Summary
This 8-K filing from Harris Corporation (now L3Harris Technologies) announces a significant corporate action: the planned spin-off of its Harris Stratex Networks, Inc. (HSTX) subsidiary. The spin-off will be executed as a taxable pro rata stock dividend, distributing approximately 0.24 shares of HSTX Class A common stock for each share of Harris Corporation common stock held by shareholders of record on May 13, 2009. The distribution is scheduled for May 27, 2009. This move signals a strategic shift for Harris, likely aimed at focusing its resources and management attention on its core businesses by divesting a non-core asset.
Key Highlights
- 1Harris Corporation announced the spin-off of its Harris Stratex Networks, Inc. (HSTX) subsidiary to its shareholders.
- 2The spin-off will be structured as a taxable pro rata stock dividend.
- 3Shareholders will receive approximately 0.24 shares of HSTX Class A common stock for each share of Harris Corporation common stock they own.
- 4The distribution date for the HSTX shares is set for May 27, 2009.
- 5The record date for determining eligible shareholders is May 13, 2009.
- 6Prior to the distribution, Harris Corporation will exchange its Class B shares of HSTX for an equivalent number of Class A shares.
- 7Following the spin-off, only Class A common stock of HSTX will be outstanding.