NCR Company (NYSE: NCR) has disclosed additional particulars regarding its beforehand introduced separation of its ATM-focused companies, together with Self-Service Banking, Funds & Community, and Telecommunications and Expertise sectors. The separation will contain the distribution of all frequent inventory of NCR Atleos Company (previously NCR Atleos, LLC) held by NCR Company to its frequent stockholders.
Key Dates and Particulars
File Date: October 2, 2023
Distribution Date: October 16, 2023, 5:00 p.m. native New York Metropolis time
Buying and selling Particulars: NCR Atleos is about to start “regular-way” buying and selling on the NYSE below the ticker “NATL” on October 17, 2023. Submit-separation, NCR Company’s ticker image will transition to “VYX.”
The Board of Administrators has permitted a professional rata distribution, the place every holder of NCR Company frequent inventory will obtain one Atleos frequent inventory share for each two shares of NCR Company frequent inventory held as of the shut of enterprise on the document date. This distribution is anticipated to be tax-free for U.S. federal revenue tax functions, contingent upon sure situations outlined within the Type 10 and the associated Data Assertion from August 14, 2023.
Following the distribution, Atleos will function as an unbiased, publicly-traded entity on the NYSE. NCR Company will bear a renaming to NCR Voyix Company (“Voyix”) and can retain no possession stake in Atleos.
Michael D. Hayford, CEO of NCR Company, remarked, “As we speak’s announcement marks a significant milestone within the completion of the separation of Atleos from NCR.” He emphasised the corporate’s longstanding historical past of innovation and expressed confidence in each Voyix and Atleos’ future prospects.
Tim Oliver, Atleos’ CEO-designate, and David Wilkinson, Voyix’s CEO-designate, additionally shared their enthusiasm for the upcoming modifications, highlighting the dedication of their respective groups and the promising future for each entities.
No bodily share certificates of Atleos shall be issued; the distribution shall be in ebook entry kind.
The distribution is topic to sure situations, together with the supply of debt financing on acceptable phrases.
The distribution is meant to be tax-free for U.S. federal revenue tax functions. Stockholders are suggested to seek the advice of their tax advisors relating to the tax implications.
About NCR Company
NCR Company, headquartered in Atlanta, Georgia, is a pioneering power within the improvement of expertise platforms for self-directed banking, shops, and eating places. With a world workforce of 35,000, NCR Company has established its trademark in the USA and several other different countrie
Picture supply: Shutterstock