COMPREHENSIVE SPINOFF INVESTMENT OPPORTUNITIES

Upcoming Spinoffs Over Next 12 Months (June 2026 - June 2027)

Analysis Date: May 31, 2026 Pricing Date: All stock prices as of May 29, 2026 close (last trading day before this report) unless otherwise noted.

EXECUTIVE SUMMARY: KEY CHANGES SINCE LAST REPORT (April 15, 2026)

Completed Since Last Report

Major Developments

• AnaptysBio → First Tracks (TRAX): Distribution completed April 20, 2026. TRAX opened $20.51 / closed $18.60 Day 1; ~$15.96 on May 29 (-14.2% vs Day-1 close). Seven analyst initiations, all Buy/Outperform (UBS $45, Leerink $46, Barclays $40, JPM $31; avg ~$39). RemainCo ANAB (JEMPERLI royalty co) ~$55.67; named Chris Murphy CFO, added royalty-veteran directors; Delaware Chancery dismissed Tesaro’s anticipatory-breach claim (favorable). Q1 buyback: ~293k shares / ~$5.4M through Mar 31.
• Hexagon → Octave Intelligence: AGM approved April 24; record May 22; 1-for-10. SDRs began Stockholm trading May 25; Class B shares began NY trading May 28 under OCTV. May 29: ~$17.20 (NY, partial verification) / 157.40 SEK (Stockholm). FY2024 basis EUR ~1.45B revenue, ~31% adj. operating margin confirmed. Guggenheim initiated Buy, PT $30 (May 29).
• S&P Global → Mobility Global: Form 10 publicly filed May 7, 2026. Investor Day held May 12 in NYC — medium-term framework: 7.5-10% organic revenue growth, 8-11% adj. EBITDA growth, +50bps/yr margin, 75%+ FCF return. Ticker MBGL (NYSE); record date June 15; distribution July 1, 2026 (1-for-1, S&P retains 0%). ~$2B senior notes for the spin launched. (Note: Cox Automotive acquisition speculation appears unsubstantiated — likely confusion with Cox’s own “Mobility” division.)
• FedEx → FedEx Freight (FDXF): Board approved spin May 12. Record date was May 15, 2026; exchange ratio 1 FDXF per 2 FDX; distribution June 1, 2026. Structured as an 80.1% pro-rata distribution — FedEx retains up to ~19.9%. When-issued traded May 27-29. John A. Smith named President & CEO; R. Brad Martin Chairman. Funded by $4.1B cash dividend to FedEx + $3.7B FDXF senior notes. FedEx fiscal Q4 earnings June 23.
• Honeywell Aerospace (HONA): $16B senior notes priced March 10 (9 tranches, closed ~Mar 16). Form 10 amended (10-12B/A); effectiveness not yet declared. Record/distribution dates still unannounced; Q3 2026 target intact. Investor Day June 3, 2026 in Phoenix — the likely catalyst for record-date and exchange-ratio disclosure.
• Middleby → Midera Food Processing: Rebranded “Midera Food Processing, Inc.” (ticker MFP, Nasdaq). Form 10 filed ~May 4 (amended since). Separation targeted July 6, 2026, 1-for-1, tax-free. Investor Day (May 12) disclosed ~$930M 2026E net sales and ~$165M adj. EBITDA (~18% margin) — materially below the prior “26%+ best-in-class” thesis. CEO Mark Salman confirmed; Midera CFO not confirmed in filings (prior “Amy Campbell” reference unverified; parent CFO is Brittany Cerwin).
• ABB → ABB Robotics: ⚠️ NO LONGER A SPINOFF. ABB signed a definitive agreement (Oct 8, 2025) to sell its Robotics division to SoftBank for $5.375B enterprise value; close expected mid-to-late 2026. The dual Switzerland/Sweden listing plan is dead. Removed from spinoff tracking (reclassified as a divestiture).
• Corteva → New Corteva / Vylor: Seed spin named “Vylor, Inc.” (announced ~May 5). Luke Kissam becomes CEO of crop-protection “New Corteva” June 1; Chuck Magro CEO of Vylor at separation. New Corteva CFO Jeff Rudolph. Seed spin anticipated ~Oct 1, 2026.
• Enviri/Harsco → New Enviri: ⚠️ Closing June 1, 2026. Stockholders approved the Clean Earth sale May 4 (99.5%). Veolia buys Clean Earth for $3.04B; Harsco Environmental & Rail spun as “Enviri II Corp” (New Enviri). Consideration: $15.00/share cash + 1 New Enviri share per 3 NVRI. When-issued began May 27; regular-way June 2.
• L3Harris → Missile Solutions (“Axyv”): Rebranded “Axyv.” Confidential Form S-1 filed ~April 30 for the IPO carve-out. $1B Department of War investment closed in April (convertible preferred converting at IPO). L3Harris retains ~80%+; IPO targeted H2 2026.
• Resideo → ADI Global Distribution: Form 10 filed May 11; ADI to list on NYSE as “ADIG.” CEO Robert Aarnes. Completion mid-Q3 to mid-Q4 2026.
• MSG Sports → Rangers: Form 10 filed ~May 18 to separate the NY Rangers from the Knicks; tax-free, pro-rata. No timetable; subject to league approval and Form 10 effectiveness. Combined value ~$13.5B (Knicks $9.85B / Rangers $3.65B).
• KDP → Global Coffee Co: JDE Peet’s acquisition closed April 1 (delisted ~April 30). Two-company split confirmed: Beverage Co (CEO Tim Cofer) + Global Coffee Co (CEO Rafael Oliveira), tax-free, year-end 2026.
• Versigent (VGNT): Continued to surge — ~$44.12 on May 29 (+58% from Day-1 $27.85), all-time high $47.27 (May 18). Q1: sales $2.21B, adj. EBITDA $203M; set a dividend + $250M buyback.

NEW Spinoffs Added to Tracking

NEW Completed / Trading Spinoffs Added to Tracking (Now Live)

Removed / Status Changed

• ABB → ABB Robotics: ⚠️ Converted to a SoftBank sale ($5.375B) — removed from spinoff tracking.
• WBD → Discovery Global: ⚠️ Shelved. Paramount Skydance is acquiring all of WBD at $31.00/share cash (board-approved, expected close Q3 2026); the two-way split is off.
• Topgolf Callaway: ⚠️ Converted to a sale — Leonard Green buying ~60% of Topgolf (~$1.1B); no longer a tax-free spin.
• CSL Seqirus: Still postponed indefinitely (weak US flu-vaccine demand).
• Kraft Heinz: Reactivated to active tracking (H2 2026 two-way split) after prior “paused” status.
• Hexagon/Octave, AnaptysBio/TRAX, Applied Digital/ChronoScale: Completed; moved to Part 3 tracking.

Part 1: Upcoming Spinoffs Overview (Next 12 Months)

IMMEDIATE OPPORTUNITIES (Next 30 Days)

Q3 2026 SPINOFFS (Jul–Sep)

Q4 2026 SPINOFFS (Oct–Dec)

2027 SPINOFFS (Approaching 12-Month Window)

EXPLORATORY / UNCERTAIN TIMING

Summary: ~24 active separations identified over the next 12-15 months, plus several approaching in 2027. Most imminent: FedEx Freight (June 1), New Enviri (June 1), Mobility Global (July 1), Midera/Middleby (July 6). Largest by revenue: Honeywell Aerospace ($17.4B), KDP Global Coffee (~$16B), McKesson Med-Surg ($11.4B), Corteva ($9.9B seed + $7.8B crop protection), Genuine Parts Global Industrial (~$9B), International Paper EMEA (~$8.5B), J&J DePuy Synthes ($9.3B). Highest quality: Mobility Global (60% margins). Biggest changes this cycle: ABB Robotics removed (became a SoftBank sale), WBD/Discovery Global shelved (Paramount acquisition), three new entrants (Flex, Textron, Genuine Parts), and the reactivation of Kraft Heinz and Teleflex. Three spinoffs completed since the last report (TRAX, Octave, ChronoScale).

Part 2: In-Depth Analysis (Top-Tier & Imminent)

Upcoming Spinoffs — Ranked by Grade

All tracked upcoming separations, ranked by investment grade. Score is the weighted scorecard value (shown for the deep-dived names in this section); ★ is the quick visual tier mapped from grade. Names without a Score carry a letter grade from the master framework pending a full scorecard.

Sort: by investment grade / weighted score, highest first. ★ tier mapping: A+ = ★★★★★, A = ★★★★½, A- = ★★★★, B+ = ★★★½, B = ★★★, B- = ★★½, C+ = ★★, C = ★½. Grade and Score columns carry the precise rating.

1. S&P Global → Mobility Global (MBGL)

Executive Summary

• Company: S&P Global Inc. (SPGI) — Current Price: ~$424.00 (May 29, 2026)
• SpinCo: Mobility Global, Inc. (ticker MBGL, NYSE)
• Industry: Automotive Data & Technology
• Expected Completion: July 1, 2026
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: A+ (Top Pick)
• Key Thesis: Exceptional ~60% EBITDA margins, iconic CARFAX brand with near-monopoly in used-car data. Form 10 now public (May 7), Investor Day delivered (May 12), record date June 15 / distribution July 1 — the transaction is fully de-risked on timing.

Transaction Overview

• Original Company: S&P Global — financial information and analytics leader
• SpinCo: Mobility Global — CARFAX, automotiveMastermind, Polk, Market Scan ($1.6B revenue)
• RemainCo: S&P Global — ratings, indices, Platts, Market Intelligence
• Rationale: Sharpen RemainCo’s financial-markets focus while giving Mobility standalone autonomy in the $30B+ automotive data market

Financial Structure

Key Developments Since Last Report

• May 7, 2026: Form 10 publicly filed (previously confidential)
• May 12, 2026: Investor Day in NYC — Bill Eager (CEO) and Matt Calderone (CFO-designate) laid out the medium-term framework above; capital return of 75%+ of FCF annually, dividend at 20-25% of GAAP net income
• Board approval / terms announced: Ticker MBGL; record date June 15, 2026; distribution July 1, 2026 (12:01am ET); 1 MBGL per 1 SPGI; S&P retains 0%; when-issued window June 26-30
• ~$2B senior unsecured notes launched to fund a one-time cash payment (up to ~$1.95B) to S&P Global

Management Team

Transaction Timeline

• April 29, 2025: Spinoff announced
• February 3, 2026: Rebranded as Mobility Global
• May 7, 2026: Form 10 publicly filed ✅
• May 12, 2026: Investor Day ✅
• June 15, 2026: Record date ⚠️ DEADLINE TO OWN SPGI TO QUALIFY
• June 26-30, 2026: When-issued trading (MBGL WI / SPGI WI)
• July 1, 2026: Distribution & first regular-way MBGL trading 📅

Investment Analysis

SpinCo Strengths:

• ⭐ ~60% EBITDA margins — exceptional for data businesses
• ⭐ CARFAX near-monopoly in used-vehicle history data
• Full C-suite in place; clean 1:1, 0%-retained distribution
• Articulated 7.5-10% growth and 75%+ FCF return framework

SpinCo Risks:

• Cyclical automotive market exposure
• Dealer/OEM building competing data platforms
• Smaller scale as standalone ($1.6B)

SpinCo Catalysts:

• ⭐ June 15 record date and July 1 distribution — index inclusion follows
• ⭐ Acquisition potential remains high for the CARFAX data asset

Investment Scorecard

Grade Change: Unchanged (A+). Form 10 publication, Investor Day, and a firm July 1 distribution date reinforce the thesis. Note: prior reports referenced Cox Automotive as a likely acquirer — that specific speculation is unsubstantiated (name confusion with Cox’s own “Mobility” division); the underlying acquisition appeal of CARFAX remains intact.

Acquisition Analysis

Potential Acquirers: PE data buyers (Vista, Thoma Bravo, Silver Lake); large auto dealer groups; data/AI platforms. Acquisition Likelihood: HIGH. Recommendation: ⭐⭐⭐⭐⭐ STRONG BUY — position before the June 15 record date.

Sources

• S&P Global Files Form 10 for Mobility Global
• Mobility Global Investor Day Slides (May 12)
• S&P Global Board Approval / Distribution Terms 8-K

2. Honeywell → Honeywell Aerospace (HONA)

Executive Summary

• Company: Honeywell International (HON) — Current Price: ~$237.86 (May 29, 2026)
• SpinCo: Honeywell Aerospace (ticker HONA, Nasdaq)
• Industry: Aerospace
• Expected Completion: Q3 2026
• Structure: Classic Spinoff
• Structural Features: 3-Way (SOLS completed Oct 2025; Automation RemainCo continues)
• Investment Grade: A (Strong Buy)
• Key Thesis: Largest pure-play aerospace supplier on separation. $17.4B revenue, $4.3B pro forma EBIT, $37B backlog. $16B senior notes priced March 10. Investor Day June 3, 2026 in Phoenix is the next catalyst — and likely the venue for record-date/exchange-ratio disclosure.

Transaction Overview

• SpinCo: Honeywell Aerospace — engines & power systems, electronic solutions, control systems
• RemainCo: Honeywell Automation — Building/Industrial/Process Automation
• Structure: 100% tax-free spinoff via share distribution

Financial Structure (from Form 10)

Key Developments Since Last Report

• March 10, 2026: $16B senior notes priced (closed ~March 16); new-money proceeds fund a cash distribution to Honeywell ahead of the spin
• Form 10 amended (10-12B/A); SEC effectiveness not yet declared
• Record and distribution dates NOT yet announced; exchange ratio undisclosed
• June 3, 2026 Investor Day confirmed in Phoenix; CEO Vimal Kapur: Aerospace is “well-prepared to stand on its own”
• Q3 2026 completion target intact

Management Team

Transaction Timeline

• February 2025: 3-way split announced
• October 2025: Solstice spinoff completed (SOLS)
• March 3, 2026: Form 10 filed; March 10: $16B notes priced ✅
• June 3, 2026: Investor Day 📅
• Q3 2026: Expected distribution; record date TBD ⚠️

Investment Analysis

Strengths: $37B backlog = revenue visibility; largest pure-play aerospace supplier; $17.4B revenue base; notes financing complete; experienced C-suite. Risks: Aerospace cycle uncertainty; aggressive $16B debt load; competition from GE Aerospace/RTX; record date still unannounced (timing risk to Q3). Catalysts: June 3 Investor Day; Form 10 effectiveness; record-date announcement.

Investment Scorecard

Grade Change: Unchanged (A). Notes pricing de-risks the capital structure; record-date disclosure (likely at/after June 3) is the next gating item.

Sources

• Honeywell Aerospace $16B Senior Notes Pricing
• Honeywell Aerospace Form 10-12B/A

3. FedEx → FedEx Freight (FDXF) — Imminent (June 1)

Executive Summary

• Company: FedEx Corporation (FDX) — Current Price: ~$411.75 (May 29, 2026)
• SpinCo: FedEx Freight (ticker FDXF, NYSE)
• Industry: Less-Than-Truckload (LTL) Freight
• Expected Completion: June 1, 2026 ⚠️
• Structure: Classic Spinoff
• Structural Features: Retained Stake (80.1% distributed; FedEx keeps up to ~19.9%)
• Investment Grade: A- (Strong Opportunity)
• Key Thesis: North America’s largest LTL carrier separating June 1. Record date passed (May 15); 1 FDXF per 2 FDX. CEO now named. Note the structure is an 80.1% partial distribution — FedEx retains ~19.9%, creating a parent-overhang dynamic until fully separated.

Transaction Overview

• SpinCo: FedEx Freight — largest US LTL carrier (~$8.9B FY2025 revenue, 15.8% operating margin)
• RemainCo: FedEx — express, ground, other logistics (retains ~19.9% of FDXF)
• Structure: Tax-free 80.1% pro-rata distribution

Financial Structure & Targets

Key Developments Since Last Report

• May 12, 2026: Board approved the spin
• Record date: close of business May 15, 2026 (passed)
• Exchange ratio: 1 FDXF per 2 FDX; 80.1% distributed, FedEx retains ~19.9%
• When-issued trading May 27-29; regular-way June 1
• John A. Smith named President & CEO (25-yr FedEx veteran); R. Brad Martin Chairman
• FedEx fiscal Q4 2026 earnings June 23, 2026 (consensus EPS ~$5.80)
• Note: The earlier “15% margin / $1B+ FCF” targets are not reaffirmed in current materials, which frame ~12% near-term operating margin and ~$1.1B adj. operating income.

Transaction Timeline

• December 2024: Announcement
• January 16, 2026: Form 10 filed
• February 5, 2026: $3.7B senior notes issued
• April 8, 2026: Investor Day
• May 15, 2026: Record date ✅
• May 27-29, 2026: When-issued trading
• June 1, 2026: Distribution & first regular-way FDXF trading 📅

Investment Analysis

Strengths: #1 US LTL carrier; $8.9B revenue; financing in place; CEO + Chairman named. Risks: ⚠️ 80.1% partial spin leaves a ~19.9% FedEx overhang; LTL demand cyclical/soft; near-term margin framed at ~12% (below the prior 15% aspiration); execution risk. Catalysts: June 1 distribution; index inclusion; June 23 FedEx Q4 earnings; LTL M&A (XPO, Old Dominion, PE).

Investment Scorecard

Grade Change: Unchanged (A-). CEO appointment (positive) is offset by the confirmed 80.1% partial-spin structure and softer ~12% near-term margin framing (negatives) — net neutral.

Acquisition Analysis

Potential Acquirers: XPO Logistics, Old Dominion, Canadian National (intermodal), KKR/Blackstone. Likelihood: HIGH in a consolidating LTL market — though the ~19.9% FedEx stake may delay any deal until full separation. Recommendation: ⭐⭐⭐⭐ BUY.

Sources

• FedEx Board Approves Spin-off of FedEx Freight
• FedEx Names Leadership for Independent FedEx Freight

4. Corteva → Vylor (Seed) / New Corteva (Crop Protection)

Executive Summary

• Company: Corteva, Inc. (CTVA)
• SpinCo: Vylor, Inc. (Seed) — spun from New Corteva (Crop Protection)
• Industry: Agricultural Inputs
• Expected Completion: Q4 2026 (~Oct 1)
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: A- (Strong Opportunity)
• Key Thesis: Clean two-way split of a high-quality ag-inputs business. Seed entity named “Vylor”; full leadership now in place for both sides. Crop protection (New Corteva, ~$7.8B) and Seed (Vylor, ~$9.9B) each become focused pure-plays.

Transaction Overview

• SpinCo (Vylor): Seed business — >4,000 germplasm patents, >2,000 biotech patents (~$9.9B revenue)
• RemainCo (New Corteva): Crop Protection (~$7.8B revenue)
• Structure: Tax-free separation, ~Oct 1, 2026

Key Developments Since Last Report

• ~May 5, 2026: Seed spin named “Vylor, Inc.”
• Luke Kissam joins June 1 as CEO of crop-protection “New Corteva”; Chuck Magro to be CEO of Vylor at separation
• New Corteva CFO Jeff Rudolph; CCO Brook Cunningham; CTO Reza Rasoulpour
• Separation in 2H 2026; seed spin ~Oct 1, 2026

Management Team

Investment Analysis

Strengths: Two scaled, profitable ag-inputs pure-plays; deep patent portfolios at Vylor; experienced CEOs at both entities (Magro is the current Corteva CEO moving to Seed — a signal Seed is viewed as the crown jewel). Risks: Ag-cycle and commodity-price exposure; crop-protection generic competition; execution of a complex carve-out. Catalysts: Form 10 filing; record-date announcement; ~Oct 1 separation.

Investment Scorecard

Grade Change: Upgraded to A- (weighted 3.80) on the Vylor naming and full leadership slate for both entities — the current Corteva CEO (Magro) moving to the Seed SpinCo is a strong signal that Seed is the higher-quality franchise. Two scaled, profitable pure-plays support a Strong Opportunity grade.

Sources

• Corteva Names Seed Spinoff “Vylor”
• Corteva Names Crop Protection CEO Luke Kissam

5. Keurig Dr Pepper → Global Coffee Co

Executive Summary

• Company: Keurig Dr Pepper (KDP)
• SpinCo: Global Coffee Co. (+ Beverage Co. — full two-way split)
• Industry: Coffee / Beverage
• Expected Completion: Year-End 2026
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: B+ (Solid Opportunity)
• Key Thesis: With the JDE Peet’s acquisition closed (April 1), KDP is integrating the global coffee platform ahead of a year-end split into Beverage Co (CEO Tim Cofer) and Global Coffee Co (CEO Rafael Oliveira), ~$16B combined coffee revenue.

Transaction Overview

• SpinCo (Global Coffee Co): Combined KDP coffee + JDE Peet’s (~$16B revenue), CEO Rafael Oliveira
• RemainCo (Beverage Co): Dr Pepper, Snapple, etc., CEO Tim Cofer
• Structure: Tax-free spin after an interim integration period

Key Developments Since Last Report

• April 1, 2026: JDE Peet’s acquisition closed; delisted from Euronext Amsterdam ~April 30
• Two-company structure confirmed: Beverage Co (Tim Cofer) + Global Coffee Co (Rafael Oliveira)
• Integration underway; Form 10 not yet filed

Investment Analysis

Strengths: Scaled global coffee pure-play; clear leadership; defensive consumer-staples cash flows. Risks: Large debt from JDE Peet’s deal; integration complexity; coffee commodity inflation; soft consumer environment. Catalysts: Form 10 filing; synergy disclosure; year-end separation.

Investment Scorecard

Grade Change: B+ (weighted 3.35). The scaled global coffee franchise (post-JDE Peet’s) and both CEOs being named support a Solid Opportunity grade; near-term integration and leverage overhang are the watch items that keep it out of the A- tier.

Sources

• KDP Acquires JDE Peet’s; Names Global Coffee Co CEO

6. Middleby → Midera Food Processing (MFP)

Executive Summary

• Company: The Middleby Corporation (MIDD) — Current Price: ~$155.01 (May 29, 2026)
• SpinCo: Midera Food Processing, Inc. (ticker MFP, Nasdaq) — renamed from “Middleby Food Processing”
• Industry: Food Processing Equipment
• Expected Completion: July 6, 2026
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: B+ (Solid Opportunity) — DOWNGRADED conviction
• Key Thesis: Now branded Midera, separation set for July 6 (1:1). However, the May 12 Investor Day revealed ~18% adj. EBITDA margins — well below the prior “26%+ best-in-class” expectation that anchored the original thesis.

Transaction Overview

• SpinCo (Midera): Food Processing equipment — ~$930M 2026E net sales, ~$165M adj. EBITDA (~18%)
• RemainCo (Middleby): Commercial Foodservice — ~$2,465M 2026E sales, ~$575M adj. EBITDA (~23%)
• Structure: Tax-free spinoff, 1 Midera share per 1 MIDD share

Key Developments Since Last Report

• Rebranded “Midera Food Processing, Inc.” (ticker MFP)
• Form 10 filed ~May 4 (amended since)
• Separation targeted July 6, 2026, 1:1, tax-free
• Investor Day (May 12) financial framework:
  • Midera: ~$930M 2026E sales, ~$165M adj. EBITDA (~18% margin); 3-yr 5-7% organic CAGR; 2028E margin target 20-23%
  • CEO Mark Salman confirmed
• ⚠️ Discrepancies vs. prior report: prior figures (~$850M rev, 26%+ margins, CFO Amy Campbell) are not borne out. Disclosed margin is ~18%; Midera’s CFO is not confirmed (parent CFO is Brittany Cerwin) — flagged as a data gap.

Management Team

Investment Analysis

Strengths: $930M revenue base (larger than prior estimate); niche leader in food-processing equipment; 2028E margin target of 20-23%; clean 1:1 tax-free spin with a firm July 6 date. Risks: ⚠️ Margin (~18%) materially below the prior premium thesis; SpinCo CFO unconfirmed; commercial food-equipment cyclicality. Catalysts: July 6 distribution; CFO confirmation; margin progression toward the 2028 target.

Investment Scorecard

Grade Change: Conviction reduced (weighted score 3.85 → 3.25) after the Investor Day revealed ~18% margins (vs. the 26%+ that drove the original premium grade) and the SpinCo CFO remained unconfirmed. Remains a B+ — a solid, but no longer standout, opportunity.

Sources

• Middleby Launches “Midera Food Processing”
• Middleby Investor Day Slides / Spin Plan & 2026 Targets

7. Enviri/Harsco → New Enviri — Imminent (June 1)

Executive Summary

• Company: Enviri Corporation (NVRI)
• SpinCo: New Enviri (“Enviri II Corp”) — Harsco Environmental & Rail
• Industry: Industrial / Environmental Services
• Expected Completion: June 1, 2026 ⚠️
• Structure: Classic Spinoff
• Structural Features: Taxable · Paired Sale
• Investment Grade: B (Moderate / Hold)
• Key Thesis: A combined portfolio action — Clean Earth sold to Veolia for $3.04B while Harsco Environmental & Rail is spun as New Enviri. Shareholders receive $15.00/share cash + 1 New Enviri share per 3 NVRI. Completion certainty (stockholders approved May 4 at 99.5%) de-risks the event.

Transaction Overview

• SpinCo (New Enviri): Harsco Environmental + Rail (~$1.27B revenue)
• Divested: Clean Earth → Veolia for $3.04B cash (simultaneous)
• Structure: Taxable spin paired with a cash sale; $15.00/share cash + 1:3 stock

Key Developments Since Last Report

• May 4, 2026: Stockholders approved the Clean Earth sale (99.54%)
• May 20, 2026: Merger consideration confirmed — $15.00/share cash + 1 New Enviri per 3 NVRI
• When-issued (NVRI WI) began May 27; regular-way New Enviri June 2
• Both transactions close June 1, 2026

Investment Analysis

Strengths: Large, near-certain cash return ($15/share + $3.04B Clean Earth sale); clean separation of the environmental/rail businesses; de-risked by stockholder approval. Risks: Taxable structure; cyclical industrial-services end markets; New Enviri carries the legacy capital structure; limited standalone track record. Catalysts: June 1 close; New Enviri price discovery; potential debt paydown from sale proceeds.

Investment Scorecard

Grade Change: Upgraded B- → B on completion certainty (stockholder approval) and the confirmed $15/share cash component, which materially de-risks the transaction.

Sources

• Enviri Announces Merger Consideration & Spin-Off Update
• Enviri to Complete Clean Earth Sale & New Enviri Spin June 1

Part 2B: BRIEF UPDATES — OTHER TRACKED UPCOMING SPINOFFS

• L3Harris → Missile Solutions (“Axyv”): Rebranded Axyv; confidential S-1 filed ~April 30; $1B Department of War investment closed in April (converts at IPO). LHX retains ~80%+; IPO H2 2026. (IPO Carve-Out · Anchor Investor)
• Resideo → ADI Global (ADIG): Form 10 filed May 11; NYSE ticker ADIG; CEO Robert Aarnes; completion mid-Q3 to mid-Q4 2026.
• KBR → Mission Technology Solutions: No SpinCo CEO named yet (executive search ongoing); mid-to-late 2026. New KBR led by Stuart Bradie / CFO Shad Evans.
• Modine/Gentherm → Performance Technologies RMT: S-4 (Gentherm) and Form 10 (SpinCo) underway; ~$1B deal, Modine 40% / Gentherm 60%; Q4 2026; not yet closed.
• Barrick → North American Barrick: April 28 update reaffirms IPO by year-end 2026 (NY primary / Toronto secondary). Leadership named: CEO Mark Hill, CFO Wessel Hamman, COO Tim Cribb. Assets: Nevada GM, Pueblo Viejo, Fourmile (~2M oz in 2025).
• New Fortress Energy → BrazilCo: UK Restructuring Plan + RSA (Mar 17); corporate debt ~$5.7B → ~$527M; existing holders end with 35% of New NFE; Q3 2026 (subject to UK court). (Distressed)
• Kraft Heinz → 2-way split: Reactivated. “Global Taste Elevation” (~$15.4B) + “North American Grocery” (~$10.4B), tax-free, H2 2026.
• Teleflex → NewCo: Urology/Acute Care/OEM (~$1.4B) vs RemainCo (~$2.1B); tax-free; mid-2026.
• Medtronic → MiniMed full exit: MMED partial IPO done (Mar 6, $20); MDT owns ~90%; signaled Split-Off for the final exit by year-end 2026. MMED ~$12.04 (-40% vs IPO).
• J&J → DePuy Synthes: Still weighing spin vs. $20B+ PE sale; CFO Joe Wolk says no material update until mid-2026. ~$9.3B revenue.
• McKesson → Medical-Surgical Solutions: 2H 2027 IPO; Apollo 13% minority stake (~$1.25B convertible preferred).
• International Paper → EMEA Packaging: ~early 2027; dual LSE + NYSE; IP retains 20% for 12-18mo; ~$200M EMEA cost cuts; CEO Tim Nicholls.
• Unilever → Foods/McCormick RMT: Mid-2027; EV of Unilever Foods ~$44.8B; UL holders 55.1% / MKC 35.0% / UL 9.9%; $15.7B cash; ~$600M synergies.
• Eaton → Mobility Group: Q1 2027; Form 10 not yet filed; no CEO named. (Not to be confused with S&P Global’s “Mobility Global.”)
• Flex → Power & Cloud Infrastructure (NEW): Board approved May 5; Q1 2027; Revathi Advaithi to lead SpinCo (AI data-center power/thermal/integrated infra).
• Textron → Industrial (NEW): Announced Apr 30; mid-2027; “sale OR tax-free spin” (Kautex + Specialized Vehicles); leaves Textron pure-play A&D.
• Genuine Parts → Global Industrial / Motion (NEW): Announced Feb 17; Q1 2027; ~$9B sales, $1.1B+ EBITDA; investor days H2 2026.
• MSG Sports → NY Rangers: Form 10 filed May 18; no timetable; league approval required.

Part 3: COMPLETED SPINOFFS — Extended Post-Spinoff Analysis

All prices as of May 29, 2026 close.

COMPLETED SPINOFFS SUMMARY TABLES

Table A: Overview & Ratings

Sort: by spinoff date, most recent first. All SpinCo returns vs Day-1 price unless noted. UL adjusted for share consolidation; UL/MMED declines reflect deal/IPO dynamics. RNA = Atrium Therapeutics (trades under RNA, not RNAM).

Table B: SpinCo Price Performance & Post-Spin Low Recovery (Updated May 29, 2026)

Sort: by spinoff date, most recent first. Post-Spin Low = lowest closing price since the first regular-way trading day (computed from daily OHLC; may predate the trailing-52-week window for names trading >1 year, e.g. MRP, LION). Days to Low = calendar days from first trade to that low. * STRZ $11.20 close reference. ** LION $8.15 post-separation reference. *** OCTV NY Day-1 open ~$20.35 (Day-1 close unconfirmed); Stockholm SDR (OCTV SDB) 157.40 SEK on May 29. MMED/TRAX are at or near their lows now, so their “days to low” may still extend.

Post-Spin Low Recovery — Pattern Analysis

The “days to low” data reveals a clear and investable pattern in how spinoffs trade after separation:

• The forced-selling trough is real and usually early. Excluding the two outliers below, the completed spinoffs bottomed a median of ~3-5 weeks after their first trade (SOLS 19d, Q 21d, RNA 20d, MRP 32d, VSNT 38d) — squarely inside the window when index funds and institutions that received unwanted SpinCo shares are forced to sell. VGNT (6 days) and JAN (7 days) bottomed in week one.
• Clean classic spinoffs that bottomed early delivered the strongest snap-backs. From their post-spin lows: Q +112%, SOLS +103%, VGNT +64%, VSNT +57% — and the two parent-split media names, STRZ +170% and LION +157%. The “buy the post-spin dip” thesis worked emphatically for high-quality, tax-free, 100%-distributed spins.
• Structure quality predicts the recovery. The names still sitting near their lows are not classic clean spins: TRAX (+0.9%, clinical-stage biotech), MMED (+11.5%, IPO carve-out with ~90% parent overhang), RNA (+5.5%, pre-acquisition clinical spin). IPO carve-outs and pre-revenue/biotech spins have shown no snap-back — reinforcing the report’s structure-quality framework (Classic Spinoff > IPO Carve-Out > Distressed/Pre-Acq).
• Two instructive outliers: STRZ bottomed ~9 months out (274 days, Feb 2026) before a +170% rebound — a reminder that turnaround spins can re-test lows long after the initial dip. MICC bottomed late (142 days) and has recovered only modestly (+24%), the weakest of the clean classic spins.
• Practical takeaway: For high-quality classic spinoffs, the first ~6 weeks of trading have repeatedly offered the best entry. The current cohort to watch on this basis: OCTV and CHRN (just listed, still in price discovery) and TRAX/MMED (at/near lows but structurally lower-quality — the dip is not necessarily a gift).

Table C: SpinCo Performance Since Last Report (Apr 15 → May 29, 2026)

Sort: by % change since last report, best first. Since the April 15 report, the standout gainers were the media parent-split names (STRZ +42.7%, LION +30.2%) and VGNT (+28.9%); Qnity continued its run (+16.6%). Laggards: MMED (-16.3%, IPO-overhang) and MRP (-10.4%, pulled back from highs). TRAX, OCTV, and CHRN are new completions this report, so no prior-report comparison exists.

Table D: Parent Company Performance Post-Spinoff

Sort: by spinoff date, most recent first. * UL adjusted for share consolidation; decline reflects McCormick RMT reaction. ** BDX close ex-distribution adjusted.

1. SOLSTICE ADVANCED MATERIALS (SOLS) ⭐⭐⭐⭐ — BUY MAINTAINED

• Current Price: ~$84.23 (+$4.01 / +5.0% since Apr 15); near 52-wk high (~$90.80). Market cap ~$13.4B.
• Post-spin low recovery: Bottomed at $41.43 just 19 days after spinning (Nov 18, 2025); now +103% off that low — a textbook clean-spinoff snap-back driven by S&P 500 index demand.
• Q1 2026 (reported May 6): Net sales $991M (+10% YoY); adj. EPS $0.63; adj. EBITDA $249M (25.1% margin); FCF $124M. Declared $0.075/sh quarterly dividend. Reaffirmed FY26 guidance.
• Thesis: Maintained BUY. S&P 500 inclusion + uranium-processing monopoly + low-GWP refrigerants continue to support the stock. Best performer in the tracked set (+68% from open).
• Solstice Q1 2026 Results

2. QNITY ELECTRONICS (Q) ⭐⭐⭐⭐ — BUY MAINTAINED

• Current Price: ~$156.00 (+16.6% since Apr 15); market cap ~$32.7B; near 52-wk high.
• Post-spin low recovery: Bottomed at $73.54 just 21 days post-spin (Nov 24, 2025); now +112% off that low — the strongest recovery among the large-cap industrial spins.
• Q1 2026 (May 12): Net sales $1.315B (+18% YoY), beat; adj. EPS $1.08 (+33%) beat; raised FY26 guidance (sales $5.225-5.375B, adj. EPS $3.80-4.14). RBC PT raised to $200.
• Thesis: BUY. AI/electronics-materials demand narrative driving a strong re-rating; +48.6% from open.

3. VERSIGENT (VGNT) ⭐⭐⭐⭐ — BUY (BREAKOUT PERFORMER)

• Current Price: ~$44.12 (+28.9% since Apr 15); all-time high $47.27 (May 18); market cap ~$3.1B.
• Post-spin low recovery: Bottomed at $26.94 just 6 days after spinning (Apr 7, 2026) — a week-one trough — then +64% off the low. Among the fastest-bottoming, fastest-recovering spins in the tracked set.
• Q1 2026: Sales $2.21B; net income $78M; adj. EBITDA $203M (9.2% margin). Reaffirmed FY26 guidance (rev $9.1-9.4B). Initiated a dividend + $250M buyback.
• APTV RemainCo: ~$67.94 (+6.71% on May 29); Q1 record revenue $5.1B; “New Aptiv” FY26 guidance sales $12.8-13.2B, adj. EPS $5.70-6.10.
• Thesis: BUY both. VGNT’s clean capital structure + S&P SmallCap 600 demand drove a +58% move from Day 1 — a standout positive spinoff outcome.

4. STARZ (STRZ) & LIONSGATE STUDIOS (LION) — PARENT SPLIT WINNERS

• STRZ: ~$23.38 (+42.7% since Apr 15), near all-time high. Q1 revenue $306.9M; large GAAP loss (EPS -$9.83) but analysts raised PTs (~$24.63). +108.8% from reference.
• LION: ~$14.35 (+30.2% since Apr 15). Fiscal Q4 (May 21): revenue $906.5M; adj. EPS $0.37 vs $0.20 est (beat); adj. OIBDA $165.4M (12-yr high); FCF $190.4M; net debt down to $1.6B. +76.1% from reference. BUY.
• Post-spin low recovery: The two outliers on timing. STRZ bottomed at $8.65 a full 274 days post-spin (Feb 5, 2026) before rebounding +170% — a reminder that turnaround/“stub” spins can re-test lows long after the initial dip. LION bottomed at $5.59 on day 61 (Jul 7, 2025), now +157% off the low. Both illustrate that parent-split spins can take longer to find footing, but reward patience.

5. MILLROSE PROPERTIES (MRP) ⭐⭐⭐⭐ — BUY

• Current Price: ~$28.22 (-10.4% since Apr 15); near its trailing-52-week low (~$26.30) but +33% above its post-spin low; market cap ~$4.7B.
• Post-spin low recovery: True post-spin bottom was $21.22 on day 32 (Mar 11, 2025) — that low now sits outside the trailing-52-week window. The recent pullback toward $26-28 is a second, shallower dip, not a re-test of the spin-low.
• Q1 2026 (May 6): Revenue $194.9M (beat); net income $122.9M; AFFO $125.9M; $0.76/sh dividend. Diversifying beyond Lennar (total assets $9.6B). Still +20% from open despite the pullback.

6. MAGNUM ICE CREAM (MICC) ⭐⭐ — HOLD

• Current Price: ~$16.20 (+13.9% since Apr 15); market cap ~$9.9B.
• Post-spin low recovery: Bottomed late — $13.06 on day 142 (Apr 29, 2026), the slowest-to-bottom of the clean classic spins, and has recovered only +24%. The delayed, shallow recovery is consistent with the muted reception to the McCormick-deal-driven Unilever overhang. HOLD.
• Q1 2026 (Apr 30): Revenue €1.770B (organic +4.5%, vol +2.9%); reaffirmed FY26 (3-5% organic growth, +40-60bps EBITDA margin).

7. VERSANT (VSNT) ⭐⭐⭐ — HOLD

• Current Price: ~$43.14 (+5.4% since Apr 15); market cap ~$6.1B; recovered to -4.5% vs Day 1.
• Post-spin low recovery: Bottomed at $27.42 on day 38 (Feb 12, 2026) — a steep early -39% drop from the open — then staged a +57% recovery back toward its Day-1 price. The recovery (not the headline -4.5% vs Day 1) is the real story here.
• Q1 2026 (May 14): Stock +~10% post-print; digital/licensing offsetting pay-TV bundle pressure.

8. MINIMED (MMED) ⚠️ — SPECULATIVE

• Current Price: ~$12.04 (-16.3% since Apr 15); -39.8% vs the $20 IPO. Avg analyst PT ~$21.67. Medtronic still owns ~90%; full split-off targeted year-end 2026.
• Post-spin low — no recovery yet: Bottomed at $10.80 (day 70, May 15, 2026) and re-touched it May 27; only +11.5% off the low with the stock still pinned near the bottom. As an IPO carve-out with a ~90% parent overhang, MMED has shown none of the snap-back that clean classic spins delivered — the textbook example of structure quality driving (the absence of) a recovery. SPECULATIVE.

9. JANUS LIVING (JAN) ⭐⭐⭐ — BUY

• Current Price: ~$26.77 (+4.8% since Apr 15); +33.9% vs the $20 IPO; near 52-wk high. Senior-housing REIT; Healthpeak (DOC ~$19.15) retains majority. BUY.
• Post-spin low recovery: Bottomed almost immediately — $22.88 on day 7 (Mar 27, 2026) — then a steady +17% climb to near its highs. A rare IPO carve-out that traded like a clean spin (the REIT structure and strong senior-housing demand helped it avoid the MMED-style overhang).

10. ATRIUM THERAPEUTICS (RNA) ⚠️ — SPECULATIVE

• Current Price: ~$13.00 (-5.3% since Apr 15); market cap ~$222M. Trades under RNA, not RNAM. Q1 (May 14): collaboration revenue $19.6M; net loss $16.6M; cash $267.8M. Lead programs ATR-1072 (IND H2 2026), ATR-1086 (IND 2027). SPECULATIVE.
• Post-spin low — no recovery: Bottomed at $12.32 on day 20 (Mar 18, 2026) and remains just +5.5% off the low, still below Day 1 (-11.9%). As a pre-acquisition clinical spin, it shows the same no-snap-back behavior as MMED/TRAX.

11. FIRST TRACKS BIOTHERAPEUTICS (TRAX) ⚠️ — SPECULATIVE (NEW)

• Current Price: ~$15.96 (Day-1 close $18.60 → -14.2%); 52-wk range $14.79-$26.80; market cap ~$557M.
• Structure: 1:1 spin from AnaptysBio (Apr 20); launched ~$180M cash, ~2-yr runway; pipeline ANB033 (Ph1b), rosnilimab (completed Ph2b), ANB101 (Ph1a).
• Analyst coverage: Seven Buy/Outperform initiations (UBS $45, Leerink $46, Barclays $40, JPM $31, Wedbush $30, H.C. Wainwright $30; avg ~$39).
• RemainCo ANAB: ~$55.67; pure JEMPERLI/imsidolimab royalty co; CFO Chris Murphy named; Delaware Chancery dismissed Tesaro’s anticipatory-breach claim (favorable). $100M buyback (~$5.4M used through Q1).
• Post-spin low — still bottoming: Made its low $15.82 on day 38 (May 28, 2026) — i.e., the day before the pricing date — so TRAX is essentially at its post-spin low (+0.9%) with no recovery established yet. Consistent with the clinical-biotech spin pattern; the heavy analyst Buy coverage has not yet translated into price support.
• Thesis: SPECULATIVE on TRAX (clinical-stage, pre-revenue); ANAB (royalty co) is the more investable vehicle for most investors given JEMPERLI economics and the buyback.
• First Tracks Debuts on Nasdaq

12. OCTAVE INTELLIGENCE (OCTV) ⭐⭐⭐ — HOLD (NEW)

• Current Price: ~$17.20 (NY, May 29; partial verification) / 157.40 SEK (Stockholm SDR). Market cap ~$4.6B. Day-1 NY open ~$20.35.
• Structure: 1-for-10 spin from Hexagon (May 28 NY listing; May 25 Stockholm SDR). Dual-listed: OCTV (Nasdaq NY) + OCTV SDB (Nasdaq Stockholm).
• Financials (FY2024 basis): EUR ~1.45B revenue, ~31% adj. operating margin; ~7,200 employees; serves >60% of the Global Fortune 500.
• Analyst coverage: Guggenheim initiated Buy, PT $30 (May 29).
• Post-spin low — in price discovery: Only ~2 NY sessions in, so no post-spin low is established yet. Based on the pattern above, the first ~6 weeks (mid-July) are where a high-quality classic spin like Octave would typically find its trough and offer the best entry — one to watch.
• Thesis: HOLD pending price stabilization. High-quality asset-lifecycle software business; early NY trading came in below the Day-1 open. Watch for the typical post-spin volatility window.
• Octave Intelligence Lists on Nasdaq New York

13. CHRONOSCALE (CHRN) ⚠️ — SPECULATIVE (NEW)

• Status: Completed RMT May 5, 2026 — Applied Digital contributed its cloud business to EKSO Bionics, renamed ChronoScale; APLD retains ~97%. $15.75M PIPE at close. Began Nasdaq trading May 5 under CHRN.
• Thesis: SPECULATIVE — heavy parent ownership (~97%) creates a thin float and overhang; limited standalone trading history.
• Applied Digital Completes ChronoScale Separation

Part 4: OUTLOOK & UPCOMING CATALYST CALENDAR

June 2026:

• June 1: FedEx Freight (FDXF) distribution; New Enviri (Harsco Env/Rail) spin + Clean Earth sale close
• June 3: Honeywell Aerospace Investor Day (Phoenix) — record-date/exchange-ratio watch
• June 3: Medtronic earnings
• June 11-12: Lennar Q2 earnings
• June 15: Mobility Global (MBGL) record date
• June 23: FedEx fiscal Q4 2026 earnings

July 2026:

• July 1: Mobility Global (MBGL) distribution & first trading
• July 6: Midera Food Processing (MFP) separation

H2 2026:

• Honeywell Aerospace (HONA) Q3 distribution
• L3Harris Missile Solutions (“Axyv”) IPO
• Resideo/ADI Global (ADIG) separation
• Corteva → Vylor seed spin (~Oct 1)
• Kraft Heinz two-way split
• Teleflex NewCo (mid-2026)
• KDP Global Coffee Co / Beverage Co separation (year-end)
• Medtronic MiniMed full split-off
• Barrick North American Barrick IPO
• Modine/Gentherm Performance Tech RMT close

2027:

• Q1: Eaton Mobility Group; Flex Power & Cloud Infrastructure; Genuine Parts Global Industrial
• H2 / Mid: McKesson Medical-Surgical; International Paper EMEA; Unilever/McCormick close; Textron Industrial

APPENDIX A: COMPLETE SPINOFF LIST (May 2026)

Completed / now-trading spinoffs and their full post-spin performance (including low-recovery analysis) are tracked in Part 3, Tables A–D — not duplicated here.

Removed / Reclassified / Paused / Canceled:

• ABB → ABB Robotics: ⚠️ Converted to SoftBank sale ($5.375B) — removed from spinoff tracking
• WBD → Discovery Global: ⚠️ Shelved (Paramount acquiring WBD at $31/sh, close Q3 2026)
• Topgolf Callaway: Converted to a sale (Leonard Green ~60% of Topgolf)
• CSL Seqirus: POSTPONED indefinitely

APPENDIX B: SPINOFF STRUCTURE REFERENCE

Not all corporate spinoffs are structured the same way. The sections above use short tags to label each transaction by its primary legal/mechanical structure, with an optional set of “orthogonal features” that can modify any primary structure. This appendix defines those tags.

Primary Structures (mutually exclusive — the core mechanic)

Orthogonal Features (can apply to any primary structure; multiple possible)

How to Read the Tags in This Report

• Part 1 overview tables use the Structure tag (plus key features inline where relevant).
• Part 2 detailed analyses list both Structure and Structural Features.
• Part 3 Table A uses the Structure tag with key features appended.
• The Appendix Complete Spinoff List includes both columns. A cell reading “None” in the Orthogonal Features column means no modifying features apply.

Report Generated: May 31, 2026 Pricing: All stock prices as of May 29, 2026 close (last trading day before publication). Next Update Recommended: Late June / early July 2026 (after FedEx Freight & New Enviri distributions June 1, Honeywell Aerospace Investor Day June 3, Mobility Global distribution July 1, Midera separation July 6, and FedEx Q4 earnings June 23). Methodology: This comprehensive analysis is built primarily from company investor relations websites, SEC filings (Form 10, 8-K, S-1, DEF 14A), press releases, and financial news coverage, supplemented by internet searches for “upcoming spinoffs” and backward-looking searches for announcements 24-36 months ago (corporate spinoffs typically take 24-36 months from announcement to distribution). The prior spinoff report (April 15, 2026) serves as the baseline tracking list. Online community spinoff trackers (The Zen of Investing, Inside Arbitrage, StockSpinoffs.com) are used as secondary corroborative sources. The Investment Scorecard applies the five-dimension weighted framework (Financial Profile 25%, Competitive Position 25%, Strategic Rationale 20%, Management & Governance 20%, Acquisition Potential 10%; 1-5 per dimension) mapped to letter grades per the Uncovering Value / Spinoff Investment Analysis Skill methodology. Source: Spinoff Investment Analysis Skill v4.0

SOURCES

Company IR / SEC Primary Sources

• S&P Global Form 10 for Mobility Global
• Mobility Global Investor Day Slides
• Honeywell Aerospace $16B Senior Notes Pricing
• FedEx Board Approves Spin-off of FedEx Freight
• FedEx Names Leadership for FedEx Freight
• Middleby Launches “Midera Food Processing”
• Enviri Merger Consideration & Spin Update
• Corteva Names Seed Spinoff “Vylor”
• KDP Acquires JDE Peet’s; Global Coffee Co CEO
• First Tracks Debuts on Nasdaq
• Octave Intelligence Lists on Nasdaq New York
• Applied Digital Completes ChronoScale Separation
• Resideo Files Form 10 for ADI Global
• L3Harris Files for Missile Solutions IPO
• ABB to Divest Robotics to SoftBank
• Paramount to Acquire Warner Bros. Discovery
• Flex to Spin Off Power & Cloud Infrastructure
• Textron to Separate Industrial Segment
• Genuine Parts to Separate Auto & Industrial
• MSG Sports Files Form 10 (Rangers)
• Barrick North American Gold IPO Update

Earnings / Financial Data Sources

• Solstice Q1 2026
• Qnity Q1 2026
• Lionsgate FQ4 2026
• Versigent Q1 2026
• Aptiv Q1 2026 post-Versigent
• Closing prices (May 29, 2026): stockanalysis.com, Investing.com, Yahoo Finance, MarketBeat

Online Community Corroborative Sources

• The Zen of Investing - Upcoming Spinoffs
• Inside Arbitrage - Spinoffs
• StockSpinoffs.com - Upcoming Spinoffs

DISCLAIMER

This report is for informational and educational purposes only. Not investment advice. Spinoff transactions are subject to change, delay, or cancellation. Stock prices referenced are as of the May 29, 2026 close (or most recent trading day available) and may be approximate for individual tickers. Several figures are explicitly flagged where verification was incomplete at the time of writing (e.g., Octave’s Day-1 NY close, Midera’s SpinCo CFO, Honeywell Aerospace’s record date). Always conduct your own due diligence and consult with financial advisors before making investment decisions. Past spinoff performance does not guarantee future results.