We highlight and monitor actionable event-driven trades and special situations.
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Disclaimer. KEDM Lite is provided for informative purposes only. No due diligence has (yet) been performed on the names on this list. The list might change strongly on a regular basis. This overview does not constitute advice; always do your own due diligence. The list is dynamic; it continues to grow and change. If you have interesting additions to the list, feel free to contact us at info@kedm.com or on Twitter. For the full disclaimer, please go here.
This week’s additions and highlights
1. SPIN-OFFS
VivoPower (VIVO US). VivoPower confirmed its plan to spin Caret Digital (5:1), its DOGE mining operations, at a target market cap of $308m. They’re also looking for $50m investment. There’s so much (craziness) going on at VivoPower that for the first time we decided to split this company’s highlights. We refer to the overall TMM document for a background of all that’s going on (in short: digital asset treasury pivot, $120m raise, SPAC merger, asset sale and a spin - on a $130m market cap). UPDATE (June 30, 2025) VivoPower set July 9, as the record date for a special dividend related to the spin-off of Caret Digital. Anyone gambling, sorry - interested in DOGE mining operations should take note.
UPDATE (August 18, 2026) While the spin of Caret Digital (or anything else for that matter) is nowhere to be seen, VivoPower approved the spin of a new AI infrastructure company to house its non‑Nordic data‑center portfolio, a pipeline of 2.2GW+ across the UAE, Oman, Saudi Arabia, Malaysia and the Philippines. The thing will be headquartered in Singapore and pursue primary LSE and secondary ADX listings. Let’s see.
Hammer Metals (HMX AU). Austral is buying Hammer in shares for A$0.087 per Hammer share (~15% gross spread). Interesting as the deal includes a spinco demerger that carves out Hammer’s Western Australian gold assets before the deal closes. The spin would be small on the total (Hammer shareholders would receive A$0.007/share of value tied to SpinCo) which could mean some good old classic post-spin dumping.
UPDATE (August 18, 2026) Larvotto Resources said it will not exercise its matching right to submit a counterproposal to the Austral offer. With the board pushing for the Hammer deal, this means that the above situation will soon become reality, paving the way for an interesting spin situation.
Gentherm (THRM US). The Modine Spinco / Gentherm merger S-4 is effective, bringing this thing closer to completion. As a reminder, Modine is in the middle of a major transformation (that might not yet be fully appreciated). The company is spinning off its legacy automotive‑focused business, leaving behind a much more focused company centered on cooling solutions for AI data centers. This remaining business is benefiting from soaring demand (powerful AI chips generate extreme heat and require advanced cooling). Modine’s specialty chillers are becoming a critical part of modern data centers, and production capacity is ramping quickly. Modine is spinning the unit and merging it into Gentherm. Interesting here to look at both THRM and MOD.