Array Digital Infrastructure Announces $23 Special Dividend and Posts Mixed Financial Health

Array Digital Infrastructure (USM) announced a $23 special dividend per share for both Common and Series A Common Shareholders, exceeding 25% of the current stock price. The ex-dividend date will be August 20, and investors must possess shares through August 19 to benefit from the dividend. US Cellular operates in the Communication Services sector and has a market capitalization of $6.25 billion. The company's financial health presents a mixed picture, with declining revenue growth, negative margins, and a distressing Altman Z-Score.

Array Digital Infrastructure, Inc. (USM), formerly known as United States Cellular Corporation, has announced a special cash dividend of $23.00 per share for both Common and Series A Common Shareholders. This dividend, payable on August 19, 2025, to shareholders of record on August 11, 2025, represents a significant distribution, exceeding 25% of the current stock price [1][2][3][4].

Given that the special dividend is more than 25% of the current stock price, the New York Stock Exchange (NYSE) has mandated that shares will trade with "due bills." These due bills represent an assignment of the right to receive the special dividend up through and inclusive of the payment date of August 19, 2025. The ex-dividend date is set for August 20, 2025, the first business day following the payment date. Consequently, stockholders who sell their shares on or before the payment date will not be entitled to receive the Special Dividend. Due bill obligations are typically settled between the brokers representing buyers and sellers of the securities. Investors are advised to consult with their brokers before trading to understand the implications of NYSE's due bill procedures [1][2][3][4].

The special dividend follows the recent sale of United States Cellular Corporation's wireless operations to T-Mobile. The company has since changed its name to Array Digital Infrastructure, Inc. (Array). Array is a leading owner and operator of shared wireless communications infrastructure in the United States, with over 4,400 cell towers enabling the deployment of 5G and other wireless technologies [1][2][3][4].

Array is approximately 81% owned by Telephone and Data Systems, Inc. (TDS), a company that provides wireless infrastructure and broadband services through its businesses, including Array and TDS Telecom [1][2][3][4].

Array's financial health presents a mixed picture. The company has been experiencing declining revenue growth, negative margins, and a distressing Altman Z-Score, which indicates potential financial distress. Despite these challenges, the special dividend reflects the company's liquidity and its desire to distribute value to shareholders [1][2][3][4].

Array expects to hold its 2025 annual meeting of shareholders on Thursday, October 9, 2025. Investors are urged to consult their tax advisors for tax treatment related to the special dividend [1][2][3][4].

References:
[1] https://www.prnewswire.com/news-releases/array-declares-special-dividend-of-23-00-per-share-following-the-sale-of-the-uscellular-wireless-operations-302519995.html
[2] https://www.morningstar.com/news/pr-newswire/20250801cg43005/array-declares-special-dividend-of-2300-per-share-following-the-sale-of-the-uscellular-wireless-operations
[3] https://finance.yahoo.com/news/array-declares-special-dividend-23-213500106.html
[4] https://www.nasdaq.com/press-release/array-declares-special-dividend-2300-share-following-sale-uscellular-wireless