Corteva Inc. shares plunged about 82% Thursday after the company completed the spin-off (corporate separation) of its seed and genetics business into separately traded Vylor Inc. The decline primarily reflects the transfer of Vylor’s value out of Corteva, making the post-transaction share price difficult to compare directly with its pre-separation level. Corteva shareholders of record as of Sept. 24 received Vylor shares while retaining their Corteva holdings. The transaction proceeded after the U.S. Court of Appeals for the Fourth Circuit reversed a procedural ruling on Wednesday involving California’s effort to delay the separation, while leaving the merits unresolved. The District Court later denied California’s motion to block the deal. Vylor also completed debt exchange offers involving $434.8 million of EIDP’s 2.300% senior notes due 2030, $476.2 million of its 5.125% notes due 2032 and $527.6 million of its 4.800% notes due 2033. Corteva now operates as a pure-play crop protection company, with nearly 9,000 employees serving growers in about 110 countries. It said revenue rose by more than $1 billion between 2020 and 2025, while segment operating EBITDA (earnings before interest, taxes, depreciation and amortization) margins expanded by about 250 basis points. The company cited an $11 billion crop protection pipeline, 12 planned active-ingredient launches over the next decade, including five biological products, and differentiated technologies accounting for about 65% of sales.