Summary
This 8-K filing from Harris Corporation (now L3Harris Technologies, Inc.) on May 14, 2009, announces the definitive distribution ratio for the spin-off of its subsidiary, Harris Stratex Networks, Inc. (HSTX). Investors holding Harris common stock as of May 13, 2009, will receive 0.248418 shares of HSTX Class A common stock for each share of Harris common stock they own. This transaction is structured as a taxable pro rata dividend, with the distribution set to occur on May 27, 2009. The filing also indicates that Harris will mail an Information Statement to affected shareholders. This document will provide crucial details regarding the spin-off process, the calculation of the distribution ratio, and important tax implications associated with the transaction. Investors are advised to review these materials carefully to understand their rights and the tax consequences.
Key Highlights
- 1Harris Corporation announced the final distribution ratio for the spin-off of Harris Stratex Networks, Inc. (HSTX).
- 2Shareholders of record as of May 13, 2009, will receive 0.248418 shares of HSTX Class A common stock per share of Harris common stock.
- 3The spin-off will be executed as a taxable pro rata dividend.
- 4The distribution date for the HSTX shares is scheduled for May 27, 2009.
- 5An Information Statement will be mailed to shareholders detailing the spin-off, distribution procedures, and tax consequences.
- 6The filing includes the press release and Information Statement as exhibits.