board of directors have approved the spin-off of
Roxio, the software arm of Adaptec, late last week and declared a special stock dividend to Adaptec stockholders to distribute outstanding shares of Roxio that Adaptec owns. The special stock dividend should be payable on May 11 to company stockholders of record on April 30, and will mark the completion of the spin-off from Adaptec.
The trading of the common stock of Roxio on the Nasdaq National Market is expected to begin on May 14, under the ticker symbol “ROXI” contingent upon all the legal requirements.
Roxio is best known to Mac users as the gang behind Toast. Last month,
Roxio released Toast 5 Titanium, an update that incorporates a brand new graphical user interface, and also sports the ability to do background work, regardless of whether or not your drive has buffer underrun (or “burnproof”) protection.
Adaptec holders of record will receive a pro-rata distribution of Roxio common stock based on the number of Adaptec and Roxio shares outstanding on April 30, the record date, and a cash payment in lieu of any fractional shares. There were 98,565,191 shares of Adaptec common stock outstanding at Dec. 31, and there will be 16,500,000 shares of Roxio common stock outstanding as of the record date.