Item 8.01 Other Events
On September 10, 2020, PDL BioPharma, Inc. ("PDL") issued a press release
announcing that PDL's Board of Directors has approved the separation of LENSAR,
Inc. ("LENSAR"), a majority-owned subsidiary of PDL, from PDL in the form of a
taxable dividend involving the distribution on October 1, 2020 of all
outstanding shares of LENSAR common stock held by PDL to holders of PDL common
stock as of 5:00 p.m., Eastern Time, on September 22, 2020. LENSAR will continue
to own and operate its femtosecond laser system business following completion of
the distribution. The completion of the distribution is subject to the
satisfaction or waiver of a number of conditions, including, among the others
described in the Information Statement included in the Form 10 filed by LENSAR,
the declaration by the Securities and Exchange Commission of the effectiveness
of the Form 10, the LENSAR common stock being accepted for listing on the Nasdaq
Stock Market and final approval by the PDL board of directors that the
distribution remains in the best interest of PDL and its stockholders and that
the distribution is still advisable.
The full text of PDL's press release is attached as Exhibit 99.1 to this Form
8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated September 10 , 2020
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