MIAMI, Jan. 21,
2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN
and LEN.B) ("Lennar") is issuing this press release to remind
Lennar stockholders that the previously disclosed record date
and election period for the taxable spin-off of approximately 80%
of the stock of Millrose Properties, Inc. ("Millrose") begins
today.
On February 7, 2025, each holder
of Lennar Class A or Class B common stock as of the close of
business today (January 21, 2025)
(the "record date") shall receive one share of Millrose Class A
common stock for each two shares of Lennar Class A or Class B
common stock held of record on the record date. Any shares of
Lennar Class A or Class B common stock acquired in trades that will
settle after the record date (or otherwise not held on the record
date) will not receive any Millrose shares in the spin-off. Each
holder of record may submit an election to receive Millrose Class B
common stock instead of Millrose Class A common stock with regard
to some or all of the Millrose stock to which the holder is
entitled. The election period will commence after the close of
business today, and will end at 5:00
p.m. New York City time on
February 3, 2025 (the "Election
Expiration Time").
Each holder of Lennar Class A or Class B common stock will
receive election-related materials with instructions on how to
elect to receive Millrose Class B common stock either in the mail
from Lennar's transfer agent or through the holder's brokerage firm
or other nominee holder. Holders of Lennar common stock who do
not electronically submit a properly completed election form or a
valid election in accordance with the instructions provided by the
holder's brokerage firm or other nominee holder prior to the
Election Expiration Time will receive Millrose Class A common stock
in the distribution, including if such holder is a holder of Lennar
Class B common stock. There is no option for any stockholder
to submit the election form by mail. All elections must either
be made electronically at
https://lennar.uat.computersharecas.com/offer/ using the
instructions provided in the election materials that stockholders
will receive in the mail or in accordance with the instructions
provided by the holder's brokerage firm or other nominee holder, as
applicable.
For detailed information about Millrose, the spin-off and the
election, Lennar stockholders should review the Millrose
registration statement on Form S-11 under the Securities Act of
1933, as amended, that has been filed with the SEC and was declared
effective on January 17, 2025, and
the related prospectus which can be obtained on the SEC website
www.SEC.gov, or on Millrose's website www.Millroseproperties.com.
Millrose's website has been provided as a convenience, and the
information contained on such website is not incorporated by
reference into this press release or the registration statement.
Alternatively, Millrose will arrange to send you, free of charge,
the registration statement and the related prospectus if you
request it by contacting Millrose Properties, Inc. at 600 Brickell
Avenue, Suite 1400, Miami, Florida
33131, or at info@millroseproperties.com.
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's
leading builders of quality homes for all generations. Lennar
builds affordable, move-up and active adult homes primarily under
the Lennar brand name. Lennar's Financial Services segment provides
mortgage financing, title and closing services primarily for buyers
of Lennar's homes and, through LMF Commercial, originates mortgage
loans secured primarily by commercial real estate properties
throughout the United States.
Lennar's Multifamily segment is a nationwide developer of
high-quality multifamily rental properties. LENX drives Lennar's
technology, innovation and strategic investments.
About Millrose
After the spin-off, Millrose will become an independent,
publicly traded company that will engage, through its subsidiaries,
in land purchases, horizontal development and homesite option
purchase arrangements, for Lennar, certain entities with which
Lennar has a business relationship or in which Lennar has an
ownership interest, and potentially other homebuilders and
developers.
*****
Forward-looking statements
This press release contains forward-looking statements,
including, in particular, statements about the successful
completion of the spin-off and Millrose's business, plans,
strategies and objectives following the spin-off. You can generally
identify forward-looking statements by our use of forward-looking
terminology such as "may," "can," "shall," "will," "expect,"
"intend," "anticipate," "estimate," "believe," "continue" or other
similar words or the negatives thereof. Assumptions relating to
these statements involve judgments with respect to, among other
things, competitive and market conditions, future business
decisions and Millrose's relationships with customers, all of which
are difficult or impossible to accurately predict and many of which
are beyond our control. There can be no assurance that these
forward-looking statements will prove to be accurate and our actual
results, performance and achievements may be materially different
from that expressed or implied by these forward-looking statements.
Additionally, there can be no assurance that the Millrose spin-off
will be completed on the expected timing or at all. In light of the
significant uncertainties inherent in these forward-looking
statements, the inclusion of this information should not be
regarded as a representation by us or any other person that our
objectives and plans, which we consider to be reasonable, will be
achieved.
Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
View original
content:https://www.prnewswire.com/news-releases/previously-disclosed-millrose-spin-off-record-date-and-election-period-for-lennar-stockholders-begins-today-302356117.html
SOURCE Lennar Corporation