NCR Corp Announces Spinoff of ATM-Focused Business
By Ben Glickman
Atlanta-based technology services company, NCR Corp, has announced that its board of directors has approved the timing of the spinoff of its ATM-focused business. This will be done through a distribution of the stock of NCR Atleos Corp, held by the company, to current shareholders.
Introducing NCR Atleos Corp
NCR Atleos will become a separate Maryland corporation, encompassing NCR's "self-service banking, payments and network and telecommunications and technology businesses."
Distribution Details
NCR will effect a pro rata distribution to existing shareholders, wherein all outstanding shares of Atleos will be distributed. Shareholders will receive one share of Atleos for every two shares of NCR held as of October 2. The distribution is expected to be completed by October 16.
Company Name Change and Ticker Symbol
Following the spinoff, NCR will undergo a name change to NCR Voyix Corp. The company will then trade under the ticker symbol VYX.
Trading on NYSE
Atleos shares are scheduled to begin trading on the NYSE on October 17. The ticker symbol for Atleos will be NATL.
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