The value of the Spin-off (Total Vapor) will be assigned once they do an audit of those assets. A spin-off is basically a corporate action which the corporation divests an asset/equity ownership in another entity by distributing part/all of the assets to its shareholders. The market value remains the same.
There are many scenarios that can shape a spin-off depending on the parent company's plans for each segment, which we won't know until they submit the plan...but here is a very basic example...
Let's assume theres 100k shares of co A outstanding and each share trades for $100 = $10m M/C.
Let's also assume co A chooses to assign 100k shares to its subsidiary Co B valued at $30 share. Co A's equity investment in Co B is now worth $3m.
Co A divests it's ownership in Co B to its common shareholders through a spin-off and each Co A shareholder will receive 1 share of Co B stock. After the distribution of assets Co A has a new MC of $7mil and Co B has a MC of $3Mil. Accordingly Co A's pps is reduced by $30. If an investor has a $10k investment in Co A prior to the investment, the market value of the investor is unchanged where he will own 100 shares of Co A for $70/shr = $7000 and 100 shares of Co B for $30/shr = $3000.
This is a simplified explanation of course.
In regards to trading....If they do a S-1 registration then there's no restrictions on trading the new ticker. Although there may be a 20 day DTC Chill in some cases which only applies to selling for those holding shares (you can still call your broker to place the order). I'm sure you've noticed this if you've ever held shares through a reverse split, where it takes a few days for the shares to show up in your account...at times this restriction can cause a huge price jump since most of the action is on the buy side.
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