## NCR's Strategic Spinoff: What Investors Need to Know About the Atleos and Voyix Split Timeline

On October 16, 2023, NCR Corporation will execute a major business separation, distributing all shares of NCR Atleos Corporation to existing stockholders. The separation represents one of the company's most significant moves in its 139-year history, culminating in two independent publicly-traded entities on the New York Stock Exchange.

### The Share Distribution Mechanics

Shareholders of record as of 5:00 p.m. EST on October 2, 2023 will receive one share of Atleos common stock for every two shares of NCR common stock held. The distribution will be completed after market close on October 16, 2023, also at 5:00 p.m. local New York City time. Fractional shares will be aggregated and sold on the open market, with proceeds distributed as cash to affected shareholders—streamlining the process without requiring any action from stockholders.

This arrangement qualifies as a tax-free transaction under U.S. federal income tax law, pending satisfaction of specific conditions outlined in the company's Form 10 filing and related Information Statement published on August 14, 2023.

### Trading Timeline and Ticker Symbol Changes

The separation creates a unique dual-trading window for NCR shareholders. Beginning approximately October 11, 2023, NCR's common stock will trade in two markets on the NYSE: the traditional "regular way" market under ticker "NCR," and an "ex-distribution" market under ticker "VYX WI." Shares trading regular-way retain distribution rights; ex-distribution shares do not.

Following the separation, the landscape shifts dramatically. NCR will be renamed NCR Voyix Corporation, with its shares trading under the new ticker "VYX" starting October 17, 2023. Meanwhile, Atleos will debut as a standalone company under the ticker "NATL," also beginning regular-way trading on October 17, 2023. When-issued trading for Atleos shares is expected to begin around October 11, 2023 under "NATL WI."

### Business Segments and Company Focus

Atleos will operate the company's ATM-focused divisions, encompassing self-service banking infrastructure, payments and network solutions, and telecommunications and technology services. The company will be structured as an independent Maryland corporation, standing alone on the NYSE with no retained ownership by Voyix.

Voyix will continue NCR's commerce-related business operations, maintaining the company's core customer relationships and market position in the broader technology and services ecosystem.

### Leadership Vision for Two Separate Entities

Michael D. Hayford, CEO of NCR during this transition, emphasized the collaborative achievement: "Today's announcement represents a critical milestone. Through the dedication of our teams, we've positioned both companies to build on NCR's legacy as value-creators. With over a century of innovation behind us, Voyix and Atleos are poised for their next chapters."

Tim Oliver, Atleos' CEO-designate, added perspective on the new entity's positioning: "We're taking a decisive step toward launching a truly independent public company. Carrying forward the company's heritage while leveraging our talented workforce, Atleos enters this phase with strong momentum."

David Wilkinson, designated CEO of Voyix, reinforced the commitment to continuity: "We remain proud stewards of NCR's legacy. Our focus is delivering world-class service globally while building lasting partnerships with customers, employees, and stakeholders to drive long-term value."

### Conditions and Contingencies

The distribution depends on several fulfillment conditions, including availability of acceptable debt financing terms and completion of necessary financing transactions. These conditions—detailed in the Form 10 and Information Statement—do not obligate the company to proceed with distribution on the stated date or at all.

The company's Board retains discretion to adjust the record date, postpone the distribution, or decline to proceed entirely. However, NCR and Atleos currently expect all conditions to be satisfied by the distribution date, with the split occurring as planned.

### Tax and Investor Considerations

While the separation is intended to qualify as tax-free at the federal level, shareholders should consult tax advisors regarding state, local, and international tax implications specific to their circumstances. No stockholder action is required to receive Atleos shares, as distribution will occur in book-entry form without requiring physical stock certificates or share surrender.

An Information Statement containing comprehensive details about Atleos' business operations, management structure, and the distribution process will be mailed to shareholders prior to October 16, 2023.

### Looking Ahead

This separation reflects NCR's strategic evolution, allowing each business to operate with focused strategies tailored to distinct market segments. With 35,000 employees globally, the company has successfully navigated complex operational separation while maintaining continuity and shareholder value considerations.

The split underscores how established technology firms can unlock value through strategic portfolio refinement, enabling specialized focus in self-service banking infrastructure and related services (Atleos) alongside broader commerce technology solutions (Voyix). Both entities enter the public markets with distinct competitive advantages and dedicated executive leadership.