By Doc Louallen
Resideo Technologies said it will spin off its ADI Global Distribution business on Aug. 3.
Shareholders of record on July 20 will get one ADI share for every two Resideo shares they own.
The distribution will be made as a special stock dividend. The company said it expects the spinoff to be tax‑free to Resideo shareholders for U.S. federal income taxes, except for any cash paid in place of fractional shares.
Before the split, there will be a when‑issued market for ADI and an ex‑distribution market for Resideo starting around July 29. That means Resideo shares may trade either with or without the right to receive ADI shares in that window. Regular trading for ADI is expected to begin Aug. 4.
ADI is expected to trade on the New York Stock Exchange under the ticker ADIG. Resideo will keep trading under REZI.
Write to Doc Louallen at Doc.Louallen@wsj.com