05:51 PM EDT, 06/03/2024 (MT Newswires) -- Illumina ( ILMN ) said Monday that its board approved the spin-off of Grail.

The company said it expects to spin-off Grail on June 24 and the new company has applied for listing on Nasdaq under the ticker symbol "GRAL."

Illumina ( ILMN ) shareholders will retain all their stock of the company and will receive one share of Grail for every six shares of Illumina ( ILMN ) held on June 13.

Any fractional shares of Grail will be aggregated, sold in the open market, and proceeds will be distributed as cash payments to Illumina ( ILMN ) shareholders on pro rata basis, according to Illumina ( ILMN ).

Grail shares will start trading on the Nasdaq on or about June 12 on a "when issued" basis, while regular trading will begin on June 15, Illumina ( ILMN ) added.

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