Here's what you get. For every share of HRS that you own you will receive .24 shares (roughly one-fourth) of HSTX (Harris Stratex). So, if you had 100 shares of HRS, you would receive 24 shares of HSTX. The stock for HSTX has mired below $4 for a long time but is in the mid 4's now. The folks on the HSTX board have been speculating how the release of over 50% of the company stock will affect the price. Some feel that the bigger float volume will allow big money funds to enter the stock thus supporting the price higher. However, some think there will be a temporary drop in the HSTX stock as all of the HRS owners sell their HSTX. I think it will be chaos until HSTX reports two quarters on their independent financials.
I think in the near term you will see a lot of downward pressure on Stratex networks as the various S&P 500 index funds that own Harris dump their ownership in the subsidiary. Fundamentals aside, these are typically good buying opportunities because the big funds simply have to dump the stock. Whether HSTX is a good buy at any price is probably a subject for a different post (and perhaps a different discussion board).
I believe Harris's earnings in Q2 were artificially low due to the writedown associated with its ownership in HSTX; if you remove that writedown from the P&L you will see a strong company with steady revenues and a "wide moat" trading at a very low multiple. Hopefully post-spinoff the P&L's optics will look better and HRS will have significant upside.