I think they are planning an ipo of part of it, rather than a spin off to shareholders. I think you are right that the correct term is "spin out." You can check the sec website to see when they file their next amendment to the S-1. The last one that I read did not have the financial info. They must be waiting until they report 3rd quarter numbers to drop those into the prospectus. I thought they said early December if market conditions warrant. who knows in this crazy environment.