KEDM Lite Vol. 4

This week’s additions and highlights

1. SPIN-OFFS

• Trump Media & Technology Group Corp. (DJT US). Trump Media is considering spinning off Truth Social via SPAC Texas Ventures Acquisition III (TVA). This would separate the social platform from Trump Media’s expanding mix of businesses, which now includes nuclear energy, finance, and crypto after last year’s unusual $6bn fusion merger.
• Hexagon (HEXAB SS). Hexagon provided additional financial and organizational information for its upcoming Octave spin-off. The unit’s results have been under pressure over H1 25 but sported >30% ebit margins in 2024 and 27% in H1 25. Let’s hope for some interesting action after the spin. UPDATE (February 17, 2026) The spin is now planned for the second part of Q2. Hexagon also provided more financial info on Octave.UPDATE (March 3, 2026) Hexagon completed the sale of its Design and Engineering business, for c. €1.4bn in net proceeds. But the main interesting development here is on Octave, which is planned to spin in Q2. Octave seems to be working hard to position itself as an AI intelligence company. That, combined with Octave generating ~25% operating margins on very recurring revenues and a US listing, might make for an interesting set-up.
• Talenom (TNOM FH). Talenom has initiated a strategic review regarding a separate listing of its Easor software business. A potential separation is planned for H1 26. A reminder that these businesses (e Accounting and Software) generally tend to be valued quite different multiples and are currently wrapped in one company trading at 7x ev/ebitda. UPDATE (October 27, 2025) Talenom approved the spin. UPDATE (February 17, 2026) A reminder that Talenom will spin its software business (Easor) over the next few weeks. Interesting time, given the large pressure on Talenom’s share price. Q3 revenue dropped 13% mainly due to customer churn. Recent acquisitions created integration problems that pushed churn even higher. There’s also worries about leverage (Talenom has grown quite a bit inorganically). So, we could see some interesting volatility here.UPDATE (March 3, 2026) Just flagging that Easor’s spin has been completed. Interesting timing with the current sell-off in Euro equities. Let’s see how Easor trades; everything has a price.

2. STRATEGIC ALTERNATIVES & REVIEWS

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

• Atrium Therapeutics (RNA US). Atrium Therapeutics recently completed its spin following the Avidity (MRNA) acquisition by Novartis. It’s an early‑stage precision cardiology play, with two lead programs targeting rare genetic heart diseases and about $270m cash to fund development. Both assets are still pre‑IND, so this is very much a long‑dated R&D story. Overall, a clean setup; focused pipeline, strong balance sheet, and no immediate financing risk, but clinical milestones are still a few years away. That said, a relatively small spin size vs Avidity and markets are weak. It might be interesting to keep the price action assessed.
• Aspen Aerogels (ASPN US). Aspen launched a strategic review to basically rethink its growth strategy. Aspen is mostly known for its thermal insulation for EVs. No surprise that 2025 was rough for the company, with revenues falling 40% as demand collapsed after regulatory and incentive changes. But the company is still in a net cash position and has been working to bring down costs. Their IP is certainly worth something.