ATK‘s (NYSE: ATK) board of directors has decided to give stockholders two shares of common stock in the future ATK sporting group spinoffÂ company Vista OutdoorÂ for every share of ATK common stock.
ATKÂ said TuesdayÂ that stockholders will either receive aÂ book-entry account statement onÂ their Vista Outdoor common stocks or have their Vista Outdoor shares included in their brokerage account.
ATK added that its common stock will continue trading on the “regular-way” NYSE market but an “ex-distribution” market will open approximately two trading days ahead of the share distribution date of record.
ATK said Vista Outdoor common stock will trade on NYSE on a “when-issued” basisÂ from Jan. 29 until Feb. 9, when it will start to tradeÂ “regular way” under the VSTO symbol.
Both the spinoff and merger are subject to the approvalÂ of ATK and Orbital stockholders at their separate meetings on Jan. 27.
The futureÂ Vista Outdoor company will be based in Utah.