Honeywell Sets Aerospace Spin-Off Ratio, Reverse Split
Shareholders of record are expected to receive one Honeywell Aerospace share for every two Honeywell shares held.
Honeywell International (HON), the industrial technology and aerospace supplier, tightened its Aerospace separation plan by setting a June 15 record date and an expected June 29 distribution date for the spin-off.
The update moved the transaction from a plan still awaiting final board approval and customary conditions to a board-set timetable. The June 29 distribution date remained the target, while the June 15 record date gave shareholders a fixed cutoff for receiving the new aerospace company’s shares.
Honeywell also detailed how the separated company is expected to trade. Honeywell Aerospace is expected to begin when-issued trading under HONAV around June 15, then regular-way trading under HONA on June 29, adding mechanics that earlier releases had left at the listing-symbol level.
The company added a reverse stock split tied to completion of the Aerospace separation. The 1-for-2 split is expected to take effect at 12:02 a.m. New York time on June 29, matching the planned first day of regular-way trading for Honeywell Aerospace.
The split is expected to reduce Honeywell’s issued and outstanding common shares to about 317 million from about 634 million, and to cut authorized common shares to 1 billion from 2 billion.
That share-count reset tracked the company’s immediately prior reported 634.7 million basic weighted-average shares outstanding, pointing to a mechanical post-spin adjustment rather than an operating-share repurchase change.
Source: company public filings.