BorgWarner today announced that it expects to complete the spin-off of PHINIA at the end of the day on July 3, 2023, as outlined in PHINIA’s final information statement filing with the Securities and Exchange Commission.
PHINIA common stock will be traded on the New York Stock Exchange under the ticker symbol PHIN. The first day of trading is expected to be Wednesday, July 5, 2023.
In December 2022, BorgWarner announced its intent to spin off the Fuel Systems and Aftermarket segments (later named PHINIA), consistent with its Charging Forward strategy.
Upon completion of the intended separation, BorgWarner shareholders will receive one share of PHINIA common stock for each five shares of BorgWarner common stock they hold via a pro rata, special distribution of PHINIA shares.
Any holders of BorgWarner common stock who sell shares the “regular way” on or before the completion date will also be selling their right to receive common stock of PHINIA.