"...Adaptec announced its wholly owned subsidiary, Roxio, has filed a Form 10 with the Securities and Exchange Commission (SEC), today, in order to proceed with its planned spin-out from Adaptec. As previously announced, Adaptec has decided to spin its software business out so each company can concentrate on its unique growth objectives: Adaptec concentrating on improving access to and protection of information stored on servers, networks and desktops, and Roxio focusing on digital media.
Upon acceptance of the filing by the SEC, and formal approval by the Adaptec board of directors, Adaptec plans to distribute all of the shares of Roxio to the existing Adaptec shareholders in one distribution, which is contemplated to take place in April. Adaptec's goal is for the distribution to be tax-free.
Adaptec initially had proposed a two-step spin, including an Initial Public Offering for its software division. Adaptec withdrew its IPO plans for Roxio in January when tech sector market conditions proved unfavorable. The one-step spin now planned for Roxio will get public shares on the market without an IPO. Upon the distribution of the Roxio shares to Adaptec shareholders, Roxio's securities will then be traded on NASDAQ under the symbol "ROXI"..."