This HONIV security is an "ex-distribution / when-issued" instrument, created in anticipation of Honeywell's separation of its Advanced Materials division. This divestiture will establish Solstice Advanced Materials Inc. as a new, independent company. According to official disclosures, Honeywell will allocate one share of Solstice common stock for every four shares of Honeywell stock held by investors as of the designated record date.