The board of directors of Divided Airlines has declared a dividend of $2.50 per share payable on

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The board of directors of Divided Airlines has declared a dividend of $2.50 per share payable on Tuesday 30 May to shareholders of record as of Tuesday 9 May.

Cal Icon buys 100 shares of Divided on Tuesday 2 May for $150 per share. What is the ex date? Describe the events that will occur with regard to the cash dividend and the share price.

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