Tikcro Technologies Announces Liquidating Dividend

TEL AVIV, Israel, Feb. 9, 2023 /PRNewswire/ -- Tikcro Technologies Ltd. (in liquidation) (OTC: TIKRF) today announced the declaration of a liquidating cash dividend in the aggregate amount of $3,017,270, or $0.305 per share, without interest and subject to applicable withholding requirements. The record date of the dividend is February 21, 2023. Tikcro has retained a paying agent to hold the funds and distribute them to the shareholders and an information agent to assist shareholders in processing withholding tax exemption documents.

Pursuant to a pre-ruling from the Israeli Tax Authority, certain "street name" shareholders will be able to perfect an exemption from Israeli withholding tax by submitting to their brokers a declaration of non-Israeli residency pursuant to the instructions to be sent to the shareholders after the record date. Other shareholders will be subject to withholding tax at the rate of 25% (or 23% for Israeli corporations), except for certain exempt institutions and for shareholders who deliver a valid withholding tax exemption certificate issued by the Israeli Tax Authority. A copy of the materials being sent to shareholders in connection with the dividend may be viewed on Tikcro's website at www.tikcro.com under "Investors—Final Dividend Distribution".

The deadline for shareholders to provide documentation with respect to exemption from Israeli withholding is April 10, 2023.  The dividend will be paid as soon as practicable after that date, except to shareholders who request a deferral by that date in order to apply to the Israeli Tax Authority for a withholding tax exemption.

Certain intellectual property ("IP") of Tikcro will be held by a trustee.  If the IP is monetized within the next five years, the trustee will distribute an additional dividend to shareholders who held shares on the record date, net of applicable taxes and customary expenses. There is no assurance that the IP will be monetized.

About Tikcro Technologies:

Tikcro Technologies Ltd. (OTC: TIKRF) developed certain antibodies selected and verified in pre-clinical trials with a focus on antibodies targeting immune modulator pathways for cancer treatment. For more information, visit Tikcro's website at www.tikcro.com. On April 29, 2021, the shareholders of the Company approved the voluntary liquidation of the Company and appointed a liquidation trustee pursuant to the Israeli Companies Law.

SOURCE Tikcro Technologies Ltd.