This week’s additions and highlights
1. SPIN-OFFS
- Resonac (4004 JP). Resonac’s spin of Crasus Chemical (646A JP) is good to go, to be effective Oct. 1. A reminder that while Resonac has done quite well in recent years, Crasus’ performance has been a major headwind for the group. Spinning Crasus is a big move (over 20% of 2025 revenues) which should push a ‘cleaner’ Resonac back to growth. We wouldn’t be surprised to see some heavy selling pressure at Crasus. Even more, the May 2026 presentation boasted 2030 profit growth targets of over 100% from 2025, but Crasus already pulled its 2026 guidance on poor markets. Watch for spin action.
- Greenland Mines (GRML US). Micro-cap Greenland Mines set the spin-off of its biotechnology division for Q4 2026, completing the transformation and becoming more focused on rare earths and critical minerals. The company also said it had regained full Nasdaq compliance. Going down each day and now close to trading around cash.
2. STRATEGIC ALTERNATIVES & REVIEWS
(Potential take-outs, asset sales, M&A, etc.)
- Cellectis (CLLS US). Actually revenue-generating Cellectis is overhauling its strategy and pivoting fully to in vivo gene editing, dropping its ‘allogeneic CAR‑T’ programs (no idea here) because apparently the market ‘has shifted’ and competition has intensified. Resources will now focus on two lead candidates (HEAL‑101 for severe hypertriglyceridemia and HEAL‑201 for severe hypercholesterolemia, if you care). The pivot extends the cash runway into late 2028 but the market does not like this, sending shares down ~30%. Might be opportunity in the chaos here…