COMPREHENSIVE SPINOFF INVESTMENT OPPORTUNITIES

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

Analysis Date: June 30, 2026 Pricing Date: All stock prices as of June 30, 2026 close (verified daily data via yfinance) unless otherwise noted.

EXECUTIVE SUMMARY: KEY CHANGES SINCE LAST REPORT (May 31, 2026)

Completed Since Last Report

Major Developments

• Honeywell Aerospace (HONA) — the largest completion of the cycle. Record date June 15; distribution June 29 (Nasdaq). ≈158M shares, ≈$72B market cap, immediate S&P 500 inclusion. This completes Honeywell’s three-way breakup (Solstice Advanced Materials spun Oct 2025; Aerospace now spun; RemainCo = Honeywell Technologies, pure-play automation). Day-1 close $220.19; +0.4% through Jun 30. Grade A maintained — a clean, full, tax-free spin with no overhang.
• FedEx Freight (FDXF) — completed June 1 on NYSE (record May 15). Soft debut (-9% intraday Day 1) and a sub-$150 drift confirm the ≈19.9% parent-overhang risk flagged at the A- grade. FDXF Day-1 close $149.53 → $151.00 (Jun 30, +1.0%). FedEx fiscal Q4 reported June 23.
• New Enviri (NVRI) — the spin + paired sale closed June 1–2. The old “HSC/Enviri” ticker is retired; NVRI now = the new spun company (Harsco Environmental + Rail), deleveraged by $3.04B Clean Earth cash proceeds ($370.7M term loan raised). Positive June price action (+14.3% share, plus the $15/sh cash). Grade B maintained.
• S&P Global → Mobility Global (MBGL) — on track for July 1, 2026 (next day). Record date June 15; 1-for-1, S&P retains 0%; when-issued (MBGL WI) traded June 26–30. Remains the TOP PICK (A+); nothing in June contradicted the CARFAX/≈60%-margin thesis.
• Corteva → Vylor (Seed) — on-schedule progression: Vylor filed its Form 10-12B (late June) and Corteva named Vylor’s board June 29 (Karen Grimes, Independent Chair). Q4 2026 (≈Oct 1) reaffirmed. Grade A- maintained.
• Keurig Dr Pepper → Global Coffee Co — ⚠️ timeline slipped to early 2027 (from year-end 2026). Global Coffee Co (≈$16B sales) led by Rafael Oliveira, Chairman Pam Patsley. The push-out and ≈4.5x net leverage are watch items for the B+ grade.
• Middleby → Midera Food Processing (MFP) — imminent: Form 10 became effective June 17; when-issued (MFPVV) began ≈June 26; distribution July 6, first regular-way trade July 7 (1-for-1, tax-free). Grade B+; the ≈18%-margin concern is unchanged.
• Versigent (VGNT) — cooled from its highs: $42.01 on Jun 30 (-4.8% since May 29) but still +50.8% vs Day-1. RemainCo Aptiv (APTV) slid to $61.38 (-9.7%).
• Versant (VSNT) — ⚠️ the month’s notable decliner: -16.5% to $36.01, now -20.3% vs Day-1 (was -4.5%), giving back its recovery.

NEW Spinoffs Added to Tracking

Removed / Status Changed

• Teleflex → NewCo (Urology/Acute/OEM): ⚠️ CANCELED as a spin. Reversed to outright sales (≈$2.03B combined — Acute Care + Interventional Urology to Intersurgical; OEM to Montagu & Kohlberg) plus a €760M Biotronik acquisition. Removed from spinoff tracking.
• Kraft Heinz → 2-way split: ⚠️ HALTED / paused indefinitely (no end date). Buffett objected; new CEO Steve Cahillane redirecting to growth. Shelved.
• Keurig Dr Pepper → Global Coffee Co: Timeline slipped from year-end 2026 to early 2027 (still active).
• McKesson → Medical-Surgical: Taking the Apollo-investment route rather than a clean spin (still tracked as an IPO carve-out / minority-stake structure).
• HONA, FDXF, New Enviri: Completed; moved to Part 3 tracking.
• Microsoft → Xbox: Rumor only (The Information, mid-June) — no announced transaction; not tracked.

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: ≈20 active separations tracked over the next 12–15 months after three completions this cycle (HONA, FDXF, New Enviri) and two removals (Teleflex → sale, Kraft Heinz → paused). Most imminent: Mobility Global (July 1) and Midera/Middleby (July 7). Largest by revenue: KDP Global Coffee (≈$16B), McKesson Med-Surg ($11.4B), Corteva ($9.9B seed + $7.8B crop protection), Genuine Parts (≈$9B), J&J DePuy Synthes ($9.3B), plus the newly announced Comcast/NBCUniversal (≈$40B+ media giant). Highest quality: Mobility Global (≈60% margins, A+). Biggest change this cycle: Comcast’s June 29 announcement to spin NBCUniversal — the largest new separation on the board.

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); ★ is the quick visual tier mapped from grade.

Sort: by investment grade / weighted score, highest first. Completed names (HONA, FDXF, New Enviri) moved to Part 3.

1. S&P Global → Mobility Global (MBGL) — ⚠️ Distributes July 1

Executive Summary

• Company: S&P Global Inc. (SPGI) — Current Price: $407.26 (Jun 30, 2026)
• SpinCo: Mobility Global, Inc. (ticker MBGL, NYSE)
• Industry: Automotive Data & Technology
• Expected Completion: July 1, 2026 (next trading day)
• Structure: Classic Spinoff — Investment Grade: A+ (Top Pick)
• Key Thesis: Exceptional ≈60% EBITDA margins, iconic CARFAX brand with near-monopoly in used-car data. Record date June 15 passed; when-issued (MBGL WI) traded June 26–30; regular-way trading begins July 1. Fully de-risked on timing.

Transaction Overview

• 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
• Terms: 1 MBGL per 1 SPGI; S&P retains 0%; ≈$2B senior notes fund a one-time payment to S&P Global

Key Developments Since Last Report

• June 15: Record date passed
• June 26–30: When-issued trading (MBGL WI / SPGI WI)
• Form 10-12B/A filed in June; distribution conditioned on SEC effectiveness — no slippage
• July 1: Distribution (12:01am ET) and first regular-way MBGL trading; S&P 500 index treatment follows

Investment Scorecard

Grade Change: Unchanged (A+). Firm July 1 distribution reinforces the thesis. Recommendation: ⭐⭐⭐⭐⭐ STRONG BUY — the flagship opportunity; watch first regular-way trading and the post-spin forced-selling window for entry.

Sources

• TradingView — S&P approves Mobility spin; July 1 distribution
• StockTitan — 1-for-1 distribution terms

2. Corteva → Vylor (Seed) / New Corteva

Executive Summary

• Company: Corteva, Inc. (CTVA) — Current Price: $84.69 (Jun 30, 2026)
• SpinCo: Vylor, Inc. (Seed) — spun from New Corteva (Crop Protection)
• Industry: Agricultural Inputs — Expected Completion: Q4 2026 (≈Oct 1)
• Structure: Classic Spinoff — Investment Grade: A- (Strong Opportunity)
• Key Thesis: Clean two-way split; Seed (Vylor, ≈$9.9B) and Crop Protection (New Corteva, ≈$7.8B) each become focused pure-plays. The current Corteva CEO (Magro) moving to Seed signals it is viewed as the crown jewel.

Key Developments Since Last Report

• Late June: Vylor filed its initial Form 10-12B with the SEC — a key de-risking milestone
• June 29: Corteva named Vylor’s board of directors, with Karen Grimes (ex-Wellington) as Independent Chair
• Separation reaffirmed for Q4 2026 (≈Oct 1); CEOs Luke Kissam (New Corteva) and Chuck Magro (Vylor)

Investment Scorecard

Grade Change: Maintained A- (3.80). June’s Form 10 filing and board naming keep it firmly on schedule.

Sources

• SEC — Vylor Form 10-12B
• SEC — Corteva 8-K (Vylor board)

3. Comcast → NBCUniversal (NEW — announced June 29)

Executive Summary

• Company: Comcast Corporation (CMCSA) — Current Price: $24.55 (Jun 30, 2026)
• SpinCo: NBCUniversal — Universal studios & theme parks, NBC, Telemundo, Peacock, Bravo, Sky
• Industry: Media & Entertainment — Expected Completion: ≈Mid-2027
• Structure: Classic Spinoff (tax-free) — Investment Grade: B+ (Solid Opportunity) (initial)
• Key Thesis: The largest new separation on the board. Comcast splits its declining-growth connectivity business (Xfinity broadband/wireless/business, ≈65M homes) from its content/experiences assets (Universal parks & studios, NBC networks, Peacock, Sky). A clean split lets each pursue distinct capital strategies and be valued on its own multiple.

Transaction Overview

• RemainCo (Comcast connectivity): Xfinity broadband, wireless, business services; CEO Michael Angelakis
• SpinCo (NBCUniversal): Universal Destinations & Experiences (theme parks), Universal Pictures, NBC/Telemundo, Peacock, Bravo, Sky; CEO Mike Cavanagh
• Rationale: Separate the cash-generative but slow-growth connectivity utility from the IP/content/parks growth engine; distinct from the already-completed Versant cable-networks spin (that carved out only the linear cable networks)

Key Developments

• June 29, 2026: Comcast board announced the separation into two public companies (8-K filed); tax-free spin; shareholders keep both. Targeted ≈mid-2027. Form 10 not yet filed.

Investment Scorecard

Grade Change: New coverage — initial B+ (3.45). High-quality assets and a clean rationale, tempered by an early-stage timeline (no Form 10 yet) and secular media/linear-TV pressure. Expect refinement as the Form 10 and standalone financials emerge.

Sources

• CNBC — Comcast to spin off media and tech wings
• Variety — Comcast split NBCUniversal
• SEC 8-K

4. Keurig Dr Pepper → Global Coffee Co — ⚠️ Timeline slipped to early 2027

Executive Summary

• Company: Keurig Dr Pepper (KDP) — Current Price: $32.73 (Jun 30, 2026)
• SpinCo: Global Coffee Co. (+ Beverage Co. — full two-way split)
• Industry: Coffee / Beverage — Expected Completion: Early 2027 (slipped from year-end 2026)
• Structure: Classic Spinoff — Investment Grade: B+ (Solid Opportunity)
• Key Thesis: Post-JDE Peet’s, KDP is building the world’s largest standalone coffee company (≈$16B sales, ≈$400M synergies) alongside Beverage Co. Leadership is set — but the completion date slipped to early 2027, and net leverage (≈4.5x) remains the overhang.

Key Developments Since Last Report

• ≈June 23: Leadership appointments reaffirmed; Global Coffee Co led by Rafael Oliveira, Chairman Pam Patsley
• ⚠️ Timeline pushed to early 2027 (from year-end 2026) — a modest, grade-relevant slip
• JDE Peet’s acquisition (≈$18.3B) closed early April; integration ongoing

Investment Scorecard

Grade Change: B+ maintained (3.35), but the timeline slip to 2027 and leverage are watch items keeping it out of the A- tier.

Sources

• Keurig DP — acquire JDE Peet’s & separate
• Grocery Trade News — leadership changes ahead of split

5. Middleby → Midera Food Processing (MFP) — ⚠️ Distributes July 6–7

Executive Summary

• Company: The Middleby Corporation (MIDD) — Current Price: $172.01 (Jun 30, 2026)
• SpinCo: Midera Food Processing, Inc. (ticker MFP, Nasdaq)
• Industry: Food Processing Equipment — Expected Completion: July 6 (distribution), July 7 (first trade)
• Structure: Classic Spinoff — Investment Grade: B+ (Solid Opportunity)
• Key Thesis: Imminent 1-for-1 tax-free spin. Form 10 became effective June 17, de-risking the July close. The May Investor Day’s ≈18% adj. EBITDA margins (vs the prior “26%+” thesis) remains the reason it sits at B+ rather than higher.

Key Developments Since Last Report

• June 17: Form 10 declared effective; board approved the spin
• ≈June 26: When-issued trading (MFPVV) began on Nasdaq
• July 6: Distribution; July 7: first regular-way MFP trading (1-for-1, tax-free)
• Leadership confirmed: CEO Mark Salman, CFO Amy Campbell
• MIDD stock rose to $172.01 (+11.0% since May 29) into the separation

Investment Scorecard

Grade Change: B+ maintained (3.25). Form 10 effectiveness de-risks timing; the margin profile is unchanged.

Sources

• StockTitan — Middleby approves Midera spin, 1-for-1
• SEC — Midera 8-K

Part 2B: BRIEF UPDATES — OTHER TRACKED UPCOMING SPINOFFS

• Resideo → ADI Global (ADIG): Amended Form 10 filed ≈June 4 (added ADI financials through April 4). Spin reaffirmed fall 2026 (mid-Q3 to mid-Q4); no record date yet. CEO Robert Aarnes.
• L3Harris → Missile Solutions (MSL): IPO reaffirmed H2 2026; $1B DoW convertible preferred converts at IPO; LHX retains ≈80%+.
• KBR → Mission Technology Solutions: SpinCo CEO search ongoing; mid-to-late 2026. Only leadership appointments surfaced (≈June 25).
• Modine/Gentherm → Performance Technologies RMT: S-4/Form 10 underway; ≈$1B deal, Modine 40% / Gentherm 60%; Q4 2026; not yet closed.
• Barrick → North American Barrick: IPO reaffirmed by year-end 2026 (NYSE primary / TSX secondary); leadership named (CEO Mark Hill). No June completion.
• New Fortress Energy → BrazilCo: UK Restructuring Plan + RSA; corporate debt ≈$5.7B → ≈$527M; existing holders end with 35% of New NFE; Q3 2026 (subject to UK court). (Distressed)
• Medtronic → MiniMed full exit: MMED partial IPO done (Mar 6, $20); MDT owns ≈90%; Split-Off signaled for the final exit by year-end 2026. MMED $14.95 (-25% vs IPO; +24% in June).
• J&J → DePuy Synthes: Still weighing spin vs. $20B+ PE sale; decision expected mid-2026. ≈$9.3B revenue.
• McKesson → Medical-Surgical Solutions: 2H 2027; taking the Apollo-investment route (Apollo ≈13% minority stake, ≈$1.25B) rather than a clean spin.
• International Paper → EMEA Packaging: ≈early 2027; dual LSE + NYSE; IP retains 20% for 12-18mo; CEO Tim Nicholls.
• Unilever → Foods/McCormick RMT: Mid-2027; 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: Board approved May 5; Q1 2027; Revathi Advaithi to lead SpinCo (AI data-center power/thermal).
• Textron → Industrial: Announced Apr 30; mid-2027; “sale OR tax-free spin” (Kautex + Specialized Vehicles) — path still undecided.
• Genuine Parts → Global Industrial / Motion: Announced Feb 17; Q1 2027; ≈$9B sales, $1.1B+ EBITDA.
• Adaptive Biotechnologies → Immune Medicine (NEW): Announced June 15; splits profitable MRD diagnostics (clonoSEQ) from the earlier-stage Immune Medicine drug platform; structure (spin vs. carve-out) to be chosen by year-end 2026; ≈$250M convertible offering alongside. (Grade B-, structure TBD.)
• MSG Sports → NY Rangers: Form 10 filed May 18; no timetable; league approval required.
• ABVC BioPharma → BioKey (NEW): Announced June 22; micro-cap partial taxable spin (≈15% distributed), OTC, ≈Aug 3. Footnote only.

Part 3: COMPLETED SPINOFFS — Extended Post-Spinoff Analysis

All prices as of June 30, 2026 close (verified daily data). SpinCo returns vs the Day-1 reference basis fixed in prior reports (open or close as noted per name); post-spin low = lowest closing price since the first regular-way trading day.

COMPLETED SPINOFFS SUMMARY TABLES

Table A: Overview & Ratings

Sort: by spinoff date, most recent first. All SpinCo returns vs Day-1 reference unless noted. † Honeywell’s parent comparison is not meaningful this report: HON completed its 3-way breakup (spun HONA) and executed a concurrent 1-for-2 reverse split on Jun 29, resetting the share base. ‡ DuPont (DD) executed a 1-for-3 reverse split on Jun 24; the +31.5% is measured on a split-adjusted basis vs the Nov 3 spin-date reference.

Table B: SpinCo Price Performance & Post-Spin Low Recovery (Updated June 30, 2026)

Sort: by spinoff date, most recent first. Post-Spin Low = lowest closing price since the first regular-way trading day (daily OHLC). New lows set in June: RNA ($11.55, Jun 8, day 101), TRAX ($15.32, Jun 3, day 44 — then a sharp recovery to $20.12), and OCTV established its first trough ($15.65, Jun 22, day 25). NVRI Day-1 basis = Jun 2 regular-way close (holders separately received $15.00/sh cash). OCTV Day-1 open ≈$20.35 (basis carried).

Table C: SpinCo Performance Since Last Report (May 29 → June 30, 2026)

Sort: by % change since last report, best first. Standouts: TRAX (+26.1%, biotech re-rating off its low), MMED (+24.2%), STRZ (+23.4%, still running), CHRN (+21.0%). Sole material decliner: VSNT (-16.5%). Three June completions (HONA, FDXF, NVRI) have no prior-report comparison.

Table D: Parent Company Performance Post-Spinoff

Sort: by spinoff date, most recent first. * UL share-consolidation adjusted. † HON no longer comparable to its pre-breakup price after spinning Aerospace (HONA) and executing a 1-for-2 reverse split. ‡ DD shown on a split-adjusted basis (1-for-3 reverse split Jun 24); raw quoted price ≈$135.64.

Post-Spin Low Recovery — Pattern Analysis (updated)

• The forced-selling trough remains real and usually early — but structure quality still decides the snap-back. June’s data reinforced the framework: the clean classic spins kept compounding (SOLS +77% vs Day-1, Q +55.5%, VGNT +50.8%), while the two parent-split media names extended (STRZ +157.7%, LION +87.9%).
• June’s biotech/small-cap bounce. The three biggest monthly gainers were TRAX (+26.1%), MMED (+24.2%), and CHRN (+21.0%) — the structurally weaker names that had shown no recovery finally caught a bid off their lows. TRAX in particular set a fresh low ($15.32, Jun 3) then rebounded +31% to $20.12 — its heavy analyst Buy coverage may finally be translating into support. Treat these as bounces off distressed levels, not yet confirmations of durable recoveries.
• RNA and OCTV set new lows in June. RNA bottomed at $11.55 (Jun 8, day 101) — a reminder that pre-acquisition/clinical spins can keep grinding lower. OCTV, still in its post-spin discovery window, found a $15.65 trough on day 25 (Jun 22) — right inside the typical ≈6-week forced-selling window flagged last report.
• The lone decliner — VSNT. Versant gave back its recovery, falling 16.5% to $36.01 (now -20.3% vs Day-1). The classic-spin structure didn’t insulate it from company-specific pressure; see its section below.

1. HONEYWELL AEROSPACE (HONA) ⭐⭐⭐⭐ A — STRONG BUY (NEW — completed Jun 29)

• Current Price: $221.08 (Day-1 close $220.19 → +0.4%); ≈158M shares, ≈$72B market cap; added to the S&P 500.
• The deal: Clean 1-for-2 spin from Honeywell (record Jun 15, distribution Jun 29, Nasdaq). 100% distributed — no retained stake, no overhang. Completes Honeywell’s three-way breakup (Solstice spun Oct 2025; Aerospace now; RemainCo = Honeywell Technologies, which kept the HON ticker and did a concurrent 1-for-2 reverse split). CEO Jim Currier (aerospace-native leader).
• Thesis: Largest pure-play aerospace supplier — ≈$17.4B revenue, ≈$4.3B pro forma EBIT, $37B backlog. Prep financing ($16B senior notes) executed in March. As a clean, full, tax-free spin with immediate index demand, HONA is the highest-quality completion of the cycle. Grade A maintained; watch the standard post-spin forced-selling window for entry.
• Honeywell Aerospace completes spin, begins Nasdaq trading

2. FEDEX FREIGHT (FDXF) ⭐⭐⭐⭐ A- — BUY (NEW — completed Jun 1)

• Current Price: $151.00 (Day-1 close $149.53 → +1.0%; touched ≈$161 mid-June before drifting back).
• The deal: 1 FDXF per 2 FDX; 80.1% distributed, FedEx retains 19.9% (to be disposed within 24 months). NYSE; record May 15; distribution Jun 1. CEO John A. Smith; Chairman R. Brad Martin. Funded by a $4.1B dividend to FedEx + $3.7B FDXF notes.
• Thesis: #1 US LTL carrier. The soft debut (-9% intraday Day 1) and sub-$150 drift confirm the ≈19.9% retained-stake overhang flagged at the A- grade — a textbook partial-spin dynamic. The retained-stake disposal over the next 24 months is the overhang to watch, but the underlying LTL franchise is high-quality. Grade A- maintained. Parent FDX $313.13 (-5.6%).
• FedEx completes spin-off of FedEx Freight

3. NEW ENVIRI (NVRI) ⭐⭐⭐ B — HOLD (NEW — completed Jun 1-2)

• Current Price: $21.95 (regular-way Jun 2 close $19.20 → +14.3%); holders separately received $15.00/share cash.
• The deal: A spin + paired sale. Enviri sold Clean Earth to Veolia for $3.04B and spun Harsco Environmental + Rail as “New Enviri,” which took over the NVRI ticker (the old parent was absorbed into the Veolia sale). Consideration: $15.00/sh cash + 1 New Enviri per 3 old shares. $370.7M term loan raised. CEO Russell Hochman.
• Thesis: A clean industrial-services + rail pure-play, deleveraged by the Clean Earth cash. Positive early trading (+14.3% on the shares, plus the large cash component). The taxable structure and cyclical end-markets keep it at B — but the paired cash sale materially de-risked the outcome. Bottomed at $17.75 (Jun 3) and recovered +23.7%.
• New Enviri launches as standalone public company; Clean Earth sale completed

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

• Current Price: $88.60 (+5.2% since May 29); +77.0% vs Day-1; near all-time high. Best performer in the tracked large-cap set.
• Post-spin low recovery: Bottomed at $41.43 just 19 days post-spin (Nov 18, 2025); now +113.9% off that low — a textbook clean-spinoff snap-back driven by S&P 500 index demand. Q1 (May 6): net sales $991M (+10%), 25.1% adj. EBITDA margin, reaffirmed FY26. BUY.

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

• Current Price: $163.31 (+4.7% since May 29); +55.5% vs Day-1; near all-time high; market cap ≈$34B.
• Post-spin low recovery: Bottomed at $73.54 (day 21, Nov 24, 2025); now +122.1% off the low — the strongest recovery among the large-cap industrial spins. Q1 (May 12): sales $1.315B (+18%), adj. EPS $1.08 (+33%), raised FY26 guidance. AI/electronics-materials demand narrative intact. (Parent DuPont executed a 1-for-3 reverse split Jun 24 — see Table D note.) BUY.

6. VERSIGENT (VGNT) ⭐⭐⭐⭐ — BUY

• Current Price: $42.01 (-4.8% since May 29 — cooled from the ≈$47 high) but still +50.8% vs Day-1 and +55.9% off its post-spin low.
• Post-spin low recovery: Bottomed at $26.94 just 6 days after spinning (Apr 7) — a week-one trough — a standout fast-recovery clean spin. Q1: sales $2.21B, adj. EBITDA $203M; dividend + $250M buyback. RemainCo APTV $61.38 (-9.7% since May 29, -21.0% since the spin). BUY maintained; the June pullback is profit-taking, not a thesis change.

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

• STRZ: $28.86 (+23.4% since May 29), fresh all-time high; +157.7% from reference, +233.6% off its post-spin low ($8.65, day 274). The turnaround-spin thesis continues to pay off — the strongest total return in the tracked set.
• LION: $15.31 (+6.7% since May 29); +87.9% from reference, +173.9% off its low ($5.59, day 61). Fiscal Q4 beat (adj. EPS $0.37 vs $0.20 est), 12-yr-high OIBDA, net debt down to $1.6B. BUY.

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

• Current Price: $30.05 (+6.5% since May 29); recovered off the recent dip; +27.9% vs Day-1, +41.6% off its post-spin low ($21.22, day 32). Q1 (May 6): revenue $194.9M (beat), $0.76/sh dividend; diversifying beyond Lennar (total assets $9.6B). Parent LEN $90.49 (-24.5% since the spin). BUY.

9. MAGNUM ICE CREAM (MICC) ⭐⭐ — HOLD

• Current Price: $17.41 (+7.5% since May 29); +16.8% vs Day-1, +33.3% off its late low ($13.06, day 142). The slowest-to-bottom of the clean classic spins; recovery remains modest, consistent with the Unilever-overhang reception. Parent UL $60.12 (-2.7%). HOLD.

10. VERSANT (VSNT) ⭐⭐⭐ — HOLD (notable decliner)

• Current Price: $36.01 (-16.5% since May 29 — the month’s sharpest drop among tracked names); now -20.3% vs Day-1, giving back the recovery that had carried it back toward breakeven. Still +31.3% off its post-spin low ($27.42, day 38).
• What happened: The classic-spin structure did not insulate Versant from company-specific pressure in June — the cable-networks pure-play remains squarely exposed to linear-TV/pay-TV secular decline, and the broader re-rating of media names (against the backdrop of Comcast’s own June 29 NBCUniversal split announcement) weighed on the group. The stock surrendered most of its Q1-earnings bounce. Parent CMCSA $24.55 (-11.7%). HOLD — the -20% level bears watching; a break of the $27–$28 post-spin-low zone would be the bearish signal.

11. MINIMED (MMED) ⚠️ — SPECULATIVE

• Current Price: $14.95 (+24.2% since May 29 — a strong bounce off the bottom); still -21.5% vs the $19.05 open / -25.3% vs the $20 IPO. +38.4% off its low ($10.80, day 70). Medtronic still owns ≈90%; full split-off targeted year-end 2026. The June bounce is encouraging, but as an IPO carve-out with a ≈90% parent overhang it remains SPECULATIVE until the final split-off clarifies the float.

12. JANUS LIVING (JAN) ⭐⭐⭐ — BUY

• Current Price: $28.74 (+7.4% since May 29); +21.8% vs Day-1 / +43.7% vs the $20 IPO; near all-time high. +25.6% off its day-7 low ($22.88). A rare IPO carve-out trading like a clean spin — the REIT structure and senior-housing demand let it avoid the MMED-style overhang. Healthpeak (DOC $21.40) retains majority. BUY.

13. ATRIUM THERAPEUTICS (RNA) ⚠️ — SPECULATIVE

• Current Price: $13.45 (+3.5% since May 29); -8.8% vs Day-1. Trades under RNA. Set a new post-spin low of $11.55 on Jun 8 (day 101) before recovering to +16.5% off it — still the no-snap-back behavior typical of pre-acquisition clinical spins. Q1: collaboration revenue $19.6M; cash $267.8M; lead programs ATR-1072 (IND H2 2026), ATR-1086 (IND 2027). SPECULATIVE.

14. FIRST TRACKS BIOTHERAPEUTICS (TRAX) ⚠️ — SPECULATIVE

• Current Price: $20.12 (+26.1% since May 29 — the top monthly gainer); now +8.2% vs the $18.60 Day-1 close and +31.3% off its fresh low ($15.32, Jun 3, day 44). The heavy analyst Buy coverage (UBS $45, Leerink $46, Barclays $40; avg ≈$39) finally began translating into price support after the June trough. RemainCo ANAB $67.50 (+21.2% since May 29) — the JEMPERLI royalty co continues to be the more investable vehicle. TRAX itself remains SPECULATIVE (clinical-stage, pre-revenue), but June’s move is the first sign of a bottom.

15. OCTAVE INTELLIGENCE (OCTV) ⭐⭐⭐ — HOLD

• Current Price: $16.30 (-5.2% since May 29); -19.9% vs the ≈$20.35 Day-1 open. Established its post-spin low at $15.65 on Jun 22 (day 25) — squarely inside the typical ≈6-week forced-selling window — and sits +4.2% off it. High-quality asset-lifecycle software business (EUR ≈1.45B revenue, ≈31% adj. operating margin; Guggenheim Buy, PT $30). The post-spin dip is playing out as expected for a clean classic spin; HOLD pending stabilization — this is the kind of window that has historically offered the best entry.

16. CHRONOSCALE (CHRN) ⚠️ — SPECULATIVE

• Current Price: $22.22 (+21.0% since May 29); now well above its May 5 debut ($13.22 close). Completed RMT May 5 (Applied Digital contributed its cloud business to EKSO Bionics, renamed ChronoScale; APLD retains ≈97%). The thin float from ≈97% parent ownership cuts both ways — it amplified June’s move up as it did the earlier weakness. Parent APLD $37.30 (-21.1%). SPECULATIVE — heavy parent overhang and limited standalone history.

Part 4: OUTLOOK & UPCOMING CATALYST CALENDAR

July 2026:

• July 1: Mobility Global (MBGL) distribution & first regular-way trading (TOP PICK)
• July 6: Midera Food Processing (MFP) distribution; July 7: first MFP trading
• Post-spin forced-selling windows to watch for entry: HONA (spun Jun 29), OCTV (day ≈25), FDXF (retained-stake overhang)

H2 2026:

• Resideo → ADI Global (ADIG) separation (fall)
• L3Harris Missile Solutions (MSL) IPO
• Corteva → Vylor seed spin (≈Oct 1)
• Medtronic MiniMed full split-off (year-end)
• Barrick North American Barrick IPO (year-end)
• Modine/Gentherm Performance Tech RMT close (Q4)
• KBR Mission Technology Solutions (mid-to-late)
• New Fortress Energy → BrazilCo (Q3, subject to UK court)

2027:

• Q1: Eaton Mobility Group; Flex Power & Cloud Infrastructure; Genuine Parts Global Industrial
• Early: International Paper EMEA; Keurig Dr Pepper Global Coffee Co (slipped from YE 2026)
• Mid: McKesson Medical-Surgical; Unilever/McCormick close; Textron Industrial; Comcast/NBCUniversal

Watch items / status changes this cycle:

• ⚠️ Teleflex spin canceled → outright sales (≈$2.03B)
• ⚠️ Kraft Heinz two-way split paused indefinitely
• ⚠️ KDP Global Coffee timeline slipped to early 2027
• 🆕 Comcast → NBCUniversal (announced Jun 29) — the largest new separation on the board
• 🆕 Adaptive Biotech → Immune Medicine (announced Jun 15) — structure TBD

APPENDIX A: COMPLETE SPINOFF LIST (June 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.

Completed This Cycle (moved to Part 3): Honeywell Aerospace (HONA, Jun 29), FedEx Freight (FDXF, Jun 1), New Enviri (NVRI, Jun 1).

Removed / Reclassified / Paused / Canceled:

• ⚠️ Teleflex → NewCo: Converted to outright sales (≈$2.03B) — removed from spinoff tracking
• ⚠️ Kraft Heinz → 2-way split: Paused indefinitely — shelved
• ABB → ABB Robotics: SoftBank sale ($5.375B) — removed (prior)
• WBD → Discovery Global: Shelved — Paramount acquiring WBD (prior)
• Topgolf Callaway: Converted to a sale (prior)
• CSL Seqirus: Postponed indefinitely (prior)
• Microsoft → Xbox: Rumor only — not tracked

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)

Report Generated: June 30, 2026 Pricing: All stock prices as of June 30, 2026 close (verified daily data via yfinance). Next Update Recommended: Late July / early August 2026 (after Mobility Global distribution July 1, Midera separation July 6-7, and the first full month of HONA/FDXF/NVRI trading). Methodology: Built primarily from company IR websites, SEC filings (Form 10, 8-K, S-1, DEF 14A), press releases, and financial news, supplemented by “upcoming spinoffs” searches and backward-looking searches for announcements 24-36 months ago. The prior report (May 31, 2026) is the baseline. Community trackers (The Zen of Investing, Inside Arbitrage, StockSpinoffs.com) used as secondary corroboration. Completed-spinoff prices and post-spin lows computed from verified daily OHLC (yfinance). The Investment Scorecard applies the five-dimension weighted framework (Financial 25%, Competitive 25%, Strategic 20%, Management 20%, Acquisition 10%; 1-5 per dimension) mapped to letter grades per the Spinoff Investment Analysis Skill methodology. Source: Spinoff Investment Analysis Skill v4.0

SOURCES

Completed Spinoffs — June 2026

• Honeywell Aerospace completes spin, begins Nasdaq trading
• Honeywell sets record date + reverse split
• FedEx completes spin-off of FedEx Freight
• New Enviri launches; Clean Earth sale completed

Upcoming Spinoffs — Primary Sources

• S&P Global — Mobility Global July 1 distribution
• SEC — Vylor (Corteva) Form 10-12B
• CNBC — Comcast to spin off NBCUniversal
• StockTitan — Middleby approves Midera spin
• GlobeNewswire — Adaptive Biotechnologies to separate MRD & Immune Medicine
• Resideo — ADI spin on track for fall
• StockSpinoffs — Kraft Heinz / Teleflex / McKesson status

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 June 30, 2026 close (verified daily data via yfinance). Where a parent has undergone a corporate action that distorts comparison (Honeywell’s 3-way breakup + 1-for-2 reverse split; DuPont’s 1-for-3 reverse split), this is footnoted and the affected figures are shown split-adjusted or marked “n/m.” Newly announced transactions (Comcast/NBCUniversal, Adaptive Biotechnologies) are early-stage and their terms may change as Form 10 filings and standalone financials emerge. Always conduct your own due diligence and consult with financial advisors before making investment decisions. Past spinoff performance does not guarantee future results.