Sep. 3 at 11:02 AM
$DD $75.97 last. DAC (4)
$72.73. EXIT
$195.00 (based on spinoffs)
UPDATE: The Intended Electronics Separation is not conditioned upon the completion of any of the Exchange Offers or Consent Solicitations, and none of the Exchange Offers or Consent Solicitations are conditioned upon the completion of the Intended Electronics Separation.
Qnity will enter into a Separation and Distribution Agreement - pursuant to the Separation Agreement, it is a condition to the consummation of the Intended Electronics Separation that Qnity complete a distribution to DuPont of approximately
$4.122 billion, inclusive of
$22 million of costs related to Qnity's notes issuance on August 15, 2025, plus the pre-funded interest on the Qnity notes through March 31, 2026 of
$66 million.
Under the Separation Agreement, Qnity will be contractually allocated, and directly pay or indemnify DuPont for, the Applicable Qnity Percentage of certain legacy liabilities and funding obligations. As to funding obligations, pursuant to a cost sharing arrangement related to future eligible PFAS costs entered into on January 22, 2021 by and among DuPont, Corteva (CTVA) and Chemours, DuPont is obligated to bear up to approximately
$1.4 billion of Qualified Spend. As of June 30, 2025, DuPont has borne Qualified Spend of approximately
$645 million and has recorded an indemnification liability for probable and reasonably estimable future Qualified Spend of
$217 million. Additionally, as of June 30, 2025, DuPont has recognized a liability of
$177 million, estimated in accordance with the Memorandum of Understanding, related to the NJ Settlement.
As to certain legacy and other liabilities allocated between DuPont and Corteva, pursuant to a letter agreement entered into on June 1, 2019 by and between DuPont and Corteva (the "Corteva Letter Agreement"), DuPont has recognized an accrual in respect of Legacy Liabilities of
$33 million, as of June 30, 2025.
