Such as
ab>=-14&P1>=174.1&EVk<34341 or Missing&xyz<214.98 or Missing&EVk<154 or Missing&P1>=1741
Convert multiple rows of data:
ab>=-14
P1>=174.1
EVk<34341 or Missing
xyz<214.98 or Missing
EVk<154 or Missing
P1>=1741

This is an easy one, given the Word() function in JMP. The script below assumes the line of text is in a JMP data table called "Text", and the column name is "Column 1". But, with minor modifications, it could work on a text string read into a JMP variable.
Names Default To Here( 1 );
dt = Data Table( "Text" );
dtOut = New Table( "Output", New Column( "T1", character ) );
wordCNT = 1;
While( Word( wordCNT, dt:Column 1[1], "&" ) != "",
dtOut << add Rows( 1 );
dtOut:T1[wordCNT] = Word( wordCNT, dt:Column 1[1], "&" );
wordCNT++;
);