Zimmer Biomet Holdings Inc.’s Board of Directors has declared a pro rata dividend of 80.3% of the outstanding common stock of ZimVie Inc. to Zimmer Biomet shareholders of record as of the close of business on February 15, 2022.
 
The dividend is payable at 12:01 a.m. ET on March 1, 2022. As a result of the dividend, Zimmer Biomet shareholders will receive one share of ZimVie common stock for every ten shares of Zimmer Biomet common stock they hold on the Record Date. Immediately following the dividend, Zimmer Biomet will retain 19.7% of the outstanding shares of ZimVie common stock, which Zimmer Biomet intends to divest after the separation in a tax-efficient manner.
 
Fractional shares of ZimVie common stock will not be distributed to Zimmer Biomet shareholders. Instead, the fractional shares of ZimVie common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the Zimmer Biomet shareholders who otherwise would have received fractional shares of ZimVie common stock.
 
No action is required by Zimmer Biomet shareholders to receive the distributed shares of ZimVie common stock. An information statement containing details regarding the distribution of ZimVie common stock and ZimVie’s business and management following the consummation of the distribution will be mailed to Zimmer Biomet shareholders prior to the Distribution Date. The distribution of ZimVie common stock remains subject to the satisfaction or waiver of customary conditions, as described in the information statement.
 
There is no current market for ZimVie common stock. “When-issued” trading of ZimVie common stock is expected to begin on February 14, 2022, on NASDAQ, under the symbol “ZIMVV.” “Regular-way” trading of ZimVie common stock is expected to begin on NASDAQ on March 1, 2022, under the symbol “ZIMV.” The “when-issued” trading market is a market for ZimVie common stock that will be distributed to holders of Zimmer Biomet common stock at 12:01 a.m. ET on March 1, 2022. Shareholders who own Zimmer Biomet common stock at the close of business on the Record Date will be entitled to ZimVie common stock distributed pursuant to the distribution and may trade this entitlement to shares of ZimVie common stock, without Zimmer Biomet common stock they own, on the “when-issued” market.
 
Shares of Zimmer Biomet common stock will continue to trade “regular-way” on the New York Stock Exchange under the symbol “ZBH” through and after the Distribution Date. Zimmer Biomet expects that, beginning February 15, 2022, there will be two markets in Zimmer Biomet common stock on the NYSE: “regular-way” under the symbol “ZBH” and “ex-distribution” under the symbol “ZBH WI.” Prior to the Distribution Date, shares of Zimmer Biomet common stock that trade in the “regular-way” market will trade with the right to receive shares of ZimVie common stock on the Distribution Date. Shares of Zimmer Biomet common stock that trade in the “ex-distribution” market will trade without the right to receive shares of ZimVie common stock on the Distribution Date. Holders of Zimmer Biomet common stock are encouraged to consult with their financial advisors regarding the specific implications of selling Zimmer Biomet common stock on or before the Distribution Date.
 
ZimVie will host a virtual Investor Day February 7, 2022, from 11:00 a.m. to approximately 2:00 p.m. Eastern Time. The virtual event will feature presentations from ZimVie leaders outlining its Dental and Spine offerings, addressable market opportunity, financial outlook, business strategy and the broader organizations supporting these businesses. The event will feature a live Q&A panel following speaker presentations.