Verint® Systems Inc., announced today the record and distribution dates for the spin-off of its Cognyte business, which is expected to be effected through the distribution of 100 percent of the shares of Cognyte Software Ltd., currently a wholly owned subsidiary of Verint, to holders of Verint shares.
After the close of business on February 1, 2021, the distribution date for the spin-off, Verint will distribute to holders of Verint shares, as a pro rata dividend, one Cognyte share for every Verint share held on the close of business on January 25, 2021, the record date for the spin-off. Cognyte shares are expected to commence trading on a standalone basis on NASDAQ under the symbol “CGNT” on February 2, 2021.
Verint shareholders do not need to take any action to receive Cognyte shares to which they are entitled and do not need to pay any consideration or surrender or exchange Verint shares. The distribution generally should not be taxable to Verint shareholders for U.S. federal and Israeli income tax purposes.
The completion of the distribution remains subject to customary closing conditions. Cognyte’s Registration Statement on Form 20-F filed with the Securities and Exchange Commission (SEC) contains detailed information about Cognyte’s operations, including its business strategy, financial condition, risk factors and conditions to the completion of the spin-off. The registration statement is available on the SEC’s website at www.sec.gov.