Note: Premium members can sort this table by Spinoff Name, Spinoff Symbol, Announced Date, Spinoff Date, Spinoff Last Price, Spinoff Performance, Spinoff Current Volume, Parent Name, Parent Symbol, Parent Last Price, Parent Performance, Parent Current Volume and Type.
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| Spinoff Name | Spinoff Symbol | Announced Date | Spinoff Date | Spinoff Last Price | Spinoff Performance | Spinoff Current Volume | Parent Name | Parent Symbol | Parent Last Price | Parent Performance | Parent Current Volume | Type | Resources | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| detail | Modine Performance Technologies ( combined with Gentherm) | THRM | 01/29/2026 | 10/01/2026 | 31.3 | -6.93% | 6,116,009 | Modine Manufacturing Company | MOD | 178.2 | -5.82% | 1,265,991 | Spinoff | Press ReleaseInvestor PresentationForm 10-12B/A | |
Total Shares Traded Since Spinoff:
Modine Manufacturing Company, spinoff details:
7,241,173 (13.61%) Gentherm Inc. (THRM) will acquire Modine Manufacturing Co.’s Performance Technologies division through a tax-efficient Reverse Morris Trust transaction valued at approximately $1 billion. The deal, announced will combine two thermal management leaders to form a scaled platform spanning automotive, power generation, commercial vehicles, and medical markets. The combined company will generate pro forma revenue of $2.6 billion and target a synergy-adjusted EBITDA margin of 13%. Gentherm will remain the surviving public entity, with Modine shareholders expected to own roughly 40% of the merged business and Gentherm shareholders the remaining 60%, subject to adjustments. The transaction is expected to close in Q4 2026. Transaction Structure and Terms
Strategic Rationale for Gentherm
Strategic Rationale for Modine
About SpinCo (Modine Performance Technologies)
Deal Timeline and Closing Conditions
May 5, 2026: Modine Manufacturing Company amended its credit agreement to support the planned spin-off of its Performance Technologies business, including permitting related transactions, debt financing by a newly formed subsidiary, and escrow arrangements tied to the separation. May 27, 2026: Modine said the planned spin-off of its Performance Technologies business and subsequent merger with Gentherm remains on track for completion before the end of 2026, pending SEC, shareholder, and tax approvals. (Filing) July 24, 2026: Modine reorganized its Climate Solutions segment into two new reporting segments Data Centers and Commercial HVAC effective April 1, 2026, to better support growth and capital allocation ahead of the planned spin-off of its Performance Technologies business. The company continues to expect the Reverse Morris Trust transaction combining Performance Technologies with Gentherm to close by the end of calendar 2026. September 10, 2026: Modine announces plans to become Modexus Solutions following the spin-off of its Performance Technologies business and merger with Gentherm, expected to close on October 1, 2026. The company will continue trading on NYSE under the MOD ticker. September 17, 2026: Modine (MOD) set September 28, 2026 as the record date for the spin-off of its Performance Technologies business, with distribution and the subsequent combination with Gentherm (THRM) expected on October 1, 2026. Modine shareholders will receive 1 SpinCo share for each MOD share, which will immediately convert into Gentherm shares at the final exchange ratio. Following closing, existing Gentherm shareholders are expected to own 56.4% of the combined company and former SpinCo holders 43.6%. SpinCo’s cash payment to Modine is expected to decrease from $210 million to $159 million, while Gentherm plans a conditional ~$58.4 million ($1.90/share) special dividend. Modine is expected to begin trading ex-spin on October 2, 2026; shareholders will retain their existing MOD shares in addition to the Gentherm shares received. October 1, 2026: Modine completed the spin-off of its Performance Technologies business and its combination with Gentherm through a Reverse Morris Trust. Modine shareholders received 0.44619 THRM shares for each MOD share held on the September 28 record date and now own about 43.62% of the combined Gentherm, while legacy Gentherm shareholders own 56.38%. Modine received about $156 million in cash, used to repay debt, and the Performance Technologies business was valued at about $946.4 million based on Gentherm’s September 30 closing price. Gentherm also declared a $2.07 per-share special dividend, payable October 7 to shareholders of record September 28. Modine retained its remaining businesses and plans to seek shareholder approval to rename itself Modexus Solutions, while continuing to trade under MOD. Gentherm acquired the Modine brand, domains and trademarks. Spinoff Snapshot Parent: Modine is spinning off its Performance Technologies business and merging it with Gentherm in a $1 billion Reverse Morris Trust transaction. SpinCo: Performance Technologies generated approximately $1.1 billion of FY2025 revenue and $123 million of EBITDA, providing thermal management and precision flow solutions across automotive, commercial vehicle, power generation, and medical markets. Modine Retains Its Climate Solutions business, focused on data center cooling, commercial HVAC, and refrigeration. Ownership: Modine shareholders are expected to own approximately 40% of the combined company, with Gentherm shareholders owning approximately 60%. Consideration: Modine will receive a $210 million cash distribution and Modine shareholders are expected to receive approximately 21 million Gentherm shares valued at approximately $790 million. Debt: Modine expects pro forma net leverage below 1.0x after the transaction. The spin-off entity is expected to incur financing as part of the separation process. Rationale: Modine becomes a pure-play climate solutions company, while Gentherm expands its thermal management platform and diversifies beyond light vehicles. Pre-Spin Performance: Performance Technologies generated $1.1 billion revenue and $123 million EBITDA in FY2025. Modine's Climate Solutions business generated $1.6 billion revenue with a 19.6% EBITDA margin. Management: Gentherm CEO Bill Presley and CFO Jon Douyard will lead the combined company. Jeremy Patten will continue leading the Performance Technologies division. Status: Expected to close in Q4 2026 and remains on track pending Gentherm shareholder approval, regulatory clearances, financing arrangements, and IRS tax rulings. | |||||||||||||||
| detail | Vylor (Advanced Seed and Genetics Business) | VYLR | 09/12/2025 | 10/01/2026 | 67.26 | -1.46% | 13,476,989 | Corteva, Inc. | CTVA | 11.92 | -5.17% | 78,584,789 | Spinoff | Press ReleaseVylor VideoInvestor PresentationInvestor Day PresentationInformation Statement | |
Total Shares Traded Since Spinoff:
Corteva, Inc., spinoff details:
13,484,203 (2.02%) U.S. agrichemicals company Corteva (CTVA) is reportedly weighing a breakup that would split its seed and pesticide operations into two independent businesses according to the Wall Street Journal. Updates(s): October 1, 2025: Corteva announced in October 2025 that its Board approved a plan to separate the company into two independent, publicly traded entities. The transaction will be executed as a tax-free spin-off of the Seed business (“SpinCo”), while the remaining entity (“New Corteva”) will house the Crop Protection segment. The move reflects management’s view that the two businesses have diverging market dynamics and strategic priorities, warranting independent operations to unlock shareholder value. Leadership & Governance Post-separation, New Corteva will be chaired by Greg Page, with Luke Kissam set to lead as CEO. Meanwhile, SpinCo will be led by current Corteva CEO Chuck Magro, ensuring continuity within the seeds and genetics business. This leadership structure signals a deliberate effort to align experienced operators with each entity’s strategic focus. Business Split & Financial Profile On a pro forma basis, the split creates two sizable, standalone companies. New Corteva (Crop Protection) is expected to generate approximately $7.8 billion in revenue (~44%), while SpinCo (Seeds) will account for roughly $9.9 billion (~56%) of total sales. This delineation highlights a balanced separation, with both entities positioned as scaled leaders in their respective markets. Strategic Positioning New Corteva will operate as an innovation-driven, asset-light crop protection company, emphasizing biologicals and differentiated, sustainable solutions—one of the fastest-growing segments in ag inputs. In contrast, SpinCo will focus on advanced seed genetics and trait development, leveraging established brands such as Pioneer and expanding into areas like gene editing, biofuels, and licensing. Each business will adopt tailored capital allocation strategies aligned with its growth profile. Timeline & Key Catalysts The separation is initially targeted for completion in the second half of 2026, with the company reaffirming progress toward a Q4 2026 timeline. Key interim milestones include leadership appointments and an Investor Day scheduled for September 15, 2026, which should provide further clarity on financial targets, capital structure, and long-term strategy. April 14, 2026: Corteva announced the executive leadership team for “New Corteva,” the standalone crop protection company to be created through its planned separation, which remains on track for Q4 2026. This follows the earlier appointment of Luke Kissam as CEO (joining June 1), with Greg Page set to serve as Chair post-spin. The leadership team includes Jeff Rudolph (CFO), Brook Cunningham (Chief Commercial Officer), Ralph Ford (Chief Integrated Operations Officer), Reza Rasoulpour (Chief Technology Officer), and Jim Alcombright (Chief Digital & Information Officer). The company is still searching for a Chief Legal Officer and Chief People Officer, indicating final leadership build-out is ongoing ahead of separation. Strategically, New Corteva will operate as an innovation-led, asset-light crop protection platform, focused on biologicals and nature-inspired technologies, with targeted investments aimed at high-return, differentiated markets. Management emphasized operational excellence and sustainability as core pillars of the standalone entity. As part of the transition, Robert King (EVP, Crop Protection) will become a strategic advisor effective July 1, remain through separation, and exit by end-2026, supporting leadership continuity during the spin process. New Corteva leadership will host an Investor Day on September 15 (NYSE), expected to provide deeper insight into strategy, financial targets, and capital allocation post-separation. May 4, 2026: Corteva announced that its advanced seed and genetics business, previously referred to as “SpinCo,” will be named Vylor, Inc. The planned separation remains on track for the fourth quarter of 2026. May 12, 2026: Corteva announced that New Corteva (crop protection) will be headquartered in Indianapolis, Indiana, and Vylor (advanced seed and genetics, anchored by the Pioneer brand) will be headquartered in Johnston, Iowa June 29, 2026: Corteva announced the future board of directors for Vylor, the advanced seed and genetics company to be separated in Q4 2026. Karen Grimes will serve as Independent Chair, while Chuck Magro will join the board as Vylor's future Chief Executive Officer. Corteva said the separation remains on track for the fourth quarter of 2026. August 14, 2026: Corteva filed the first amendment to Vylor’s Form 10 registration statement for the planned spin-off of Corteva’s seed business into an independent public company. August 20, 2026: Vylor, which is being spun off from Corteva, is raising $1.1 billion through bond sales to help fund a payment to Corteva as part of the separation. August 31, 2026: Vylor issued $1.1 billion of senior notes to support Corteva’s planned separation of its seed business. Proceeds will primarily fund a cash distribution to EIDP as partial consideration for transferring the seed business to Vylor. The notes must be redeemed at 101% of principal if the separation is not completed. September 1, 2026: Ahead of its October 1 spin-off from Corteva (CTVA), Vylor unveiled its corn innovation pipeline through 2035, including seven new technology platforms expected to generate more than $2 billion in incremental revenue. September 3, 2026: Vylor, which is set to spin off from Corteva on October 1, launched Vylor Edge, an agricultural technology investment platform that will take over investments and partnerships previously held by Corteva Catalyst. September 14, 2026: Corteva’s board approved the separation of its Seed business into Vylor Inc. (VYLR). CTVA shareholders of record September 24, 2026, will receive 1 VYLR share for every 1 CTVA share held. Distribution is expected October 1, 2026, with regular-way VYLR trading beginning the same day. When-issued trading is expected September 25–30. September 15 , 2026: Investor Day Presentation September 21, 2026: Vylor filed Amendment No. 3 to its Form 10 in connection with Corteva’s planned separation of its Seed business into Vylor, an independent publicly traded company. The amended filing provides updated and detailed information on Vylor’s business, strategy and historical financial results. September 24, 2026: Corteva announced that the SEC declared Vylor’s Form 10 effective, clearing an important step toward the planned separation. The spin-off is expected to be completed on October 1, 2026. Corteva shareholders of record as of September 24 will receive one Vylor share for every Corteva share held. Vylor is expected to begin regular-way trading on the NYSE under the symbol VYLR on October 1, 2026. There will be no when-issued trading in Vylor shares and no ex-distribution trading in Corteva shares before the separation. September 25, 2026: Vylor filed its final information statement for the planned October 1 spin-off from Corteva. The filing confirms that the distribution is expected to occur before 9:30 a.m. ET on October 1, with Corteva shareholders of record as of September 24 receiving one Vylor share for every Corteva share held. Vylor is expected to begin trading on the NYSE under VYLR on October 1. (Information Statement) October 1, 2026: Corteva said Vylor’s debt exchange offers expired September 30, with about $1.44 billion of EIDP notes tendered. Settlement was expected alongside the Corteva/Vylor separation on October 1, 2026. October 1, 2026: Fifteen U.S. states and Guam sued Corteva on October 1, 2026, alleging the Vylor spin-off transferred Corteva’s most valuable seed assets into a new company while leaving potential PFAS liabilities behind. The states claim the separation could hinder recovery on tens of billions of dollars of alleged PFAS-related liabilities tied to former DuPont operations. Corteva said the claims are speculative and unproven and noted that Corteva itself never manufactured or sold PFAS products. A federal judge in South Carolina had rejected California’s emergency request to block the spin-off a day earlier, allowing the separation to proceed. Post-spin, Corteva retains the crop-protection business, while Vylor holds the seed business; Vylor CEO Chuck Magro said the company is targeting $11.2–$11.9 billion of net sales by 2029. October 1, 2026: Corteva completed the spin-off of its seed business as Vylor Inc. (VYLR). Vylor became an independent public company and is expected to begin regular-way NYSE trading on October 1, 2026. Notes: Corteva completed the spin-off of its seed business as Vylor (VYLR) on October 1, 2026, distributing 1 Vylor share for every 1 Corteva share. Corteva’s stock appeared to plunge 84%, from $77.65 to $12.57, but most of that decline reflected the value transferred to the newly listed Vylor shares, which closed at $68.26. Adding the two closing prices gives a combined value of about $80.83, slightly above Corteva’s pre-spin close. Most of the former Corteva valuation shifted to Vylor because the seed business is the larger and more profitable operation. Vylor generated about $10 billion of 2025 revenue and $3 billion of EBITDA, compared with roughly $7.5 billion of revenue and $1.4 billion of EBITDA for the remaining crop-protection business. Based on early trading, Vylor was valued at roughly 15x EBITDA, while post-spin Corteva traded around 6–7x EBITDA. Corteva Investor Relations | |||||||||||||||
| detail | BioKey | TBD | 06/22/2026 | 08/21/2026 | 0.00% | ABVC BioPharma | ABVC | 1.01 | 13.48% | 97,857 | Spinoff | Press Release | |||
|
ABVC BioPharma, spinoff details:
ABVC BioPharma (ABVC) plans to spin off approximately 15% of BioKey (Cayman), Inc. to ABVC shareholders, while retaining an approximately 85% controlling stake following the separation. ABVC shareholders of record as of July 24, 2026, will receive a pro rata distribution of roughly 4.5 million BioKey ordinary shares, with the distribution expected to occur on August 3, 2026. Fractional shares will be rounded up to the nearest whole share, an unusual shareholder-friendly feature. Unlike many spin-offs, the transaction will be taxable to U.S. shareholders for federal income tax purposes. BioKey will not initially list on a national exchange; instead, it intends to seek quotation on the OTC Markets, and no ticker symbol has yet been assigned. BioKey will emerge as a standalone CRO/CDMO and nutraceutical platform, operating from a cGMP-certified facility in Fremont, California, with no operations in China or Hong Kong. ABVC retains broad discretion to modify or cancel the spin-off at any time before distribution, even after announcing the transaction. ABVC BioPharma (NASDAQ: ABVC): A clinical-stage biotech company developing plant-based drugs and medical products for diseases such as cancer, depression, and eye disorders. ABVC will remain focused on drug development after the spin-off. BioKey (Cayman) (SpinCo): A nutraceutical and contract manufacturing company that develops and manufactures dietary supplements, botanical products, and provides research and manufacturing services for health and wellness companies. ABVC BioPharma (ABVC) plans to spin off approximately 15% of BioKey (Cayman), Inc. to ABVC shareholders, while retaining an approximately 85% controlling stake following the separation. ABVC shareholders of record as of July 24, 2026, will receive a pro rata distribution of roughly 4.5 million BioKey ordinary shares, with the distribution expected to occur on August 3, 2026. Fractional shares will be rounded up to the nearest whole share, an unusual shareholder-friendly feature. Unlike many spin-offs, the transaction will be taxable to U.S. shareholders for federal income tax purposes. BioKey will not initially list on a national exchange; instead, it intends to seek quotation on the OTC Markets, and no ticker symbol has yet been assigned. BioKey will emerge as a standalone CRO/CDMO and nutraceutical platform, operating from a cGMP-certified facility in Fremont, California, with no operations in China or Hong Kong. ABVC retains broad discretion to modify or cancel the spin-off at any time before distribution, even after announcing the transaction. Company Profiles BioKey (Cayman) (SpinCo): A nutraceutical and contract manufacturing company that develops and manufactures dietary supplements, botanical products, and provides research and manufacturing services for health and wellness companies.
Update(s): August 12, 2026: BioKey spin-off distribution postponed from August 3 to August 21, 2026. The July 24 record date and 0.169464 BioKey shares per ABVC share distribution ratio remain unchanged. The ex-dividend date will be revised. August 27, 2026: ABVC BioPharma completed the partial separation of BioKey Cayman on August 21, 2026, distributing a 15% stake to ABVC shareholders at a ratio of 0.169464 BioKey shares per ABVC share. ABVC retains ~85% ownership. BioKey plans to seek an OTC listing; ticker TBD. | |||||||||||||||
| detail | ADI Global Distribution Inc. | ADIG | 07/30/2025 | 08/04/2026 | 17.83 | -18.95% | 536,570 | Resideo Technologies, Inc. | REZI | 18.35 | -29.88% | 1,364,402 | Spinoff | Press ReleaseInvestor PresentationResideo Technologies Lender PresentationADI Global Distribution Lender PresentationForm 10-12B/AProspectusResideo Technologies Investor DayADI Investor Day | |
Total Shares Traded Since Spinoff:
Resideo Technologies, Inc., spinoff details:
43,948,512 (59.39%)
Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026. The separation does not require shareholder approval. Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026. The separation does not require shareholder approval.
For the 12 months ending March 29, 2025:
Preliminary Q2 2025 guidance (given May 6):
Update(s): August 5, 2025: Q2 2025 Investor Presentation August 13, 2025: Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043. May 11, 2026: Resideo Technologies provided an update on the planned spin-off of its ADI Global Distribution business, including the filing of ADI’s Form 10 registration statement with the SEC, the announcement of leadership teams and boards of directors for both Resideo and ADI, and plans to host separate investor day events in mid-July 2026. The company expects the spin-off to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to customary conditions. June 4, 2026: Resideo Technologies filed an amended Form 10 for the planned spin-off of ADI Global Distribution, including ADI financial statements through April 4, 2026. • The ADI separation remains on track for mid-Q3 to mid-Q4 2026. • Resideo Investor Day will be held on July 13, 2026, and ADI Investor Day on July 14, 2026, both at the NYSE. June 16, 2026: Resideo Technologies (REZI) said its planned spin-off of ADI Global Distribution remains on track for completion between mid-Q3 and mid-Q4 2026. As part of the separation, ADI priced $400 million of 7.125% senior notes due 2034 and completed syndication of a $600 million term loan and a $500 million revolving credit facility. ADI plans to use proceeds from the notes and term loan to fund a distribution to Resideo and cover transaction-related expenses. The notes offering is expected to close on June 30, 2026, subject to customary conditions, including completion of the spin-off. July 1, 2026: Resideo's board has approved the planned tax-free spin-off of its ADI Global Distribution business. Resideo shareholders of record on July 20, 2026 will receive one ADI Global Distribution (ADIG) share for every two Resideo shares held. The distribution is scheduled for August 3, 2026, with no shareholder action required. Cash will be paid in lieu of fractional shares. ADI is expected to begin when-issued trading under ADIG WI on or about July 29, 2026, with regular-way trading under ADIG expected to begin on the NYSE on August 4, 2026. During the when-issued period, Resideo shares will trade both with (REZI) and without (REZI WI) the right to receive ADI shares. Financing: Ahead of the separation, ADI completed a $400 million offering of 7.125% senior notes due 2034 and entered into a $600 million senior secured term loan facility and a $500 million revolving credit facility. The proceeds will fund a distribution to Resideo, transaction costs, and general corporate purposes. Investor Days: Resideo and ADI will host standalone investor days on July 13 and July 14, 2026, respectively, where management will outline each company's long-term strategy, financial outlook, and value creation plans. July 13, 2026: Resideo Technologies held its Investor Day ahead of the planned August 3, 2026 spin-off of ADI Global Distribution. The company also set medium-term targets of 4%-5% annual revenue growth, higher profit margins, and continued strong cash flow. The ADI spin-off remains on track, with ADIG expected to begin trading on the NYSE on August 4, 2026. July 14, 2026: ADI Global Distribution reaffirmed its planned spin-off from Resideo Technologies, highlighting its standalone growth strategy and medium-term financial targets at its inaugural Investor Day. The separation is expected to close on August 3, 2026, with ADIG expected to begin trading on the NYSE on August 4, 2026, subject to customary conditions. August 4, 2026: Resideo completed the spin-off of ADI Global Distribution through a tax-free distribution, with shareholders receiving one ADI share for every two Resideo shares held as of July 20, 2026. • Resideo used the transaction to strengthen its balance sheet by repaying $900 million of its Term Loan B and expects to repay an additional approximately $200 million following the post-closing cash adjustment. • Resideo also retired 150,000 shares of its Series A Preferred Stock, reducing the outstanding preferred shares to 350,000 and simplifying its capital structure. • ADI began trading as a fully independent NYSE-listed company under the ticker $ADIG with an experienced executive leadership team led by President and CEO Robert Aarnes and CFO Michael Carlet. • ADI established its complete corporate governance framework on day one by expanding its Board from two to eight directors and constituting the Audit, Compensation, and Nominating & Governance Committees with appointed committee chairs. • CD&R retained meaningful governance influence through its right to designate two directors to ADI's Board, with William Galvin and Nathan Sleeper appointed pursuant to the preferred stock agreement. • Following the separation, Resideo becomes a pure-play building technologies company, while ADI operates as an independent global distribution business Key Dates
Resideo Technologies Investor Relations | |||||||||||||||
| detail | Midera Food Processing, Inc. | MFP | 02/25/2025 | 07/06/2026 | 41.69 | 13.91% | 313,039 | The Middleby Corporation | MIDD | 104.57 | -41.65% | 751,116 | Spinoff | Press ReleaseSpinoff Investor PresentationMidera Business OverviewForm 10-12B/A Midera Investor DayMiddleby Investor Day | |
Total Shares Traded Since Spinoff:
The Middleby Corporation, spinoff details:
47,610,754 (105.30%)
The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies: Middleby Food Processing: Specializing in industrial food processing solutions with strong sales, high margins, and a growth-oriented M&A strategy. Middleby RemainCo: Concentrating on commercial and residential kitchen equipment, leveraging automation, digital technologies, and premium brands. The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies:
Update(s): February 26, 2026: The Middleby Corporation announced leadership appointments ahead of the planned spin-off of its Food Processing business. Mark Salman, currently President of Middleby Food Processing Group, will become CEO of the new company upon completion of the spin-off, while Mark Bowie will serve as COO. The Food Processing segment generated $850M in revenue in 2025. The spin-off remains on track for completion in Q2 2026. March 25, 2026: The Middleby Corporation appointed Brittany Cerwin as Chief Financial Officer effective immediately, the company announced in a press release. Cerwin succeeds Bryan Mittelman, who served as CFO since 2019 and will transition to Special Advisor to the Chief Executive Officer. In his new role, Mittelman will focus on completing the previously announced spin-off of the company’s Food Processing business, expected by the end of the second quarter of 2026. May 4, 2026: The Middleby Corporation (MIDD) announced that it has filed a Form 10 registration statement with the SEC for the planned spin-off of its Middleby Food Processing business. May 11, 2026: The Middleby Corporation announced that its Food Processing business will operate under the name Midera Food Processing, Inc. (Midera). Middleby and Midera will host an Investor Day on May 12, 2026. The separation of Midera into a standalone public company is expected to be completed on July 6, 2026. Under the terms of the distribution, Middleby stockholders will receive one share of Midera common stock for each share of Middleby common stock held on the record date. Following the separation, Midera intends to list on the Nasdaq Global Select Market under the ticker symbol “MFP.” May 27, 2026: Midera Food Processing filed an amended Form 10, adding executive compensation plans, severance arrangements, subsidiary disclosures as it advances its planned spin-off from Middleby. (Form 10-12B/A) June 17, 2026: Middleby (MIDD) set June 26, 2026, as the record date for the planned spin-off of Midera Food Processing following the SEC's effectiveness of Midera's Form 10. Shareholders will receive one Midera share for each Middleby share held, with the distribution expected to be completed on July 6, 2026, subject to customary conditions. June 22, 2026: The Middleby Corporation formally approved the spin-off of its Food Processing business, Midera Food Processing, with the separation set to be completed on July 6, 2026. Middleby shareholders of record as of June 26, 2026, will receive one share of Midera for each Middleby share held. Midera is expected to begin trading on a when-issued basis under ticker "MFPVV" on or about June 26, with regular-way trading under ticker "MFP" commencing on July 7, 2026. Middleby shares will continue trading under "MIDD", while an ex-distribution market under ticker "MIDDV" will operate from June 26 through the distribution date. The transaction is expected to be tax-free to U.S. shareholders. June 29, 2026: Middleby said its planned spin-off, Midera Food Processing, entered into a five-year, $1 billion revolving credit agreement to support its growth strategy as a standalone company. The separation remains on track to close on July 6, 2026. July 6, 2026: Middleby completed the spin-off of its Food Processing business as Midera Food Processing (MFP), effective July 6, 2026. Shareholders received one Midera share for each Middleby share held as of the June 26 record date. Midera will begin regular-way trading on Nasdaq on July 7, 2026. The Middleby Corporation Investor Relations Resources February 25, 2025: Spinoff Presentation | |||||||||||||||
| detail | Mobility Global | MBGL | 04/29/2025 | 07/01/2026 | 17.21 | -18.78% | 5,310,941 | S&P Global Inc. | SPGI | 386.27 | -6.92% | 2,762,263 | Spinoff | Press ReleaseForm 10-12B/AInvestor Presentation | |
Total Shares Traded Since Spinoff:
S&P Global Inc., spinoff details:
357,212,910 (119.27%) S&P Global has announced its intention to separate its Mobility segment into an independent public company. The planned spin-off is expected to be completed within 12 to 18 months, subject to regulatory approvals, board consent, and the successful filing of a Form 10 registration statement with the SEC. S&P Global Post-Separation Following the spin-off, S&P Global will continue to operate its four synergistic core segments:
This streamlined structure will support simplified operations, stronger strategic alignment, and enhanced momentum in areas like AI, data analytics, and product innovation. The company believes it will be better positioned to serve both public and private markets with an integrated approach. S&P Global will share further details about its multi-year strategic roadmap at its Investor Day on November 13, 2025. Mobility S&P Global Mobility is a leading automotive data and technology provider focused on delivering insights across the entire vehicle lifecycle. It operates through three divisions:
Key brands under Mobility include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. The business generated $1.6 billion in revenue in FY 2024, marking a ~8% year-over-year increase. The separation, subject to customary closing conditions and approvals, is intended to be structured as a tax-free distribution to existing S&P Global shareholders. December 4, 2025: S&P Global announced new executive appointments as it prepares to separate its Mobility business into an independent public company. Larissa Cerqueira has been named Chief People Officer, effective January 1, 2026. Tasha Matharu has been appointed Chief Legal Officer, also effective January 1, 2026. Joseph “Joedy” Lenz has joined as Chief Information Officer, effective immediately. The company expects to complete the separation within 12–18 months of the original announcement. December 16, 2025: S&P Global announced the appointment of Matt Calderone as Chief Financial Officer (CFO) of the Mobility business, joining the company by March 1, 2026. May 7, 2026: S&P Global announced the public filing of a Form 10 registration statement with the SEC for the planned spin-off of its Mobility division into an independent public company, Mobility Global Inc. The filing outlines Mobility Global’s business, strategy, and historical financials. CEO Bill Eager said the company aims to build on brands including CARFAX, Polk, and automotiveMastermind. S&P Global expects to complete the separation in mid-2026, subject to regulatory approvals and board approval. May 8, 2026: S&P Global announced the board of directors for Mobility Global Inc. ahead of the planned mid-2026 separation of its Mobility division into an independent public company. Former CSX CEO Joe Hinrichs will serve as Chairman of the eight-member board, while Bill Eager will also join as CEO-designate. Other directors include Eric Aboaf, Heather Lavallee, Monique Leroux, Mark Peek, Shilpa Ranganathan, and Alexander Taussig. May 18, 2026: S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied. S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied. May 21, 2026: S&P Global approved the previously announced spin-off of its Mobility division into standalone public company. Shareholders of record as of June 15, 2026 will receive one share of Mobility Global common stock for every S&P Global share held. The distribution is expected to become effective on July 1, 2026. “When-issued” trading under ticker “MBGL WI” is expected to begin around June 26 and continue through June 30, while regular-way trading is anticipated to commence on July 1. May 27, 2026: Mobility Global updated its Form 10 filing, adding details on its planned debt financing, capital structure, executive compensation arrangements, and separation agreements ahead of its spin-off from S&P Global. July 1, 2026: S&P Global completed the tax-free spin-off of its Mobility division into Mobility Global Inc. (MBGL). Mobility Global began regular-way trading on July 1, 2026. S&P Global shareholders received one MBGL share for each SPGI share held as of June 15, 2026, with S&P Global distributing 100% of Mobility Global. Fractional shares were settled in cash. S&P Global will release recast historical financials reflecting the separation on July 6, 2026. S&P Global Investor Relations
Spinoff Snapshot Parent: S&P Global separated its Mobility division into an independent public company. SpinCo: Mobility Global Inc. (NYSE: MBGL), an automotive intelligence company providing data and analytics across the vehicle lifecycle. S&P Global Retains: The post-spin company retains four core businesses: S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices, and S&P Global Commodity Insights. S&P Global remains focused on credit ratings, financial and private-market data and workflow tools, stock-market indices and benchmarks, and energy and commodity intelligence. Mobility Global Receives: The entire former S&P Global Mobility division, organized around two businesses: CARFAX and B2B Solutions. Its major brands and platforms include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. CARFAX provides vehicle-history and used-car information, while B2B Solutions serves automakers, suppliers, dealers, financial institutions and other automotive customers with forecasting, planning, marketing, sales and pricing intelligence. At separation, CARFAX represented about 65% of revenue and B2B Solutions about 35%. Reason: Mobility serves a distinct automotive customer base with different market dynamics and capital needs. The separation allows Mobility to invest and pursue acquisitions independently while S&P Global focuses capital on its core financial, ratings, indices, and commodity-information businesses. Debt: Mobility Global raised $2.0B of senior notes before the separation: $650M of 5.050% notes due 2029, $650M of 5.450% notes due 2031, and $700M of 6.050% notes due 2036. It also established a $500M senior unsecured revolving credit facility. Debt Offload to SpinCo / Parent Payment: Yes. Mobility Global used the net proceeds from the $2.0B debt issuance primarily to make a cash payment to S&P Global as consideration for the assets, liabilities and entities transferred to the SpinCo. Remaining proceeds were available for separation costs and general corporate purposes. Economically, this meant Mobility Global entered independence with the new debt while S&P Global received the cash payment. Distribution: S&P Global shareholders received 1 Mobility Global share for every 1 S&P Global share held as of the June 15, 2026 record date. S&P Global distributed 100% of Mobility Global’s shares, and fractional shares were sold for cash. Shares Outstanding at Spin-off: 299,500,000 shares
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| Spinoff Name | Announced Date | Parent Symbol | |||||||||||||
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| detail | Modine Performance Technologies ( combined with Gentherm) | 01/29/2026 | MOD | ||||||||||||
Total Shares Traded Since Spinoff:
Modine Manufacturing Company, spinoff details:
7,241,173 (13.61%) Gentherm Inc. (THRM) will acquire Modine Manufacturing Co.’s Performance Technologies division through a tax-efficient Reverse Morris Trust transaction valued at approximately $1 billion. The deal, announced will combine two thermal management leaders to form a scaled platform spanning automotive, power generation, commercial vehicles, and medical markets. The combined company will generate pro forma revenue of $2.6 billion and target a synergy-adjusted EBITDA margin of 13%. Gentherm will remain the surviving public entity, with Modine shareholders expected to own roughly 40% of the merged business and Gentherm shareholders the remaining 60%, subject to adjustments. The transaction is expected to close in Q4 2026. Transaction Structure and Terms
Strategic Rationale for Gentherm
Strategic Rationale for Modine
About SpinCo (Modine Performance Technologies)
Deal Timeline and Closing Conditions
May 5, 2026: Modine Manufacturing Company amended its credit agreement to support the planned spin-off of its Performance Technologies business, including permitting related transactions, debt financing by a newly formed subsidiary, and escrow arrangements tied to the separation. May 27, 2026: Modine said the planned spin-off of its Performance Technologies business and subsequent merger with Gentherm remains on track for completion before the end of 2026, pending SEC, shareholder, and tax approvals. (Filing) July 24, 2026: Modine reorganized its Climate Solutions segment into two new reporting segments Data Centers and Commercial HVAC effective April 1, 2026, to better support growth and capital allocation ahead of the planned spin-off of its Performance Technologies business. The company continues to expect the Reverse Morris Trust transaction combining Performance Technologies with Gentherm to close by the end of calendar 2026. September 10, 2026: Modine announces plans to become Modexus Solutions following the spin-off of its Performance Technologies business and merger with Gentherm, expected to close on October 1, 2026. The company will continue trading on NYSE under the MOD ticker. September 17, 2026: Modine (MOD) set September 28, 2026 as the record date for the spin-off of its Performance Technologies business, with distribution and the subsequent combination with Gentherm (THRM) expected on October 1, 2026. Modine shareholders will receive 1 SpinCo share for each MOD share, which will immediately convert into Gentherm shares at the final exchange ratio. Following closing, existing Gentherm shareholders are expected to own 56.4% of the combined company and former SpinCo holders 43.6%. SpinCo’s cash payment to Modine is expected to decrease from $210 million to $159 million, while Gentherm plans a conditional ~$58.4 million ($1.90/share) special dividend. Modine is expected to begin trading ex-spin on October 2, 2026; shareholders will retain their existing MOD shares in addition to the Gentherm shares received. October 1, 2026: Modine completed the spin-off of its Performance Technologies business and its combination with Gentherm through a Reverse Morris Trust. Modine shareholders received 0.44619 THRM shares for each MOD share held on the September 28 record date and now own about 43.62% of the combined Gentherm, while legacy Gentherm shareholders own 56.38%. Modine received about $156 million in cash, used to repay debt, and the Performance Technologies business was valued at about $946.4 million based on Gentherm’s September 30 closing price. Gentherm also declared a $2.07 per-share special dividend, payable October 7 to shareholders of record September 28. Modine retained its remaining businesses and plans to seek shareholder approval to rename itself Modexus Solutions, while continuing to trade under MOD. Gentherm acquired the Modine brand, domains and trademarks. Spinoff Snapshot Parent: Modine is spinning off its Performance Technologies business and merging it with Gentherm in a $1 billion Reverse Morris Trust transaction. SpinCo: Performance Technologies generated approximately $1.1 billion of FY2025 revenue and $123 million of EBITDA, providing thermal management and precision flow solutions across automotive, commercial vehicle, power generation, and medical markets. Modine Retains Its Climate Solutions business, focused on data center cooling, commercial HVAC, and refrigeration. Ownership: Modine shareholders are expected to own approximately 40% of the combined company, with Gentherm shareholders owning approximately 60%. Consideration: Modine will receive a $210 million cash distribution and Modine shareholders are expected to receive approximately 21 million Gentherm shares valued at approximately $790 million. Debt: Modine expects pro forma net leverage below 1.0x after the transaction. The spin-off entity is expected to incur financing as part of the separation process. Rationale: Modine becomes a pure-play climate solutions company, while Gentherm expands its thermal management platform and diversifies beyond light vehicles. Pre-Spin Performance: Performance Technologies generated $1.1 billion revenue and $123 million EBITDA in FY2025. Modine's Climate Solutions business generated $1.6 billion revenue with a 19.6% EBITDA margin. Management: Gentherm CEO Bill Presley and CFO Jon Douyard will lead the combined company. Jeremy Patten will continue leading the Performance Technologies division. Status: Expected to close in Q4 2026 and remains on track pending Gentherm shareholder approval, regulatory clearances, financing arrangements, and IRS tax rulings. | |||||||||||||||
| detail | Vylor (Advanced Seed and Genetics Business) | 09/12/2025 | CTVA | ||||||||||||
Total Shares Traded Since Spinoff:
Corteva, Inc., spinoff details:
13,484,203 (2.02%) U.S. agrichemicals company Corteva (CTVA) is reportedly weighing a breakup that would split its seed and pesticide operations into two independent businesses according to the Wall Street Journal. Updates(s): October 1, 2025: Corteva announced in October 2025 that its Board approved a plan to separate the company into two independent, publicly traded entities. The transaction will be executed as a tax-free spin-off of the Seed business (“SpinCo”), while the remaining entity (“New Corteva”) will house the Crop Protection segment. The move reflects management’s view that the two businesses have diverging market dynamics and strategic priorities, warranting independent operations to unlock shareholder value. Leadership & Governance Post-separation, New Corteva will be chaired by Greg Page, with Luke Kissam set to lead as CEO. Meanwhile, SpinCo will be led by current Corteva CEO Chuck Magro, ensuring continuity within the seeds and genetics business. This leadership structure signals a deliberate effort to align experienced operators with each entity’s strategic focus. Business Split & Financial Profile On a pro forma basis, the split creates two sizable, standalone companies. New Corteva (Crop Protection) is expected to generate approximately $7.8 billion in revenue (~44%), while SpinCo (Seeds) will account for roughly $9.9 billion (~56%) of total sales. This delineation highlights a balanced separation, with both entities positioned as scaled leaders in their respective markets. Strategic Positioning New Corteva will operate as an innovation-driven, asset-light crop protection company, emphasizing biologicals and differentiated, sustainable solutions—one of the fastest-growing segments in ag inputs. In contrast, SpinCo will focus on advanced seed genetics and trait development, leveraging established brands such as Pioneer and expanding into areas like gene editing, biofuels, and licensing. Each business will adopt tailored capital allocation strategies aligned with its growth profile. Timeline & Key Catalysts The separation is initially targeted for completion in the second half of 2026, with the company reaffirming progress toward a Q4 2026 timeline. Key interim milestones include leadership appointments and an Investor Day scheduled for September 15, 2026, which should provide further clarity on financial targets, capital structure, and long-term strategy. April 14, 2026: Corteva announced the executive leadership team for “New Corteva,” the standalone crop protection company to be created through its planned separation, which remains on track for Q4 2026. This follows the earlier appointment of Luke Kissam as CEO (joining June 1), with Greg Page set to serve as Chair post-spin. The leadership team includes Jeff Rudolph (CFO), Brook Cunningham (Chief Commercial Officer), Ralph Ford (Chief Integrated Operations Officer), Reza Rasoulpour (Chief Technology Officer), and Jim Alcombright (Chief Digital & Information Officer). The company is still searching for a Chief Legal Officer and Chief People Officer, indicating final leadership build-out is ongoing ahead of separation. Strategically, New Corteva will operate as an innovation-led, asset-light crop protection platform, focused on biologicals and nature-inspired technologies, with targeted investments aimed at high-return, differentiated markets. Management emphasized operational excellence and sustainability as core pillars of the standalone entity. As part of the transition, Robert King (EVP, Crop Protection) will become a strategic advisor effective July 1, remain through separation, and exit by end-2026, supporting leadership continuity during the spin process. New Corteva leadership will host an Investor Day on September 15 (NYSE), expected to provide deeper insight into strategy, financial targets, and capital allocation post-separation. May 4, 2026: Corteva announced that its advanced seed and genetics business, previously referred to as “SpinCo,” will be named Vylor, Inc. The planned separation remains on track for the fourth quarter of 2026. May 12, 2026: Corteva announced that New Corteva (crop protection) will be headquartered in Indianapolis, Indiana, and Vylor (advanced seed and genetics, anchored by the Pioneer brand) will be headquartered in Johnston, Iowa June 29, 2026: Corteva announced the future board of directors for Vylor, the advanced seed and genetics company to be separated in Q4 2026. Karen Grimes will serve as Independent Chair, while Chuck Magro will join the board as Vylor's future Chief Executive Officer. Corteva said the separation remains on track for the fourth quarter of 2026. August 14, 2026: Corteva filed the first amendment to Vylor’s Form 10 registration statement for the planned spin-off of Corteva’s seed business into an independent public company. August 20, 2026: Vylor, which is being spun off from Corteva, is raising $1.1 billion through bond sales to help fund a payment to Corteva as part of the separation. August 31, 2026: Vylor issued $1.1 billion of senior notes to support Corteva’s planned separation of its seed business. Proceeds will primarily fund a cash distribution to EIDP as partial consideration for transferring the seed business to Vylor. The notes must be redeemed at 101% of principal if the separation is not completed. September 1, 2026: Ahead of its October 1 spin-off from Corteva (CTVA), Vylor unveiled its corn innovation pipeline through 2035, including seven new technology platforms expected to generate more than $2 billion in incremental revenue. September 3, 2026: Vylor, which is set to spin off from Corteva on October 1, launched Vylor Edge, an agricultural technology investment platform that will take over investments and partnerships previously held by Corteva Catalyst. September 14, 2026: Corteva’s board approved the separation of its Seed business into Vylor Inc. (VYLR). CTVA shareholders of record September 24, 2026, will receive 1 VYLR share for every 1 CTVA share held. Distribution is expected October 1, 2026, with regular-way VYLR trading beginning the same day. When-issued trading is expected September 25–30. September 15 , 2026: Investor Day Presentation September 21, 2026: Vylor filed Amendment No. 3 to its Form 10 in connection with Corteva’s planned separation of its Seed business into Vylor, an independent publicly traded company. The amended filing provides updated and detailed information on Vylor’s business, strategy and historical financial results. September 24, 2026: Corteva announced that the SEC declared Vylor’s Form 10 effective, clearing an important step toward the planned separation. The spin-off is expected to be completed on October 1, 2026. Corteva shareholders of record as of September 24 will receive one Vylor share for every Corteva share held. Vylor is expected to begin regular-way trading on the NYSE under the symbol VYLR on October 1, 2026. There will be no when-issued trading in Vylor shares and no ex-distribution trading in Corteva shares before the separation. September 25, 2026: Vylor filed its final information statement for the planned October 1 spin-off from Corteva. The filing confirms that the distribution is expected to occur before 9:30 a.m. ET on October 1, with Corteva shareholders of record as of September 24 receiving one Vylor share for every Corteva share held. Vylor is expected to begin trading on the NYSE under VYLR on October 1. (Information Statement) October 1, 2026: Corteva said Vylor’s debt exchange offers expired September 30, with about $1.44 billion of EIDP notes tendered. Settlement was expected alongside the Corteva/Vylor separation on October 1, 2026. October 1, 2026: Fifteen U.S. states and Guam sued Corteva on October 1, 2026, alleging the Vylor spin-off transferred Corteva’s most valuable seed assets into a new company while leaving potential PFAS liabilities behind. The states claim the separation could hinder recovery on tens of billions of dollars of alleged PFAS-related liabilities tied to former DuPont operations. Corteva said the claims are speculative and unproven and noted that Corteva itself never manufactured or sold PFAS products. A federal judge in South Carolina had rejected California’s emergency request to block the spin-off a day earlier, allowing the separation to proceed. Post-spin, Corteva retains the crop-protection business, while Vylor holds the seed business; Vylor CEO Chuck Magro said the company is targeting $11.2–$11.9 billion of net sales by 2029. October 1, 2026: Corteva completed the spin-off of its seed business as Vylor Inc. (VYLR). Vylor became an independent public company and is expected to begin regular-way NYSE trading on October 1, 2026. Notes: Corteva completed the spin-off of its seed business as Vylor (VYLR) on October 1, 2026, distributing 1 Vylor share for every 1 Corteva share. Corteva’s stock appeared to plunge 84%, from $77.65 to $12.57, but most of that decline reflected the value transferred to the newly listed Vylor shares, which closed at $68.26. Adding the two closing prices gives a combined value of about $80.83, slightly above Corteva’s pre-spin close. Most of the former Corteva valuation shifted to Vylor because the seed business is the larger and more profitable operation. Vylor generated about $10 billion of 2025 revenue and $3 billion of EBITDA, compared with roughly $7.5 billion of revenue and $1.4 billion of EBITDA for the remaining crop-protection business. Based on early trading, Vylor was valued at roughly 15x EBITDA, while post-spin Corteva traded around 6–7x EBITDA. Corteva Investor Relations | |||||||||||||||
| detail | BioKey | 06/22/2026 | ABVC | ||||||||||||
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ABVC BioPharma, spinoff details:
ABVC BioPharma (ABVC) plans to spin off approximately 15% of BioKey (Cayman), Inc. to ABVC shareholders, while retaining an approximately 85% controlling stake following the separation. ABVC shareholders of record as of July 24, 2026, will receive a pro rata distribution of roughly 4.5 million BioKey ordinary shares, with the distribution expected to occur on August 3, 2026. Fractional shares will be rounded up to the nearest whole share, an unusual shareholder-friendly feature. Unlike many spin-offs, the transaction will be taxable to U.S. shareholders for federal income tax purposes. BioKey will not initially list on a national exchange; instead, it intends to seek quotation on the OTC Markets, and no ticker symbol has yet been assigned. BioKey will emerge as a standalone CRO/CDMO and nutraceutical platform, operating from a cGMP-certified facility in Fremont, California, with no operations in China or Hong Kong. ABVC retains broad discretion to modify or cancel the spin-off at any time before distribution, even after announcing the transaction. ABVC BioPharma (NASDAQ: ABVC): A clinical-stage biotech company developing plant-based drugs and medical products for diseases such as cancer, depression, and eye disorders. ABVC will remain focused on drug development after the spin-off. BioKey (Cayman) (SpinCo): A nutraceutical and contract manufacturing company that develops and manufactures dietary supplements, botanical products, and provides research and manufacturing services for health and wellness companies. ABVC BioPharma (ABVC) plans to spin off approximately 15% of BioKey (Cayman), Inc. to ABVC shareholders, while retaining an approximately 85% controlling stake following the separation. ABVC shareholders of record as of July 24, 2026, will receive a pro rata distribution of roughly 4.5 million BioKey ordinary shares, with the distribution expected to occur on August 3, 2026. Fractional shares will be rounded up to the nearest whole share, an unusual shareholder-friendly feature. Unlike many spin-offs, the transaction will be taxable to U.S. shareholders for federal income tax purposes. BioKey will not initially list on a national exchange; instead, it intends to seek quotation on the OTC Markets, and no ticker symbol has yet been assigned. BioKey will emerge as a standalone CRO/CDMO and nutraceutical platform, operating from a cGMP-certified facility in Fremont, California, with no operations in China or Hong Kong. ABVC retains broad discretion to modify or cancel the spin-off at any time before distribution, even after announcing the transaction. Company Profiles BioKey (Cayman) (SpinCo): A nutraceutical and contract manufacturing company that develops and manufactures dietary supplements, botanical products, and provides research and manufacturing services for health and wellness companies.
Update(s): August 12, 2026: BioKey spin-off distribution postponed from August 3 to August 21, 2026. The July 24 record date and 0.169464 BioKey shares per ABVC share distribution ratio remain unchanged. The ex-dividend date will be revised. August 27, 2026: ABVC BioPharma completed the partial separation of BioKey Cayman on August 21, 2026, distributing a 15% stake to ABVC shareholders at a ratio of 0.169464 BioKey shares per ABVC share. ABVC retains ~85% ownership. BioKey plans to seek an OTC listing; ticker TBD. | |||||||||||||||
| detail | ADI Global Distribution Inc. | 07/30/2025 | REZI | ||||||||||||
Total Shares Traded Since Spinoff:
Resideo Technologies, Inc., spinoff details:
43,948,512 (59.39%)
Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026. The separation does not require shareholder approval. Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026. The separation does not require shareholder approval.
For the 12 months ending March 29, 2025:
Preliminary Q2 2025 guidance (given May 6):
Update(s): August 5, 2025: Q2 2025 Investor Presentation August 13, 2025: Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043. May 11, 2026: Resideo Technologies provided an update on the planned spin-off of its ADI Global Distribution business, including the filing of ADI’s Form 10 registration statement with the SEC, the announcement of leadership teams and boards of directors for both Resideo and ADI, and plans to host separate investor day events in mid-July 2026. The company expects the spin-off to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to customary conditions. June 4, 2026: Resideo Technologies filed an amended Form 10 for the planned spin-off of ADI Global Distribution, including ADI financial statements through April 4, 2026. • The ADI separation remains on track for mid-Q3 to mid-Q4 2026. • Resideo Investor Day will be held on July 13, 2026, and ADI Investor Day on July 14, 2026, both at the NYSE. June 16, 2026: Resideo Technologies (REZI) said its planned spin-off of ADI Global Distribution remains on track for completion between mid-Q3 and mid-Q4 2026. As part of the separation, ADI priced $400 million of 7.125% senior notes due 2034 and completed syndication of a $600 million term loan and a $500 million revolving credit facility. ADI plans to use proceeds from the notes and term loan to fund a distribution to Resideo and cover transaction-related expenses. The notes offering is expected to close on June 30, 2026, subject to customary conditions, including completion of the spin-off. July 1, 2026: Resideo's board has approved the planned tax-free spin-off of its ADI Global Distribution business. Resideo shareholders of record on July 20, 2026 will receive one ADI Global Distribution (ADIG) share for every two Resideo shares held. The distribution is scheduled for August 3, 2026, with no shareholder action required. Cash will be paid in lieu of fractional shares. ADI is expected to begin when-issued trading under ADIG WI on or about July 29, 2026, with regular-way trading under ADIG expected to begin on the NYSE on August 4, 2026. During the when-issued period, Resideo shares will trade both with (REZI) and without (REZI WI) the right to receive ADI shares. Financing: Ahead of the separation, ADI completed a $400 million offering of 7.125% senior notes due 2034 and entered into a $600 million senior secured term loan facility and a $500 million revolving credit facility. The proceeds will fund a distribution to Resideo, transaction costs, and general corporate purposes. Investor Days: Resideo and ADI will host standalone investor days on July 13 and July 14, 2026, respectively, where management will outline each company's long-term strategy, financial outlook, and value creation plans. July 13, 2026: Resideo Technologies held its Investor Day ahead of the planned August 3, 2026 spin-off of ADI Global Distribution. The company also set medium-term targets of 4%-5% annual revenue growth, higher profit margins, and continued strong cash flow. The ADI spin-off remains on track, with ADIG expected to begin trading on the NYSE on August 4, 2026. July 14, 2026: ADI Global Distribution reaffirmed its planned spin-off from Resideo Technologies, highlighting its standalone growth strategy and medium-term financial targets at its inaugural Investor Day. The separation is expected to close on August 3, 2026, with ADIG expected to begin trading on the NYSE on August 4, 2026, subject to customary conditions. August 4, 2026: Resideo completed the spin-off of ADI Global Distribution through a tax-free distribution, with shareholders receiving one ADI share for every two Resideo shares held as of July 20, 2026. • Resideo used the transaction to strengthen its balance sheet by repaying $900 million of its Term Loan B and expects to repay an additional approximately $200 million following the post-closing cash adjustment. • Resideo also retired 150,000 shares of its Series A Preferred Stock, reducing the outstanding preferred shares to 350,000 and simplifying its capital structure. • ADI began trading as a fully independent NYSE-listed company under the ticker $ADIG with an experienced executive leadership team led by President and CEO Robert Aarnes and CFO Michael Carlet. • ADI established its complete corporate governance framework on day one by expanding its Board from two to eight directors and constituting the Audit, Compensation, and Nominating & Governance Committees with appointed committee chairs. • CD&R retained meaningful governance influence through its right to designate two directors to ADI's Board, with William Galvin and Nathan Sleeper appointed pursuant to the preferred stock agreement. • Following the separation, Resideo becomes a pure-play building technologies company, while ADI operates as an independent global distribution business Key Dates
Resideo Technologies Investor Relations | |||||||||||||||
| detail | Midera Food Processing, Inc. | 02/25/2025 | MIDD | ||||||||||||
Total Shares Traded Since Spinoff:
The Middleby Corporation, spinoff details:
47,610,754 (105.30%)
The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies: Middleby Food Processing: Specializing in industrial food processing solutions with strong sales, high margins, and a growth-oriented M&A strategy. Middleby RemainCo: Concentrating on commercial and residential kitchen equipment, leveraging automation, digital technologies, and premium brands. The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies:
Update(s): February 26, 2026: The Middleby Corporation announced leadership appointments ahead of the planned spin-off of its Food Processing business. Mark Salman, currently President of Middleby Food Processing Group, will become CEO of the new company upon completion of the spin-off, while Mark Bowie will serve as COO. The Food Processing segment generated $850M in revenue in 2025. The spin-off remains on track for completion in Q2 2026. March 25, 2026: The Middleby Corporation appointed Brittany Cerwin as Chief Financial Officer effective immediately, the company announced in a press release. Cerwin succeeds Bryan Mittelman, who served as CFO since 2019 and will transition to Special Advisor to the Chief Executive Officer. In his new role, Mittelman will focus on completing the previously announced spin-off of the company’s Food Processing business, expected by the end of the second quarter of 2026. May 4, 2026: The Middleby Corporation (MIDD) announced that it has filed a Form 10 registration statement with the SEC for the planned spin-off of its Middleby Food Processing business. May 11, 2026: The Middleby Corporation announced that its Food Processing business will operate under the name Midera Food Processing, Inc. (Midera). Middleby and Midera will host an Investor Day on May 12, 2026. The separation of Midera into a standalone public company is expected to be completed on July 6, 2026. Under the terms of the distribution, Middleby stockholders will receive one share of Midera common stock for each share of Middleby common stock held on the record date. Following the separation, Midera intends to list on the Nasdaq Global Select Market under the ticker symbol “MFP.” May 27, 2026: Midera Food Processing filed an amended Form 10, adding executive compensation plans, severance arrangements, subsidiary disclosures as it advances its planned spin-off from Middleby. (Form 10-12B/A) June 17, 2026: Middleby (MIDD) set June 26, 2026, as the record date for the planned spin-off of Midera Food Processing following the SEC's effectiveness of Midera's Form 10. Shareholders will receive one Midera share for each Middleby share held, with the distribution expected to be completed on July 6, 2026, subject to customary conditions. June 22, 2026: The Middleby Corporation formally approved the spin-off of its Food Processing business, Midera Food Processing, with the separation set to be completed on July 6, 2026. Middleby shareholders of record as of June 26, 2026, will receive one share of Midera for each Middleby share held. Midera is expected to begin trading on a when-issued basis under ticker "MFPVV" on or about June 26, with regular-way trading under ticker "MFP" commencing on July 7, 2026. Middleby shares will continue trading under "MIDD", while an ex-distribution market under ticker "MIDDV" will operate from June 26 through the distribution date. The transaction is expected to be tax-free to U.S. shareholders. June 29, 2026: Middleby said its planned spin-off, Midera Food Processing, entered into a five-year, $1 billion revolving credit agreement to support its growth strategy as a standalone company. The separation remains on track to close on July 6, 2026. July 6, 2026: Middleby completed the spin-off of its Food Processing business as Midera Food Processing (MFP), effective July 6, 2026. Shareholders received one Midera share for each Middleby share held as of the June 26 record date. Midera will begin regular-way trading on Nasdaq on July 7, 2026. The Middleby Corporation Investor Relations Resources February 25, 2025: Spinoff Presentation | |||||||||||||||
| detail | Mobility Global | 04/29/2025 | SPGI | ||||||||||||
Total Shares Traded Since Spinoff:
S&P Global Inc., spinoff details:
357,212,910 (119.27%) S&P Global has announced its intention to separate its Mobility segment into an independent public company. The planned spin-off is expected to be completed within 12 to 18 months, subject to regulatory approvals, board consent, and the successful filing of a Form 10 registration statement with the SEC. S&P Global Post-Separation Following the spin-off, S&P Global will continue to operate its four synergistic core segments:
This streamlined structure will support simplified operations, stronger strategic alignment, and enhanced momentum in areas like AI, data analytics, and product innovation. The company believes it will be better positioned to serve both public and private markets with an integrated approach. S&P Global will share further details about its multi-year strategic roadmap at its Investor Day on November 13, 2025. Mobility S&P Global Mobility is a leading automotive data and technology provider focused on delivering insights across the entire vehicle lifecycle. It operates through three divisions:
Key brands under Mobility include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. The business generated $1.6 billion in revenue in FY 2024, marking a ~8% year-over-year increase. The separation, subject to customary closing conditions and approvals, is intended to be structured as a tax-free distribution to existing S&P Global shareholders. December 4, 2025: S&P Global announced new executive appointments as it prepares to separate its Mobility business into an independent public company. Larissa Cerqueira has been named Chief People Officer, effective January 1, 2026. Tasha Matharu has been appointed Chief Legal Officer, also effective January 1, 2026. Joseph “Joedy” Lenz has joined as Chief Information Officer, effective immediately. The company expects to complete the separation within 12–18 months of the original announcement. December 16, 2025: S&P Global announced the appointment of Matt Calderone as Chief Financial Officer (CFO) of the Mobility business, joining the company by March 1, 2026. May 7, 2026: S&P Global announced the public filing of a Form 10 registration statement with the SEC for the planned spin-off of its Mobility division into an independent public company, Mobility Global Inc. The filing outlines Mobility Global’s business, strategy, and historical financials. CEO Bill Eager said the company aims to build on brands including CARFAX, Polk, and automotiveMastermind. S&P Global expects to complete the separation in mid-2026, subject to regulatory approvals and board approval. May 8, 2026: S&P Global announced the board of directors for Mobility Global Inc. ahead of the planned mid-2026 separation of its Mobility division into an independent public company. Former CSX CEO Joe Hinrichs will serve as Chairman of the eight-member board, while Bill Eager will also join as CEO-designate. Other directors include Eric Aboaf, Heather Lavallee, Monique Leroux, Mark Peek, Shilpa Ranganathan, and Alexander Taussig. May 18, 2026: S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied. S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied. May 21, 2026: S&P Global approved the previously announced spin-off of its Mobility division into standalone public company. Shareholders of record as of June 15, 2026 will receive one share of Mobility Global common stock for every S&P Global share held. The distribution is expected to become effective on July 1, 2026. “When-issued” trading under ticker “MBGL WI” is expected to begin around June 26 and continue through June 30, while regular-way trading is anticipated to commence on July 1. May 27, 2026: Mobility Global updated its Form 10 filing, adding details on its planned debt financing, capital structure, executive compensation arrangements, and separation agreements ahead of its spin-off from S&P Global. July 1, 2026: S&P Global completed the tax-free spin-off of its Mobility division into Mobility Global Inc. (MBGL). Mobility Global began regular-way trading on July 1, 2026. S&P Global shareholders received one MBGL share for each SPGI share held as of June 15, 2026, with S&P Global distributing 100% of Mobility Global. Fractional shares were settled in cash. S&P Global will release recast historical financials reflecting the separation on July 6, 2026. S&P Global Investor Relations
Spinoff Snapshot Parent: S&P Global separated its Mobility division into an independent public company. SpinCo: Mobility Global Inc. (NYSE: MBGL), an automotive intelligence company providing data and analytics across the vehicle lifecycle. S&P Global Retains: The post-spin company retains four core businesses: S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices, and S&P Global Commodity Insights. S&P Global remains focused on credit ratings, financial and private-market data and workflow tools, stock-market indices and benchmarks, and energy and commodity intelligence. Mobility Global Receives: The entire former S&P Global Mobility division, organized around two businesses: CARFAX and B2B Solutions. Its major brands and platforms include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. CARFAX provides vehicle-history and used-car information, while B2B Solutions serves automakers, suppliers, dealers, financial institutions and other automotive customers with forecasting, planning, marketing, sales and pricing intelligence. At separation, CARFAX represented about 65% of revenue and B2B Solutions about 35%. Reason: Mobility serves a distinct automotive customer base with different market dynamics and capital needs. The separation allows Mobility to invest and pursue acquisitions independently while S&P Global focuses capital on its core financial, ratings, indices, and commodity-information businesses. Debt: Mobility Global raised $2.0B of senior notes before the separation: $650M of 5.050% notes due 2029, $650M of 5.450% notes due 2031, and $700M of 6.050% notes due 2036. It also established a $500M senior unsecured revolving credit facility. Debt Offload to SpinCo / Parent Payment: Yes. Mobility Global used the net proceeds from the $2.0B debt issuance primarily to make a cash payment to S&P Global as consideration for the assets, liabilities and entities transferred to the SpinCo. Remaining proceeds were available for separation costs and general corporate purposes. Economically, this meant Mobility Global entered independence with the new debt while S&P Global received the cash payment. Distribution: S&P Global shareholders received 1 Mobility Global share for every 1 S&P Global share held as of the June 15, 2026 record date. S&P Global distributed 100% of Mobility Global’s shares, and fractional shares were sold for cash. Shares Outstanding at Spin-off: 299,500,000 shares
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