The last para of a lengthy SA article. Seems pretty positive on the whole.
The trade I recommend is to buy HBIO now because you receive HART shares tax-free. In my opinion, HBIO's current price of $5.40 does not contain much, if any, of the HART dividend. After the ex-d date, sell HBIO and hold on to HART as long as it is behaving itself (you have to know what you are doing here). If HART's market cap gets to $400M+ I would seriously consider taking the profit and standing aside. In any event, this is an unusual trading situation. I have established a long position in HBIO just to see what happens. Buy-and-hold types should look elsewhere for opportunities.
For HART's cap to get to $400 mill, each HART share would have to trade at $40 or more. That seems unlikely to happen in short term. In some sense, it may be HBIO shares which will become more valuable as they shed money losing division which is what HART is now.
Date of record has not practical meaning, other than when the when-issued shares start to trade. (HARTV and HBIOV) The important date is Nov 1, when the "regular" or new HBIO and HART shares start to trade (actual split in effect). The dates between "record date" and "regular trade date", the shares are technically split, but "travel together", meaning if you buy HBIO before Nov 1, you will get the HART dividend shares. This is the confusing part of spin-offs, but just know the divided will find you if you buy before Nov 1.