Summary by Moomoo AI
On April 1, 2024, 3M Company successfully completed the spin-off of its health care business, now known as Solventum Corporation. This strategic move resulted in the distribution of 80.1% of Solventum's outstanding shares to 3M's shareholders, with the distribution occurring at 3:30 a.m. Eastern Time on the same day. Shareholders of 3M as of March 18, 2024, received one share of Solventum for every four shares of 3M they owned, with cash paid out for fractional shares. Solventum's common stock has begun trading on the New York Stock Exchange under the ticker 'SOLV'. In preparation for this separation, 3M and Solventum entered into several agreements to outline the ongoing relationship between the two entities, including a Separation and Distribution Agreement and various other agreements covering transition services, tax matters, employee issues, and intellectual property licensing. These agreements were detailed in Solventum's Information Statement filed with the SEC on March 13, 2024. Additionally, 3M was released from all obligations under its guarantee of certain senior unsubordinated notes issued by Solventum upon the completion of the distribution.