KEDM Lite Vol. 19

This week’s additions and highlights

1. SPIN-OFFS

• Middleby (MIDD US). Middleby has set June 26 as the record date for the spin of Midera Food Processing. Trading on roughly in the first week of July. Interesting timing given the unit’s relatively smaller size, stronger growth but worse margin dynamic compared to the Middleby’s larger Commercial Foodservice segment. The Food Processing margin pressure was driven by several factors, most of which looks temporary (e.g. tariff-related impact, relatively recent acquisitions still integrating, pricing lags); ic stuff that could improve going forward.
• Siemens Energy (ENR GR). Siemens Energy is rumored to be considering spinning off its “Transformation of Industry” division, which makes compressors and steam turbines. This unit generates ~€5.5bn revenues (roughly 14% of group sales), with the reports also mentioning that this could grow to €10-11bn by 2031 and thereby tripling profits. Nice.
• Green Dot (GDOT US). Green Dot and CommerceOne set their special meetings for June 23. A reminder that Green Dot decided (under pressure from activists) to split itself in two, selling its fintech business to Smith Ventures for $690m while combining Green Dot Bank with CommerceOne to form a new publicly traded bank holding company. The deal basically separates the fintech engine from the bank charter (long seen as a drag on potential buyers). It gives the fintech a dedicated issuing bank partner under a 7-year exclusivity agreement. The new company is going after the Business-aaS market, where peers trade at much higher valuations than implied by this deal.
• Honeywell International (HON US). Just flagging that the Aerospace spin was approved. On track to complete on June 29. Check out all the investor day slides if interested.

2. STRATEGIC ALTERNATIVES & REVIEWS

(Potential take-outs, asset sales, M&A, etc.)

• Comstock (LODE US). Comstock is selling its mining and real estate assets to Mackay for $45m, including cash, stock, and future payments. It will also keep a 1.5% royalty on future production and may receive an extra $10m if certain milestones are met. This is another big step in the company’s transformation from a traditional mining company into a clean‑energy and recycling platform. The focus is now on ramping up the business and reaching profitability. Management has not the best track record, but we have seen strong insider purchases over the past months. This deal is another step in the right direction.
• Nano Dimension (NNDM US). The action over at Nano Dimension continues. The company recently said that the strategic review is in the final stage. Since the start of Sept 2025, opex is down ~20%, cash burn has fallen each quarter, Nano sold assets (AME, Fabrica and Markforged), and net cash remains >$400m (on a $330m market cap). The final decision of the strategic review is expected “in the coming weeks”. Meanwhile shareholders Murchinson and Oramed Pharma (total ~13%) continue to pressure the company, pushing for new directors. But the share price just doesn’t seem to care.

  UPDATE (June 23, 2026) In a classic case of ‘what the …’ NNDM indeed closed its strategic review announcing a $890m deal with Infinite Epigenetics, which almost immediately was criticized by Murchinson (and the market). Nano Dimension defended with a lot of words, and highlighted GRAIL, Exact Sciences and Tempus AI as ‘peers’. Needs some homework, but interesting volatility…