Hearts might have jumped into throats Thursday after investors checked the stock quote for Corteva.

Shares of the farming input maker were down 81% to $14.50 in premarket trading. The stock closed at $77.65 on Wednesday.

There's a reasonable explanation: Corteva has spun off its seed and seed technology business. The new company is called Vylor.

Sometimes spinoffs trade on a when-issued basis so investors see how the new stock trades, but that didn't happen this time. Investors will have to wait to see how Vylor trades.

On Wednesday, Corteva had a market value of about $52 billion. Most of that value will shift to the seed technology business.

Vylor generated 2025 sales of about $10 billion and earnings before interest, taxes, depreciation, and amortization (Ebitda) of $3 billion. The crop production business, such as herbicides and insecticides, generated sales of $7.5 billion and Ebitda of $1.4 billion. And the seed business has grown earnings more consistently than the crop protection business.

The spinoff terms are one share of Vylor for every share of Corteva. All investors have to do to check portfolio values is add the two prices and compare the sum to $77.65.

Corteva stock was at just under $14 in early trading. Valuing that $1.3 billion in 2025 Ebitda at about $9.3 billion, or less than 10 times its enterprise value, based on expected debt levels.

Vylor stock was at $67.50 in early trading, according to FactSet. That values the seed business at closer to 15 times Ebitda.

Combined, the stocks are worth about $82, up a few percent on the day. The numbers will surely change.

It's been a long road for Vylor and Corteva.

Corteva was spun out of DowDuPont in 2019. Dow and DuPont merged in 2017. Corteva is now essentially the old Dow Agrosciences business. Vylor is DuPont's Pioneer seeds business.