SEC13DSPECIAL SITUATIONS RESEARCH
Contact us →
SPECIAL SITUATIONSSource-linked research across special situationsCoverage & limitations →

RESEARCH / CHANGE FEED

What changed

New research, event developments and corrections. Routine source maintenance remains in each record’s history.

11 research updates
New research

Tender offer · INCY · REVISION 1

Incyte Corporation →

Incyte launched an issuer modified Dutch auction for up to $1.672 billion of common stock at $52 to $60 per share, funded with cash on hand and scheduled to expire at midnight at the end of June 10, 2024, New York City time. The final results state that 29,821,563 shares were properly tendered at or below $60 and that Incyte accepted 27,866,666 shares at $60 for approximately $1.672 billion, excluding fees and expenses.

Read supporting evidence →
New research

Spin-off · SOLV · REVISION 1

Solventum Corporation →

Solventum's preliminary Form 10 described a pro rata separation of 3M's health care business. 3M later approved a distribution of one Solventum share for every four 3M shares, with a March 18, 2024 record date and April 1, 2024 distribution date; 80.1% was to be distributed and 19.9% retained by 3M. Solventum's third-quarter 10-Q states that the spin-off was completed on April 1, 2024 through the 80.1% distribution, 172,709,505 shares were issued, and Solventum became an independent public company.

Read supporting evidence →
Research correction

M&A · STAA · REVISION 2

STAAR Surgical Company →

Research correction: Disclosed facts, Research interpretation, Structured facts, Risks, Open questions

Compare changed fields (5)
Disclosed factsSTAAR agreed to a cash acquisition by Alcon at $28.00 per share, later disclosed a go-shop amendment and increased consideration to $30.75. On January 6, 2026, STAAR said the required stockholder vote had not been obtained and that it intended to terminate the merger agreement.→STAAR agreed to a cash acquisition by Alcon at $28.00 per share, later disclosed a go-shop amendment and increased consideration to $30.75. Stockholders voted against the merger on January 6, 2026, and STAAR's subsequent 10-K states that the merger agreement terminated effective that date.
Research interpretationSTAAR agreed to a cash acquisition by Alcon at $28.00 per share, later disclosed a go-shop amendment and increased consideration to $30.75. On January 6, 2026, STAAR said the required stockholder vote had not been obtained and that it intended to terminate the merger agreement.→The higher cash price and go-shop amendment improved the negotiated economics and reduced barriers to a competing bid, yet they did not produce the required stockholder approval. The effective termination ended merger-execution risk and turned the case into a standalone-company research question centered on operating performance, capital allocation and the governance response to the rejected transaction.
Structured facts7 source-linked facts: Buyer / counterparty, Consideration, Key conditions, EX-99.1 source excerpt, …→9 source-linked facts: Buyer / counterparty, Consideration, Key conditions, EX-99.1 source excerpt, …
RisksThe cited January 6 release described preliminary vote results and an intent to terminate; subsequent filings should be checked for the formal effective termination.; This research record contains no live market price or position-level return calculation.→The failed transaction incurred material professional costs and was followed by governance and leadership changes under a cooperation agreement.; This research record contains no live market price or position-level return calculation.
Open questionsConfirm the formal termination notice and effective date in subsequent disclosures.; Monitor STAAR's standalone strategy and any renewed transaction process.→Monitor STAAR's standalone operating strategy and capital allocation.; Assess whether post-termination governance changes improve execution or introduce new concentration risks.
Read supporting evidence →
Research correction

M&A · SONM · REVISION 2

Sonim Technologies, Inc. →

Research correction: Research interpretation, Structured facts

Compare changed fields (2)
Research interpretationSonim announced a strategic alternatives process, then faced a holder proposal and campaign. It signed an agreement to sell substantially all enterprise 5G assets to a Social Mobile subsidiary for $15 million and later reported completion of the disposition and a corporate name change to DNA X.→The sequence changed the case from an open-ended strategic review into a completed asset disposition, but the headline proposals are not directly comparable: the $25 million Orbic proposal was non-binding, while the signed Social Mobile transaction disclosed $15 million in cash subject to adjustments plus an earn-out of up to $5 million. Completion resolves execution of the sale; the remaining research focus moves to retained liabilities, post-closing adjustments, earn-out realization and the operating identity of DNA X.
Structured facts7 source-linked facts: Buyer / counterparty, Consideration, Key conditions, EX-99.1 source excerpt, …→9 source-linked facts: Buyer / counterparty, Consideration, Key conditions, EX-99.1 source excerpt, …
Read supporting evidence →