DXC Technology’s board of directors has set a record date of May 25 for the spinoff of its U.S. public sector business — a new, publicly traded company named Perspecta Inc.
Subject to satisfaction of applicable conditions, the distribution of shares of common stock of Perspecta is expected to happen May 31, after the close of trading on the New York Stock Exchange. DXC stockholders will receive one share of Perspecta common stock for every two shares of DXC common stock held May 25, the record date for the distribution.
After its separation from DXC, Perspecta is slated to complete its merger with Vencore and KeyPoint Government Solutions on May 31, subject to satisfaction of the conditions to the merger.
Perspecta will be listed on the NYSE under the symbol PRSP.
On or about May 24 and through the distribution date, there will be two markets in DXC common stock. Shares that trade in the “regular-way” market will be entitled to receive the shares of Perspecta common stock, while shares that trade in the “ex-distribution” market will trade without the entitlements to shares of Perspecta common stock. Shares of DXC in the “ex-distribution” market will trade under the symbol DXC WI.
DXC anticipates that “when-issued” trading in Perspecta shares will also begin on or about May 24, and will continue up to and through the distribution date. Shares of Perspecta in the “when-issued” market will trade under the symbol PRSP WI. Subject to satisfaction of relevant conditions, “regular-way” trading in Perspecta’s common stock is expected to begin June 1.
DXC stockholders who decide to sell any of their common stock before May 31 should consult with their stockbroker, bank or other nominee to understand whether the shares of DXC common stock will be sold with or without the entitlements to Perspecta common stock.