Attention, those of you who own 3M Company (MMM): MMM has completed a spinoff of a new company, Solventum Corporation (SOLV). More information on this spinoff can be found here. As part of the spinoff, holders of MMM stock will receive one share of SOLV for every four shares of MMM owned on the date of record, March 18th 2024.
Please note: Calls that were sold against MMM last month stand a good chance of being exercised at present. If this does occur at options expiration on April 19th, the shares of SOLV that you presently own will be called away as well, and no further action will be needed on your part.
On or after Trade Day in April, if you still own shares of MMM and SOLV, you will sell any remaining shares of SOLV and apply the proceeds to your Stake as a dividend.
Lattco PRO/AutoPilot Clients: Please sell your extra shares of SOLV first thing Monday morning. Once the shares are sold please contact us, and we will adjust your account for you.
If you have any questions, please don’t hesitate to contact us at support@snideradvisors.com or 1-888-6-SNIDER. We’ll be happy to walk you through the process.
