Radiation oncology firm Varian Medical Systems said it expects to complete the separation of its Imaging Components business into a new standalone public company on January 28.
If the spin-off is completed as planned, Varian shareholders will receive a tax-free distribution of 0.4 shares of common stock in the new firm, called Varex Imaging. The distribution remains subject to the satisfaction or waiver of conditions described on Varex's Form 10 registration statement with the U.S. Securities and Exchange Commission.
Varian noted that "when issued" shares of Varex are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol VREXV beginning on January 20 and continuing up to the January 28 distribution date. Regular trading of Varex shares is expected to begin on January 30 on Nasdaq under the symbol VREX, Varian said.
For the same time period, Varian shares that trade under the symbol VAR will trade with an entitlement to the distribution of shares of Varex common stock. Meanwhile, shares that trade in the "ex-distribution" market under the symbol VAR WI will trade without being entitled to shares of Varex stock, according to the company.
