Xperi Holding Corp. said its board has approved the details and timing of the spinoff of its product business Xperi Inc. from its IP licensing business Adeia.
The spinoff is expected on or around Oct. 1.
The new Xperi Inc. will be an independent, publicly traded company listed with the symbol XPER (its “when-issued” stock will be available for trading sooner as XPER WI). The radio technologies familiar to Radio World readers including HD Radio and DTS AutoStage are part of that entity.
[Related: “Xperi’s Board Approves Company Split“]
Parent Xperi Holding Corp. then will change its name to Adeia Inc., focused on licensing of intellectual property, and is expected to remain trading on the Nasdaq under the new stock symbol ADEA.
The board declared a distribution of then-issued and outstanding shares of common stock, par value $0.001 per share, of Xperi Inc., as a dividend on a pro rata basis to its stockholders of record as of the close of business on Sept. 21. Each stockholder of record on that date will receive a distribution of four shares of Xperi Inc. common stock for every 10 shares of common stock, par value $0.001 per share, of the parent that it holds on that date. Stockholders will receive cash in lieu of fractional shares of Xperi Inc. created as a result of the spinoff.