Finance History | 11 Wall Street — One 3M Share in Four Became a Healthcare Book Called SOLV
· 2024-4
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Finance History | 11 Wall Street — One 3M Share in Four Became a Healthcare Book Called SOLV
kevin
People treat Solventum as a St. Paul healthcare house that always printed SOLV after a finished New York book.
The April 2024 issuer was a new public company cut out of an already-listed industrial parent.
A 3M Form 8-K dated 1 April 2024 records that the separation closed that morning.
The distribution was effective at 3:30 a.m. Eastern Time.
Holders of 3M common stock as of the close on 18 March 2024 received one share of Solventum common stock for every four shares of 3M.
Cash was paid in lieu of fractional Solventum shares.
3M retained 19.9 percent of Solventum and stated that it would monetize that remainder within five years.
The same 8-K records that Solventum common stock listed on the New York Stock Exchange under the letters SOLV.
A company release the same day said the health-care business had recorded 8.2 billion dollars of sales in 2023 while still inside 3M.
The mechanism is a tax-intended spin-off, not a cash initial public offering.
No new capital was raised on the floor that Monday.
The present tape is still SOLV on the New York Stock Exchange.
The pin is the Broad Street facade of the Exchange, where SOLV opened.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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