CompoSecure (CMPO) said Monday its board has approved the spin-off of its newly formed unit, Resolute Holdings Management.

All CompoSecure shareholders as of the record date of Feb. 20 will receive one Resolute share for every 12 CompoSecure shares on Feb. 28, CompoSecure said.

The company said Resolute shares are expected to trade on Nasdaq under the symbol "RHLD," with "when-issued" trading anticipated to start on or about Feb. 20.

CompoSecure also said its board has raised its current share buyback authorization to up to $100 million from $40 million.