8-KOther EventsExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Corporate Update (Mar 31, 2009)

Filed March 31, 2009For Securities:LHX

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.

Frequently Asked Questions

The primary event is the announcement by Harris Corporation's Board of Directors to approve the spin-off of all shares of its subsidiary, Harris Stratex Networks, Inc. (HSTX), to its shareholders.

The spin-off will be distributed as a taxable pro rata stock dividend. Shareholders will receive approximately 0.24 shares of HSTX Class A common stock for every share of Harris Corporation common stock they hold as of the record date.

Shareholders entitled to receive HSTX shares do not need to take any action. The shares will be automatically credited to their brokerage accounts or reflected in book entry account statements.

The distribution of HSTX shares is scheduled to occur on May 27, 2009.