I hope it works out differently for shareholders of ARSC, but each time I've seen companies talk of stock dividends or spin-offs, one of only two things have happened:
1. The shares are never distributed at all
2. The shares get distributed, but are restricted and the company sells most of all of their shares (unrestricted for them for some reason), before the shares become unrestricted for the shareholders. And the share price goes to no bid.
Again,I hope it works out differently for ARSC, but I've never seen a highly dilutive penny stock do ANYTHING that is good for its shareholders.
Best of luck!!