Note: Premium members can sort this table by Spinoff Name, Spinoff Symbol, Announced Date, Spinoff Date, First Day Closing, Spinoff Last Price, Spinoff Performance, Spinoff Current Volume, Parent Name, Parent Symbol, Parent First Day Closing, Parent Last Price, Parent Performace, Parent Current Volume and Type.
| Spinoff Name | Spinoff Symbol | Announced Date | Spinoff Date | First Day Closing | Spinoff Last Price | Spinoff Performance | Spinoff Current Volume | Parent Name | Parent Symbol | Parent First Day Closing | Parent Last Price | Parent Performace | Parent Current Volume | Type | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GE Vernova | GEV | 11/09/2021 | 04/02/2024 | 140.00 | 134.75 | -3.75% | 6,148,405 | General Electric Company | GE | 136.47 | 155.67 | 14.07% | 6,510,018 | Spinoff | |
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General Electric Company, spinoff details: GE (GE) announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy by combining GE Renewable Energy, GE Power, and GE Digital into one business, positioned to lead the energy transition, and then pursuing a tax-free spin-off of this business in early 2024. Update(s): July 18, 2022: GE Unveils Brand Names for Three Planned Future Public Companies Healthcare business to be named GE HealthCare GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova Aviation business to be named GE Aerospace
October 24, 2023: Third quarter results Drove strong revenue and operating profit growth in Renewable Energy and Power. Renewable Energy revenue grew 14% organically* with double-digit equipment growth in Grid, North America Onshore Wind, and Offshore Wind. Power also grew with revenue up 9% organically*. October 24, 2023: GE announced that it plans to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024. Following completion of the planned spin-off, shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV,” and GE Aerospace will continue GE’s listing on the New York Stock Exchange under the ticker symbol “GE.” February 15, 2024: GE announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of GE Vernova. GE Vernova is expected to spin off from GE in early April, subject to final approval from the GE Board of Directors and other customary conditions. February 29, 2024: Board sets spin-off date for GE Vernova (GEV) of April 2, 2024, pre-market. Shareholders of record on March 19, 2024, will receive one share of GE Vernova for every four shares of GE owned. Following the planned spin-off of GE Vernova, GE shareholders will continue to hold their GE shares as GE Aerospace shares. April 2, 2024: GE Vernova (GEV) announced that its spin-off from GE (GE) is complete and begins trading as an independent company under the ticker symbol GEV. GE Aerospace will trade under the ticker “GE”. Each holder of record of GE common stock received one share of GE Vernova Inc. common stock for every four shares of GE common stock held on March 19, 2024. | |||||||||||||||
| Solventum | SOLV | 07/26/2022 | 04/01/2024 | 69.10 | 61.75 | -10.64% | 1,727,834 | 3M Company | MMM | 94.02 | 90.96 | -3.25% | 3,368,082 | Spinoff | |
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3M Company , spinoff details: 3M Co (MMM) disclosed plans to spin off its healthcare business into a listed company, joining a raft of U.S. manufacturers looking to simplify their business and boost investor returns. 3M Co Investor Relations Update(s): November 16, 2023: 3M (MMM) announced Solventum will be the name of the planned, independent health care company following its spin-off. February 21, 2024: 3M (MMM) announced the filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for the planned spin-off of its Health Care business as the newly independent health care company Solventum. Solventum to spin off from 3M on April 1, 2024, subject to final approval from the 3M Board of Directors and other required conditions. Solventum has applied to list on the New York Stock Exchange as "SOLV". March 8, 2024: 3M (MMM) announced that its Board of Directors has approved the planned spin-off of its Health Care business, which will be known as Solventum Corporation. Holders of 3M common stock will be entitled to receive one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18, 2024, the record date for the distribution. 3M's Board of Directors approved the distribution to 3M shareholders of 80.1% of the outstanding shares of Solventum. 3M will retain 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off. Record date March 18, 2024 Distribution date April 1, 2024 Trading Details 3M anticipates that "when-issued" trading in Solventum common stock on the NYSE will begin on or about March 26, 2024, under the symbol "SOLV WI," and Solventum common stock will begin "regular-way" trading on the NYSE on the distribution date, April 1, 2024, under the symbol "SOLV." Holders of 3M common stock will be entitled to receive one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18, 2024, the record date for the distribution. 3M's Board of Directors approved the distribution to 3M shareholders of 80.1% of the outstanding shares of Solventum. 3M will retain 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off. Record date March 18, 2024 Distribution date April 1, 2024 Trading Details 3M anticipates that "when-issued" trading in Solventum common stock on the NYSE will begin on or about March 26, 2024, under the symbol "SOLV WI," and Solventum common stock will begin "regular-way" trading on the NYSE on the distribution date, April 1, 2024, under the symbol "SOLV." Solventum plans to host an Investor Day in New York City on Tuesday, March 19, 2024 April 1, 2024: 3M completed the planned spin-off of its health care business, which formally launches Solventum Corporation (SOLV) as an independent company. Holders of 3M common stock received one share of Solventum common stock for every four shares of 3M common stock held on March 18, 2024 (Record date). 3M retained 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off. | |||||||||||||||
| Atmus Filtration Technologies Inc. | ATMU | 02/14/2024 | 03/18/2024 | 26.83 | 32.2 | 20.01% | 1,121,965 | Cummins Inc. | CMI | 286.12 | 291.36 | 1.83% | 757,537 | Spinoff | |
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Cummins Inc., spinoff details:
Cummins Inc. (CMI) announced it will begin an exchange offer to fully separate its remaining stake in Atmus Filtration Technologies Inc. (ATMU). Cummins shareholders can exchange their Cummins shares for Atmus shares at a 7% discount, with an upper limit of 13.3965 Atmus shares for each Cummins share tendered. Cummins currently holds 67,054,726 shares of Atmus common stock, which constitutes approximately 80.5% of the total outstanding shares. In the exchange offer, Cummins is offering all of its Atmus stock. If the offer is not fully subscribed, Cummins plans to distribute the remaining Atmus shares to its shareholders in a tax-free manner, subject to specific conditions. Upon completion of the exchange offer and related transactions, Cummins will no longer be the controlling shareholder of Atmus, and Atmus will operate as an independent entity. Cummins Inc. (CMI) announced it will begin an exchange offer to fully separate its remaining stake in Atmus Filtration Technologies Inc. (ATMU). Cummins shareholders can exchange their Cummins shares for Atmus shares at a 7% discount, with an upper limit of 13.3965 Atmus shares for each Cummins share tendered. If the upper limit is not in effect, tendering shareholders are expected to receive approximately $107.53 of Atmus common stock for every $100 of Cummins common stock tendered. Cummins currently holds 67,054,726 shares of Atmus common stock, which constitutes approximately 80.5% of the total outstanding shares. In the exchange offer, Cummins is offering all of its Atmus stock. If the offer is not fully subscribed, Cummins plans to distribute the remaining Atmus shares to its shareholders in a tax-free manner, subject to specific conditions. Upon completion of the exchange offer and related transactions, Cummins will no longer be the controlling shareholder of Atmus, and Atmus will operate as an independent entity. Cummins Atmus Exchange Offer Details Cummins Inc. Investor Relations Atmus Filtration Technologies Inc. Investor Relations Update(s): March 18, 2024: Atmus Filtration Technologies (ATMU) announced its separation from Cummins (CMI) commencing operations as an independent entity. | |||||||||||||||
| Nextracker | NXT | 10/25/2023 | 01/02/2024 | 47.42 | 44.78 | -5.57% | 3,987,005 | Flex Ltd. | FLEX | 30.30 | 28.085 | -7.31% | 2,508,093 | Spinoff | |
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Flex Ltd., spinoff details:
Nextracker (NXT), one of the leading providers of intelligent solar tracker and software solutions, announced Flex Ltd.’s (FLEX) plan to effect a spin-off of all of its remaining interests in Nextracker Inc. to Flex shareholders which would result in a separation by Flex from its ownership in Nextracker. The separation from Flex is currently expected to close in fiscal Q4 ending March 31, 2024. David A. Rubin - Vice President-Investor Relations, Flex Ltd. https://www.sec.gov/Archives/edgar/data/866374/000119312523264151/d565372d425.htm Earlier today, we were pleased to announce our plan to spin-off all of Flex’s remaining interest in Nextracker to Flex shareholders. As previously disclosed, Flex retained the option to affect the spin-off pursuant to a merger agreement entered into by Flex and Nextracker in connection with Nextracker’s initial public offering. We believe that the spin-off is the most advantageous form of separation for Flex, Nextracker, and our respective shareholders. Specifically, it provides the opportunity to distribute Flex’s interest in Nextracker to Flex shareholders in a tax-free manner for US federal income tax purposes and allows Flex to focus on our core strategies and long-term value creation for our shareholders. Nextracker (NXT), one of the leading providers of intelligent solar tracker and software solutions, announced Flex Ltd.’s (FLEX) plan to effect a spin-off of all of its remaining interests in Nextracker Inc. to Flex shareholders which would result in a separation by Flex from its ownership in Nextracker. The separation from Flex is currently expected to close in fiscal Q4 ending March 31, 2024. David A. Rubin - Vice President-Investor Relations, Flex Ltd. Earlier today, we were pleased to announce our plan to spin-off all of Flex’s remaining interest in Nextracker to Flex shareholders. As previously disclosed, Flex retained the option to affect the spin-off pursuant to a merger agreement entered into by Flex and Nextracker in connection with Nextracker’s initial public offering. We believe that the spin-off is the most advantageous form of separation for Flex, Nextracker, and our respective shareholders. Specifically, it provides the opportunity to distribute Flex’s interest in Nextracker to Flex shareholders in a tax-free manner for US federal income tax purposes and allows Flex to focus on our core strategies and long-term value creation for our shareholders. Update(s): January 2, 2024: Flex (FLEX) announced the completion of the spin-off of all of its remaining interest in Nextracker to Flex shareholders on a pro rata basis. Under the previously disclosed terms of the transaction, Flex shareholders received approximately 0.17 shares of Nextracker Class A common stock for every Flex ordinary share held as of the record date of December 29, 2023, with 74,432,619 shares of Nextracker Class A common stock issued to Flex shareholders in the aggregate. Flex shareholders will receive cash in lieu of any fractional shares. As a result of the completion of the spin-off, Flex no longer directly or indirectly holds any shares of Nextracker common stock or any securities convertible into or exchangeable for shares of Nextracker common stock. Flex ordinary shares will continue to trade on Nasdaq under the ticker symbol "FLEX" and shares of Nextracker Class A common stock will continue to trade on Nasdaq under the ticker symbol "NXT". Nextracker Investor Relations | |||||||||||||||
| Worthington Steel, Inc. | WS | 09/29/2022 | 12/01/2023 | 22.20 | 32.69 | 47.25% | 151,938 | Worthington Enterprises, Inc. | WOR | 45.56 | 58.11 | 27.55% | 243,961 | Spinoff | |
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Worthington Enterprises, Inc., spinoff details: Worthington Industries, Inc. (WOR), a leading industrial manufacturing company, announced that its Board of Directors unanimously approved a plan to pursue a separation of the company’s Steel Processing business into a new public company. September 29, 2022: Company Separation Presentation Update(s): August 4, 2023: Worthington 2024: Worthington Enterprises Overview - Investor Presentation Worthington 2024: Worthington Steel Overview Investor Presentation September 26, 2023: Worthington Enterprises announced it will include the company’s Building Products, Consumer Products and Sustainable Energy Solutions businesses. Worthington Steel will be the company’s Steel Processing business. The separation is expected to occur as early as December 2023, ahead of the originally projected timing of early 2024. October 4, 2023: Worthington Industries, Inc. (WOR) announced the public filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission in connection with its planned separation of the Company’s Steel Processing business, Worthington Steel. October 11, 2023: Worthington Enterprises Investor Day Worthington Steel Investor Presentation Worthington Enterprises Investor Presentation November 9, 2023: Worthington Industries, Inc. announced that its Board of Directors approved the previously announced separation of its Steel Processing business, Worthington Steel, Inc. via a spin-off. The Board declared a pro rata distribution of 100% of the outstanding common shares of Worthington Steel to Worthington Industries shareholders of record as of the close of business on November 21, 2023 (the “Record Date”). The distribution is expected to be payable prior to market open on December 1, 2023 (“Distribution Date”). As a result of the distribution, Worthington Industries shareholders will receive one common share of Worthington Steel for every one common share of Worthington Industries they hold on the Record Date. Record Date November 21, 2023 Distribution Date December 1, 2023 December 1, 2023: Worthington Enterprises, Inc. (WOR) formerly Worthington Industries, Inc., a leading industrial manufacturing company, completed the previously announced separation of its Steel Processing business, Worthington Steel, Inc., into a standalone, publicly traded company. Worthington Steel common stock begins “regular-way” trading on the New York Stock Exchange (NYSE) today under the ticker symbol “WS”. Worthington Enterprises common stock continues trading on the NYSE under the ticker symbol “WOR”. Worthington Enterprises, Inc. (WOR) formerly Worthington Industries, Inc., a leading industrial manufacturing company, completed the previously announced separation of its Steel Processing business, Worthington Steel, Inc., into a standalone, publicly traded company. Worthington Steel common stock begins “regular-way” trading on the New York Stock Exchange (NYSE) today under the ticker symbol “WS”. Worthington Enterprises common stock continues trading on the NYSE under the ticker symbol “WOR”. Worthington Enterprises, Inc. (WOR) formerly Worthington Industries, Inc. Investor Relations | |||||||||||||||
| Mural Oncology | MURA | 11/02/2022 | 11/16/2023 | 4.00 | 3.75 | -6.25% | 298,185 | Alkermes plc | ALKS | 23.71 | 24.05 | 1.43% | 2,254,805 | Spinoff | |
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Alkermes plc , spinoff details: Alkermes plc (ALKS) announced approval by its Board of Directors to explore separating its commercial-stage neuroscience business and development-stage oncology business. Update(s): October 17, 2023: Mural Oncology Investor Call - View Presentation November 15, 2023: Alkermes plc (ALKS) announced that it has completed the separation of its oncology business into Mural Oncology plc, a new, independent, publicly traded company. Alkermes is now a pure-play, profitable neuroscience company that will continue its work to develop innovative medicines for people living with difficult-to-treat psychiatric and neurological disorders. Mural Oncology will begin "regular way" trading on the Nasdaq Global Market under the stock ticker symbol "MURA" on Nov. 16, 2023. Alkermes will continue to trade under the Nasdaq ticker symbol "ALKS." Upon completion of the separation, each of Alkermes' shareholders received a distribution of one ordinary share of Mural Oncology for every 10 ordinary shares of Alkermes held as of the close of business on November 6, 2023, the record date for the distribution. Alkermes plc (ALKS) announced that it has completed the separation of its oncology business into Mural Oncology plc, a new, independent, publicly traded company. Alkermes is now a pure-play, profitable neuroscience company that will continue its work to develop innovative medicines for people living with difficult-to-treat psychiatric and neurological disorders. Mural Oncology will begin "regular way" trading on the Nasdaq Global Market under the stock ticker symbol "MURA" on Nov. 16, 2023. Alkermes will continue to trade under the Nasdaq ticker symbol "ALKS." Upon completion of the separation, each of Alkermes' shareholders received a distribution of one ordinary share of Mural Oncology for every 10 ordinary shares of Alkermes held as of the close of business on November 6, 2023, the record date for the distribution. Alkermes plc Investor Relations | |||||||||||||||
Note: Premium members can sort this table Spinoff Name, Announced Date and Parent Symbol.
| Spinoff Name | Announced Date | Parent Symbol | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GE Vernova | 11/09/2021 | GE | |||||||||||||
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General Electric Company, spinoff details: GE (GE) announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy by combining GE Renewable Energy, GE Power, and GE Digital into one business, positioned to lead the energy transition, and then pursuing a tax-free spin-off of this business in early 2024. Update(s): July 18, 2022: GE Unveils Brand Names for Three Planned Future Public Companies Healthcare business to be named GE HealthCare GE’s portfolio of energy businesses, including GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services, to come together as GE Vernova Aviation business to be named GE Aerospace
October 24, 2023: Third quarter results Drove strong revenue and operating profit growth in Renewable Energy and Power. Renewable Energy revenue grew 14% organically* with double-digit equipment growth in Grid, North America Onshore Wind, and Offshore Wind. Power also grew with revenue up 9% organically*. October 24, 2023: GE announced that it plans to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024. Following completion of the planned spin-off, shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV,” and GE Aerospace will continue GE’s listing on the New York Stock Exchange under the ticker symbol “GE.” February 15, 2024: GE announced the filing of its Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of GE Vernova. GE Vernova is expected to spin off from GE in early April, subject to final approval from the GE Board of Directors and other customary conditions. February 29, 2024: Board sets spin-off date for GE Vernova (GEV) of April 2, 2024, pre-market. Shareholders of record on March 19, 2024, will receive one share of GE Vernova for every four shares of GE owned. Following the planned spin-off of GE Vernova, GE shareholders will continue to hold their GE shares as GE Aerospace shares. April 2, 2024: GE Vernova (GEV) announced that its spin-off from GE (GE) is complete and begins trading as an independent company under the ticker symbol GEV. GE Aerospace will trade under the ticker “GE”. Each holder of record of GE common stock received one share of GE Vernova Inc. common stock for every four shares of GE common stock held on March 19, 2024. | |||||||||||||||
| Solventum | 07/26/2022 | MMM | |||||||||||||
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3M Company , spinoff details: 3M Co (MMM) disclosed plans to spin off its healthcare business into a listed company, joining a raft of U.S. manufacturers looking to simplify their business and boost investor returns. 3M Co Investor Relations Update(s): November 16, 2023: 3M (MMM) announced Solventum will be the name of the planned, independent health care company following its spin-off. February 21, 2024: 3M (MMM) announced the filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for the planned spin-off of its Health Care business as the newly independent health care company Solventum. Solventum to spin off from 3M on April 1, 2024, subject to final approval from the 3M Board of Directors and other required conditions. Solventum has applied to list on the New York Stock Exchange as "SOLV". March 8, 2024: 3M (MMM) announced that its Board of Directors has approved the planned spin-off of its Health Care business, which will be known as Solventum Corporation. Holders of 3M common stock will be entitled to receive one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18, 2024, the record date for the distribution. 3M's Board of Directors approved the distribution to 3M shareholders of 80.1% of the outstanding shares of Solventum. 3M will retain 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off. Record date March 18, 2024 Distribution date April 1, 2024 Trading Details 3M anticipates that "when-issued" trading in Solventum common stock on the NYSE will begin on or about March 26, 2024, under the symbol "SOLV WI," and Solventum common stock will begin "regular-way" trading on the NYSE on the distribution date, April 1, 2024, under the symbol "SOLV." Holders of 3M common stock will be entitled to receive one share of Solventum common stock for every four shares of 3M common stock held at the close of business on March 18, 2024, the record date for the distribution. 3M's Board of Directors approved the distribution to 3M shareholders of 80.1% of the outstanding shares of Solventum. 3M will retain 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off. Record date March 18, 2024 Distribution date April 1, 2024 Trading Details 3M anticipates that "when-issued" trading in Solventum common stock on the NYSE will begin on or about March 26, 2024, under the symbol "SOLV WI," and Solventum common stock will begin "regular-way" trading on the NYSE on the distribution date, April 1, 2024, under the symbol "SOLV." Solventum plans to host an Investor Day in New York City on Tuesday, March 19, 2024 April 1, 2024: 3M completed the planned spin-off of its health care business, which formally launches Solventum Corporation (SOLV) as an independent company. Holders of 3M common stock received one share of Solventum common stock for every four shares of 3M common stock held on March 18, 2024 (Record date). 3M retained 19.9% of the outstanding shares of Solventum common stock, which will be monetized within five years following the spin-off. | |||||||||||||||
| Atmus Filtration Technologies Inc. | 02/14/2024 | CMI | |||||||||||||
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Cummins Inc., spinoff details:
Cummins Inc. (CMI) announced it will begin an exchange offer to fully separate its remaining stake in Atmus Filtration Technologies Inc. (ATMU). Cummins shareholders can exchange their Cummins shares for Atmus shares at a 7% discount, with an upper limit of 13.3965 Atmus shares for each Cummins share tendered. Cummins currently holds 67,054,726 shares of Atmus common stock, which constitutes approximately 80.5% of the total outstanding shares. In the exchange offer, Cummins is offering all of its Atmus stock. If the offer is not fully subscribed, Cummins plans to distribute the remaining Atmus shares to its shareholders in a tax-free manner, subject to specific conditions. Upon completion of the exchange offer and related transactions, Cummins will no longer be the controlling shareholder of Atmus, and Atmus will operate as an independent entity. Cummins Inc. (CMI) announced it will begin an exchange offer to fully separate its remaining stake in Atmus Filtration Technologies Inc. (ATMU). Cummins shareholders can exchange their Cummins shares for Atmus shares at a 7% discount, with an upper limit of 13.3965 Atmus shares for each Cummins share tendered. If the upper limit is not in effect, tendering shareholders are expected to receive approximately $107.53 of Atmus common stock for every $100 of Cummins common stock tendered. Cummins currently holds 67,054,726 shares of Atmus common stock, which constitutes approximately 80.5% of the total outstanding shares. In the exchange offer, Cummins is offering all of its Atmus stock. If the offer is not fully subscribed, Cummins plans to distribute the remaining Atmus shares to its shareholders in a tax-free manner, subject to specific conditions. Upon completion of the exchange offer and related transactions, Cummins will no longer be the controlling shareholder of Atmus, and Atmus will operate as an independent entity. Cummins Atmus Exchange Offer Details Cummins Inc. Investor Relations Atmus Filtration Technologies Inc. Investor Relations Update(s): March 18, 2024: Atmus Filtration Technologies (ATMU) announced its separation from Cummins (CMI) commencing operations as an independent entity. | |||||||||||||||
| Nextracker | 10/25/2023 | FLEX | |||||||||||||
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Flex Ltd., spinoff details:
Nextracker (NXT), one of the leading providers of intelligent solar tracker and software solutions, announced Flex Ltd.’s (FLEX) plan to effect a spin-off of all of its remaining interests in Nextracker Inc. to Flex shareholders which would result in a separation by Flex from its ownership in Nextracker. The separation from Flex is currently expected to close in fiscal Q4 ending March 31, 2024. David A. Rubin - Vice President-Investor Relations, Flex Ltd. https://www.sec.gov/Archives/edgar/data/866374/000119312523264151/d565372d425.htm Earlier today, we were pleased to announce our plan to spin-off all of Flex’s remaining interest in Nextracker to Flex shareholders. As previously disclosed, Flex retained the option to affect the spin-off pursuant to a merger agreement entered into by Flex and Nextracker in connection with Nextracker’s initial public offering. We believe that the spin-off is the most advantageous form of separation for Flex, Nextracker, and our respective shareholders. Specifically, it provides the opportunity to distribute Flex’s interest in Nextracker to Flex shareholders in a tax-free manner for US federal income tax purposes and allows Flex to focus on our core strategies and long-term value creation for our shareholders. Nextracker (NXT), one of the leading providers of intelligent solar tracker and software solutions, announced Flex Ltd.’s (FLEX) plan to effect a spin-off of all of its remaining interests in Nextracker Inc. to Flex shareholders which would result in a separation by Flex from its ownership in Nextracker. The separation from Flex is currently expected to close in fiscal Q4 ending March 31, 2024. David A. Rubin - Vice President-Investor Relations, Flex Ltd. Earlier today, we were pleased to announce our plan to spin-off all of Flex’s remaining interest in Nextracker to Flex shareholders. As previously disclosed, Flex retained the option to affect the spin-off pursuant to a merger agreement entered into by Flex and Nextracker in connection with Nextracker’s initial public offering. We believe that the spin-off is the most advantageous form of separation for Flex, Nextracker, and our respective shareholders. Specifically, it provides the opportunity to distribute Flex’s interest in Nextracker to Flex shareholders in a tax-free manner for US federal income tax purposes and allows Flex to focus on our core strategies and long-term value creation for our shareholders. Update(s): January 2, 2024: Flex (FLEX) announced the completion of the spin-off of all of its remaining interest in Nextracker to Flex shareholders on a pro rata basis. Under the previously disclosed terms of the transaction, Flex shareholders received approximately 0.17 shares of Nextracker Class A common stock for every Flex ordinary share held as of the record date of December 29, 2023, with 74,432,619 shares of Nextracker Class A common stock issued to Flex shareholders in the aggregate. Flex shareholders will receive cash in lieu of any fractional shares. As a result of the completion of the spin-off, Flex no longer directly or indirectly holds any shares of Nextracker common stock or any securities convertible into or exchangeable for shares of Nextracker common stock. Flex ordinary shares will continue to trade on Nasdaq under the ticker symbol "FLEX" and shares of Nextracker Class A common stock will continue to trade on Nasdaq under the ticker symbol "NXT". Nextracker Investor Relations | |||||||||||||||
| Worthington Steel, Inc. | 09/29/2022 | WOR | |||||||||||||
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Worthington Enterprises, Inc., spinoff details: Worthington Industries, Inc. (WOR), a leading industrial manufacturing company, announced that its Board of Directors unanimously approved a plan to pursue a separation of the company’s Steel Processing business into a new public company. September 29, 2022: Company Separation Presentation Update(s): August 4, 2023: Worthington 2024: Worthington Enterprises Overview - Investor Presentation Worthington 2024: Worthington Steel Overview Investor Presentation September 26, 2023: Worthington Enterprises announced it will include the company’s Building Products, Consumer Products and Sustainable Energy Solutions businesses. Worthington Steel will be the company’s Steel Processing business. The separation is expected to occur as early as December 2023, ahead of the originally projected timing of early 2024. October 4, 2023: Worthington Industries, Inc. (WOR) announced the public filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission in connection with its planned separation of the Company’s Steel Processing business, Worthington Steel. October 11, 2023: Worthington Enterprises Investor Day Worthington Steel Investor Presentation Worthington Enterprises Investor Presentation November 9, 2023: Worthington Industries, Inc. announced that its Board of Directors approved the previously announced separation of its Steel Processing business, Worthington Steel, Inc. via a spin-off. The Board declared a pro rata distribution of 100% of the outstanding common shares of Worthington Steel to Worthington Industries shareholders of record as of the close of business on November 21, 2023 (the “Record Date”). The distribution is expected to be payable prior to market open on December 1, 2023 (“Distribution Date”). As a result of the distribution, Worthington Industries shareholders will receive one common share of Worthington Steel for every one common share of Worthington Industries they hold on the Record Date. Record Date November 21, 2023 Distribution Date December 1, 2023 December 1, 2023: Worthington Enterprises, Inc. (WOR) formerly Worthington Industries, Inc., a leading industrial manufacturing company, completed the previously announced separation of its Steel Processing business, Worthington Steel, Inc., into a standalone, publicly traded company. Worthington Steel common stock begins “regular-way” trading on the New York Stock Exchange (NYSE) today under the ticker symbol “WS”. Worthington Enterprises common stock continues trading on the NYSE under the ticker symbol “WOR”. Worthington Enterprises, Inc. (WOR) formerly Worthington Industries, Inc., a leading industrial manufacturing company, completed the previously announced separation of its Steel Processing business, Worthington Steel, Inc., into a standalone, publicly traded company. Worthington Steel common stock begins “regular-way” trading on the New York Stock Exchange (NYSE) today under the ticker symbol “WS”. Worthington Enterprises common stock continues trading on the NYSE under the ticker symbol “WOR”. Worthington Enterprises, Inc. (WOR) formerly Worthington Industries, Inc. Investor Relations | |||||||||||||||
| Mural Oncology | 11/02/2022 | ALKS | |||||||||||||
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Alkermes plc , spinoff details: Alkermes plc (ALKS) announced approval by its Board of Directors to explore separating its commercial-stage neuroscience business and development-stage oncology business. Update(s): October 17, 2023: Mural Oncology Investor Call - View Presentation November 15, 2023: Alkermes plc (ALKS) announced that it has completed the separation of its oncology business into Mural Oncology plc, a new, independent, publicly traded company. Alkermes is now a pure-play, profitable neuroscience company that will continue its work to develop innovative medicines for people living with difficult-to-treat psychiatric and neurological disorders. Mural Oncology will begin "regular way" trading on the Nasdaq Global Market under the stock ticker symbol "MURA" on Nov. 16, 2023. Alkermes will continue to trade under the Nasdaq ticker symbol "ALKS." Upon completion of the separation, each of Alkermes' shareholders received a distribution of one ordinary share of Mural Oncology for every 10 ordinary shares of Alkermes held as of the close of business on November 6, 2023, the record date for the distribution. Alkermes plc (ALKS) announced that it has completed the separation of its oncology business into Mural Oncology plc, a new, independent, publicly traded company. Alkermes is now a pure-play, profitable neuroscience company that will continue its work to develop innovative medicines for people living with difficult-to-treat psychiatric and neurological disorders. Mural Oncology will begin "regular way" trading on the Nasdaq Global Market under the stock ticker symbol "MURA" on Nov. 16, 2023. Alkermes will continue to trade under the Nasdaq ticker symbol "ALKS." Upon completion of the separation, each of Alkermes' shareholders received a distribution of one ordinary share of Mural Oncology for every 10 ordinary shares of Alkermes held as of the close of business on November 6, 2023, the record date for the distribution. Alkermes plc Investor Relations | |||||||||||||||
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