NCR Voyix Corp VYX → NCR Atleos Corporation NATL
| Parent | NCR Voyix Corp VYX |
|---|---|
| Spinco | NCR Atleos Corporation NATL |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 NCR Atleos share for every 2 NCR shares |
| Ratio note | Holders of record held NCR Corporation stock, which became NCR Voyix at completion. |
| Checked against EDGAR | 2026-08-22 |
Data trap
Both sides changed identity. The parent NCR Corporation became NCR Voyix and its ticker moved from NCR to VYX on October 17, 2023, so a parent price series keyed on NCR breaks at day zero. The spinco registrant went through three names of its own, from NCR ATMCo to NCR Atleos LLC to NCR Atleos Corporation. Separately, both the original and final Form 10 information statements carry placeholder bullets where the record and distribution dates should be; those dates exist only in the September 25 8-K and the completion filing.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-09-15Separation announced
- 2023-06-26Form 10 filed
- 2023-08-03Form 10 last amended
- 2023-08-11Form 10 effective
- 2023-10-02Record date
- —When-issued trading opens
- 2023-10-16Distribution
- 2023-11-14First standalone earnings
- —Index inclusion announced
Performance since separation
| NCR Atleos Corporation since separation | price history starts after the separation |
|---|---|
| NCR Voyix Corp over the same window | no window — the spinco is unpriced |
| S&P 500 (SPY) over the same window | no window — the spinco is unpriced |
| Russell 2000 (IWM) over the same window | no window — the spinco is unpriced |
| Excess over the S&P 500 | — |
| Excess over the Russell 2000 | — |
Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2023-06-26 · 0001193125-23-174043Initial Form 10 registration statement
- 10-12B/Afiled 2023-08-03 · 0001193125-23-202490Final Form 10 amendment; information statement carries the 1-for-2 ratio but leaves the record and distribution dates as placeholders
- 8-Kfiled 2023-08-15 · 0001193125-23-212889Form 10 declared effective August 11, 2023; final information statement, still undated as to distribution
- 8-Kfiled 2023-09-25 · 0001193125-23-240865Board authorised the distribution: October 2 record date, October 16 distribution, and the NCR to NCR Voyix rename
- 8-Kfiled 2023-10-18 · 0001193125-23-257872Completion: distribution effective 5:00 p.m. on October 16, 2023; NATL regular-way trading began October 17; the parent's ticker moved from NCR to VYX
- 10-Qfiled 2023-11-14 · 0001974138-23-000023First post-separation periodic report; 70,606,892 shares distributed at separation
Notes
NCR Corporation's split into a point-of-sale software business, which kept the original registrant and renamed itself NCR Voyix, and the ATM business distributed as NCR Atleos. Left unclassified: both carry the same inherited SIC code, which scores non-focus-increasing, while the businesses are self-service hardware against retail software. Classified focus_increasing: the Form 10 splits NCR's retained 'digital commerce' software platform (retail, hospitality, digital banking) from NCR Atleos's ATM hardware/managed-services business (~85,000 ATM locations via the Allpoint network) — the board's own 'Reasons for the Spin-Off' section repeatedly calls the businesses 'disparate' with different growth profiles and cyclicality. NCR Atleos took on roughly $2.9 billion of new debt at separation, partly to fund a cash payment back to NCR — a classic leveraged-spin cash-out — and committed to a specific 35%-of-free-cash-flow dividend payout from day one, unusually concrete for a new spinco.