$VYLR · Vylor Inc.

Corteva, Inc. completed the separation of its seed operating segment into Vylor Inc., effective October 1, 2026. The spin-off was executed via a pro rata distribution of 667,302,930 Vylor shares to Corteva stockholders. In the transaction, Vylor acquired Pioneer Hi-Bred International, paid ~$761M cash to EIDP, and assumed portions of EIDP's senior notes. Vylor simultaneously entered $4.5B in credit facilities (a $3B five-year revolver and a $1.5B 364-day revolver), drawing $3.078B to repay the PHI Bilateral Facility. A new seven-member board and executive team were installed, led by CEO-elect/

Markets closed — no regular-session reaction yet; extended-hours move not captured here. Spin-off completions typically see elevated volume and price discovery in early trading as index funds and Corteva holders adjust to the new entity.

A $48.7B market-cap seed giant begins trading independently, creating a new pure-play agribusiness stock that will reset sector valuations and index weightings.

The Corteva-Vylor split mirrors the broader agribusiness trend of separating seeds/traits from crop protection chemicals, following similar moves by peers to unlock segment-specific valuations.

As a newly independent company, Vylor faces execution risk in establishing standalone operations, including IT systems, treasury, and public-company compliance. The $3.078B in revolver draws and assumption of EIDP Notes create immediate leverage.