The process of spinoff is as following: 1- The company decides to spin off a business division. 2- The parent company files the necessary paperwork with the Securities and Exchange Commission (SEC). 3- The spinoff becomes a company of its own and must also file paperwork with the SEC. 4- Shares in the new company are distributed to parent company shareholders. 5- The spinoff company goes public. Now, the period between step 4 and step 5 the ARTL's(the acronym) shares will be restricted.JMO, hope am right.
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