Completed Spinoffs

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  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
Madison Square Garden Entertainment Corp. MSGE 09/11/2015 04/17/2020 68.06 80.33 18.03% 13,900 Madison Square Garden Sports Corp. MSGS 169.20 171.96 1.63% 6,642 Carve Out
Madison Square Garden Sports Corp., spinoff details:

September 11, 2015: The Madison Square Garden Company (MSG) announced that its board of directors has approved the spin-off of its sports and entertainment businesses from its media business. Upon completion of the transaction, MSG will be a standalone media company and will change its name to MSG Networks Inc. and the newly formed sports and entertainment company will be called The Madison Square Garden Company ("Madison Square Garden Company").

June 27, 2018: The Madison Square Garden Company (MSG) announced that its board of directors has unanimously approved a plan to explore a possible spin-off that would separate its sports businesses from its entertainment businesses, creating two distinct publicly traded companies.

October 4, 2018: The Madison Square Garden Company (MSG) announced that it has made important progress towards the potential spin-off of its sports business by filing a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”).

November 7, 2019: The Madison Square Garden Company (MSG) announced that its board of directors has unanimously approved pursuing a revised plan for the proposed separation of its sports and entertainment businesses. The Company is now pursuing a spin-off of its entertainment businesses into a separately traded public company and, as part of this revised structure, the entertainment company would not retain an equity interest in the sports company. The proposed transaction is still expected to be completed during the first quarter of calendar 2020, subject to certain conditions.

December 3, 2019: The Madison Square Garden Company (MSG) announced that it has filed a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”) for the proposed spin-off of its entertainment business. The filing represents a significant milestone with regard to completing the transaction, which the Company continues to expect will take place in the first quarter of calendar 2020, subject to certain conditions.

March 31, 2020: The Board of Directors of The Madison Square Garden Company approved the distribution to its stockholders of the common stock of MSG Entertainment Spinco, Inc.

April 21, 2020: Madison Square Garden Entertainment (MSGE) announced on Monday morning that it has completed its spin-off from Madison Square Garden Sports Corp (MSG) — the two formerly performing under The Madison Square Garden Company moniker.

Carrier Global Corporation CARR 11/26/2018 04/03/2020 16.13 21.33 32.24% 1,129,149 Raytheon Technologies Corporation RTX 49.93 63.085 26.35% 4,352,957 Spinoff
Raytheon Technologies Corporation, spinoff details:

November 26, 2018: United Technologies (UTX) announced the completion of its acquisition of Rockwell Collins (COL) and the company’s intention to separate its commercial businesses, Otis and Carrier (formerly CCS), into independent entities. The separation will result in three global, industry-leading companies.

Update(s)

September 16, 2019: Carrier appointed Tim McLevish as chief financial officer as it prepares to become a public company after completing its separation from United Technologies Corp (UTX).

March 11, 2020: United Technologies (UTX) announced that its Board of Directors approved the previously announced separations of Carrier and Otis. To effect the separations, the UTC Board of Directors declared a pro rata dividend of Carrier Global Corporation (CARR) common stock and Otis Worldwide Corporation (OTIS) common stock to be made effective on April 3, 2020 to UTC’s shareowners.

April 3, 2020: Raytheon Technologies Corporation (RTX) announced the successful completion of the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier (CARR) and Otis businesses (OTIS).

Otis Worldwide Corporation OTIS 11/26/2018 04/03/2020 47.55 54.025 13.62% 303,785 Raytheon Technologies Corporation RTX 49.93 63.085 26.35% 4,352,957 Spinoff
Raytheon Technologies Corporation, spinoff details:

November 26, 2018: United Technologies (UTX) announced the completion of its acquisition of Rockwell Collins (COL) and the company’s intention to separate its commercial businesses, Otis and Carrier (formerly CCS), into independent entities. The separation will result in three global, industry-leading companies.

Update(s)

March 11, 2020: United Technologies (UTX) announced that its Board of Directors approved the previously announced separations of Carrier and Otis. To effect the separations, the UTC Board of Directors declared a pro rata dividend of Carrier Global Corporation (CARR) common stock and Otis Worldwide Corporation (OTIS) common stock to be made effective on April 3, 2020 to UTC’s shareowners.

April 3, 2020: Raytheon Technologies Corporation (RTX) announced the successful completion of the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier (CARR) and Otis businesses (OTIS).

Arconic Corporation ARNC 02/08/2019 04/01/2020 9.89 15.485 56.57% 328,515 Howmet Aerospace Inc. HWM 13.20 13.86 5.00% 419,173 Splitoff
Howmet Aerospace Inc., spinoff details:

February 8, 2019: Arconic (ARNC) announced that the portfolio of the company will be separated into Engineered Products & Forgings and Global Rolled Products, with a spin-off of one of the businesses. The Company will also consider the sale of businesses that do not best fit into Engineered Products & Forgings or Global Rolled Products.

April 1, 2020: The separation of Arconic Inc. into two standalone companies – Arconic Corporation (ARNC) and Howmet Aerospace (HWM) – took effect today through a pro rata distribution by Arconic Inc. of 100 percent of the outstanding shares of the newly-formed Arconic Corporation.

Ingersoll Rand Inc. IR 04/30/2019 03/02/2020 32.06 29.14 -9.11% 371,132 Trane Technologies plc TT 100.05 90.89 -9.16% 176,018 Reverse Morris Trust
Trane Technologies plc, spinoff details:

April 30, 2019: Gardner Denver Holdings (GDI) and Ingersoll-Rand (IR) announced that they have entered into a definitive agreement pursuant to which Ingersoll Rand will separate its Industrial segment (“Ingersoll Rand Industrial”) by way of a spin-off to Ingersoll Rand’s shareholders and then combine it with Gardner Denver. The transaction will be effected through a “Reverse Morris Trust” transaction pursuant to which Ingersoll Rand Industrial is expected to be spun-off to Ingersoll Rand’s shareholders and simultaneously merged with and surviving as a wholly-owned subsidiary of Gardner Denver.

July 1, 2019: The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”) for the proposed combination of the Industrial segment of Ingersoll-Rand (IR) with Gardner Denver Holding(GDI) has expired. Expiration of the HSR Act waiting period satisfies one of the conditions to closing of the transaction. The transaction, which is expected to close by early 2020, remains subject to other closing conditions, including approval by Gardner Denver stockholders, other regulatory approvals and customary closing conditions.

March 1, 2020: Gardner Denver Holdings, Inc. completed the merger with the Ingersoll Rand Industrial segment at the end of the day on Saturday, February 29, 2020. The newly combined company, named Ingersoll Rand Inc. (“Ingersoll Rand”), will begin trading Monday, March 2, on the New York Stock Exchange under the symbol “IR”.

Taronis Fuels, Inc. TRNF 07/15/2019 12/05/2019 0.11 0.1848 68.00% 882,602 Taronis Technologies, Inc. TRNX 1.55 0.0852 -94.50% 663,247 Spinoff
Taronis Technologies, Inc., spinoff details:

July 15, 2019: Taronis Technologies (TRNX) announced its intention to spin-off its wholly-owned subsidiary, Taronis Fuels, Inc.

Update(s)

On August 21, 2019, the Company was notified by the Nasdaq Capital Market that the Company needed to revised the record date for the Company’s proposed spin-off of Taronis Fuels, Inc. because Nasdaq is unable to process reverse stock splits while spin-offs are pending. Due to this last-minute request by Nasdaq, the Company has reset the record date for the spin-off of Taronis Fuels to November 5, 2019, which is the date Taronis Fuel’s Form 10 will go effective, assuming it is filed on September 6, 2019.

December 5, 2019: The Company completed the spin-off of its wholly-owned subsidiary Taronis Fuels, Inc.

  Spinoff Name Announced Date Parent Symbol
Madison Square Garden Entertainment Corp. 09/11/2015 MSGS
Madison Square Garden Sports Corp., spinoff details:

September 11, 2015: The Madison Square Garden Company (MSG) announced that its board of directors has approved the spin-off of its sports and entertainment businesses from its media business. Upon completion of the transaction, MSG will be a standalone media company and will change its name to MSG Networks Inc. and the newly formed sports and entertainment company will be called The Madison Square Garden Company ("Madison Square Garden Company").

June 27, 2018: The Madison Square Garden Company (MSG) announced that its board of directors has unanimously approved a plan to explore a possible spin-off that would separate its sports businesses from its entertainment businesses, creating two distinct publicly traded companies.

October 4, 2018: The Madison Square Garden Company (MSG) announced that it has made important progress towards the potential spin-off of its sports business by filing a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”).

November 7, 2019: The Madison Square Garden Company (MSG) announced that its board of directors has unanimously approved pursuing a revised plan for the proposed separation of its sports and entertainment businesses. The Company is now pursuing a spin-off of its entertainment businesses into a separately traded public company and, as part of this revised structure, the entertainment company would not retain an equity interest in the sports company. The proposed transaction is still expected to be completed during the first quarter of calendar 2020, subject to certain conditions.

December 3, 2019: The Madison Square Garden Company (MSG) announced that it has filed a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”) for the proposed spin-off of its entertainment business. The filing represents a significant milestone with regard to completing the transaction, which the Company continues to expect will take place in the first quarter of calendar 2020, subject to certain conditions.

March 31, 2020: The Board of Directors of The Madison Square Garden Company approved the distribution to its stockholders of the common stock of MSG Entertainment Spinco, Inc.

April 21, 2020: Madison Square Garden Entertainment (MSGE) announced on Monday morning that it has completed its spin-off from Madison Square Garden Sports Corp (MSG) — the two formerly performing under The Madison Square Garden Company moniker.

Carrier Global Corporation 11/26/2018 RTX
Raytheon Technologies Corporation, spinoff details:

November 26, 2018: United Technologies (UTX) announced the completion of its acquisition of Rockwell Collins (COL) and the company’s intention to separate its commercial businesses, Otis and Carrier (formerly CCS), into independent entities. The separation will result in three global, industry-leading companies.

Update(s)

September 16, 2019: Carrier appointed Tim McLevish as chief financial officer as it prepares to become a public company after completing its separation from United Technologies Corp (UTX).

March 11, 2020: United Technologies (UTX) announced that its Board of Directors approved the previously announced separations of Carrier and Otis. To effect the separations, the UTC Board of Directors declared a pro rata dividend of Carrier Global Corporation (CARR) common stock and Otis Worldwide Corporation (OTIS) common stock to be made effective on April 3, 2020 to UTC’s shareowners.

April 3, 2020: Raytheon Technologies Corporation (RTX) announced the successful completion of the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier (CARR) and Otis businesses (OTIS).

Otis Worldwide Corporation 11/26/2018 RTX
Raytheon Technologies Corporation, spinoff details:

November 26, 2018: United Technologies (UTX) announced the completion of its acquisition of Rockwell Collins (COL) and the company’s intention to separate its commercial businesses, Otis and Carrier (formerly CCS), into independent entities. The separation will result in three global, industry-leading companies.

Update(s)

March 11, 2020: United Technologies (UTX) announced that its Board of Directors approved the previously announced separations of Carrier and Otis. To effect the separations, the UTC Board of Directors declared a pro rata dividend of Carrier Global Corporation (CARR) common stock and Otis Worldwide Corporation (OTIS) common stock to be made effective on April 3, 2020 to UTC’s shareowners.

April 3, 2020: Raytheon Technologies Corporation (RTX) announced the successful completion of the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier (CARR) and Otis businesses (OTIS).

Arconic Corporation 02/08/2019 HWM
Howmet Aerospace Inc., spinoff details:

February 8, 2019: Arconic (ARNC) announced that the portfolio of the company will be separated into Engineered Products & Forgings and Global Rolled Products, with a spin-off of one of the businesses. The Company will also consider the sale of businesses that do not best fit into Engineered Products & Forgings or Global Rolled Products.

April 1, 2020: The separation of Arconic Inc. into two standalone companies – Arconic Corporation (ARNC) and Howmet Aerospace (HWM) – took effect today through a pro rata distribution by Arconic Inc. of 100 percent of the outstanding shares of the newly-formed Arconic Corporation.

Ingersoll Rand Inc. 04/30/2019 TT
Trane Technologies plc, spinoff details:

April 30, 2019: Gardner Denver Holdings (GDI) and Ingersoll-Rand (IR) announced that they have entered into a definitive agreement pursuant to which Ingersoll Rand will separate its Industrial segment (“Ingersoll Rand Industrial”) by way of a spin-off to Ingersoll Rand’s shareholders and then combine it with Gardner Denver. The transaction will be effected through a “Reverse Morris Trust” transaction pursuant to which Ingersoll Rand Industrial is expected to be spun-off to Ingersoll Rand’s shareholders and simultaneously merged with and surviving as a wholly-owned subsidiary of Gardner Denver.

July 1, 2019: The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”) for the proposed combination of the Industrial segment of Ingersoll-Rand (IR) with Gardner Denver Holding(GDI) has expired. Expiration of the HSR Act waiting period satisfies one of the conditions to closing of the transaction. The transaction, which is expected to close by early 2020, remains subject to other closing conditions, including approval by Gardner Denver stockholders, other regulatory approvals and customary closing conditions.

March 1, 2020: Gardner Denver Holdings, Inc. completed the merger with the Ingersoll Rand Industrial segment at the end of the day on Saturday, February 29, 2020. The newly combined company, named Ingersoll Rand Inc. (“Ingersoll Rand”), will begin trading Monday, March 2, on the New York Stock Exchange under the symbol “IR”.

Taronis Fuels, Inc. 07/15/2019 TRNX
Taronis Technologies, Inc., spinoff details:

July 15, 2019: Taronis Technologies (TRNX) announced its intention to spin-off its wholly-owned subsidiary, Taronis Fuels, Inc.

Update(s)

On August 21, 2019, the Company was notified by the Nasdaq Capital Market that the Company needed to revised the record date for the Company’s proposed spin-off of Taronis Fuels, Inc. because Nasdaq is unable to process reverse stock splits while spin-offs are pending. Due to this last-minute request by Nasdaq, the Company has reset the record date for the spin-off of Taronis Fuels to November 5, 2019, which is the date Taronis Fuel’s Form 10 will go effective, assuming it is filed on September 6, 2019.

December 5, 2019: The Company completed the spin-off of its wholly-owned subsidiary Taronis Fuels, Inc.

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