By Ben Glickman
NCR Corp. says it board of directors approved the timing of the spinoff of its ATM-focused business in mid-October through a distribution of the stock of NCR Atleos Corp held by the company to current shareholders.
The Atlanta-based technology services company said Friday that NCR Atleos would become a separate Maryland corporation, which will include NCR’s “self-service banking, payments and network and telecommunications and technology businesses.”
The company will effect a pro rata distribution to current NCR shareholders of all the outstanding shares of Atleos, with stockholders receiving one share of Atleos for every two shares of NCR held as of Oct. 2. The distribution is expected to be completed Oct. 16.
After the spinoff, NCR will be renamed NCR Voyix Corp. and will trade under the ticker VYX.
The company expects that Atleos shares will begin trading on the NYSE Oct. 17 under the ticker NATL.
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