft registration statement on Form 10 in the first quarter of fiscal year 2020.
“Today’s announcement marks an important milestone in the process of completing this transaction,” said Dennis Polk, SYNNEX President and CEO. “By removing the confidential status of our Form 10 Registration Statement, investors will have access to additional information on our proposed spin-off of Concentrix. We look forward to the pending separation to create two industry-leading public companies and unlocking incremental value for all of our stakeholders.”
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The proposed separation remains on track for completion in the fourth quarter of calendar year 2020, subject to market and other certain conditions. As previously announced, immediately following the separation, SYNNEX shareholders will own shares of both SYNNEX and Concentrix, at the same percentage owned of SYNNEX, prior to the transaction. Completion of the separation will not require a shareholder vote but will be subject to customary closing conditions, including final approval of the SYNNEX Board of Directors, the receipt of favorable opinion with respect to the tax-free nature of the transaction, and the effectiveness of the Form 10 registration statement with the SEC.
The Form 10 registration statement, prepared in accordance with SEC guidelines, contains preliminary information about the separation transaction, including business and financial information, potential terms and conditions, risk factors and governance disclosures. The registration statement is subject to change prior to it being declared effective by the SEC, and will be updated in subsequent amendments as additional information regarding the separation is finalized. The Form 10 registration statement is available on the SEC’s website at www.sec.gov and on the SYNNEX IR website at ir.synnex.com.
