[424B7] Solventum Corporation Prospectus Filed Pursuant to Rule 424(b)(7)
Solventum Corporation is registering for resale 8,800,000 shares of its common stock held by the selling shareholder, 3M Company. The shares trade on the New York Stock Exchange under the symbol SOLV and the last reported sale price on August 13, 2025 was $74.38 per share. Solventum will not receive proceeds from the resale and the underwriter expects delivery on or about August 15, 2025. The prospectus supplement emphasizes substantial risks including operational, regulatory, supply chain, intellectual property, PFAS liabilities, clinical and reimbursement risks, standalone costs and risks related to the Spin-Off from the selling shareholder. The registration remains effective until the earlier of August 13, 2027 or when all registered shares are sold. Investors are directed to Solventum's incorporated SEC filings for further detail.
Solventum Corporation sta registrando per la rivendita 8.800.000 azioni del suo capitale sociale detenute dall'azionista venditore, 3M Company. Le azioni sono negoziate alla New York Stock Exchange con il simbolo SOLV e il prezzo di vendita riportato l'ultima volta il 13 agosto 2025 era $74.38 per azione. Solventum non riceverà proventi dalla rivendita e il collocatore prevede la consegna indicativamente il 15 agosto 2025. Il supplemento al prospetto evidenzia rischi significativi, tra cui rischi operativi, normativi, della catena di fornitura, di proprietà intellettuale, passività relative ai PFAS, rischi clinici e di rimborso, costi e rischi derivanti dall'essere indipendente e rischi legati allo scorporo dall'azionista venditore. La registrazione resterà efficace fino al primo tra il 13 agosto 2027 e il momento in cui tutte le azioni registrate saranno vendute. Gli investitori sono invitati a consultare i documenti SEC di Solventum incorporati per ulteriori dettagli.
Solventum Corporation está registrando para reventa 8.800.000 acciones de su capital común en poder del accionista vendedor, 3M Company. Las acciones cotizan en la Bolsa de Nueva York bajo el símbolo SOLV y el último precio de venta informado el 13 de agosto de 2025 fue de $74.38 por acción. Solventum no recibirá ingresos por la reventa y el suscriptor espera la entrega aproximadamente el 15 de agosto de 2025. El folleto suplementario enfatiza riesgos sustanciales, incluidos riesgos operativos, regulatorios, de la cadena de suministro, de propiedad intelectual, pasivos por PFAS, riesgos clínicos y de reembolso, costos y riesgos de operar de forma independiente y riesgos relacionados con la escisión del accionista vendedor. La registración permanecerá vigente hasta el 13 de agosto de 2027 o hasta que se vendan todas las acciones registradas, lo que ocurra primero. Se dirige a los inversores a los archivos presentados ante la SEC por Solventum incorporados para más detalles.
Solventum Corporation는 매도 주주인 3M Company가 보유한 보통주 8,800,000주를 재매도를 위해 등록하고 있습니다. 해당 주식은 뉴욕증권거래소에서 SOLV라는 심볼로 거래되며, 2025년 8월 13일의 최종 신고 거래 가격은 주당 $74.38였습니다. Solventum은 재매도로부터 수익을 받지 않으며 인수인은 대략 2025년 8월 15일 전후로 인도가 이루어질 것으로 예상하고 있습니다. 보충 투자설명서는 운영, 규제, 공급망, 지적재산권, PFAS 관련 책임, 임상 및 보험급여 위험, 독립 운영으로 인한 비용과 위험, 매도 주주로부터의 분사(스핀오프)와 관련된 위험 등 상당한 위험 요소를 강조합니다. 등록은 2027년 8월 13일 또는 등록된 모든 주식이 판매되는 시점 중 빠른 쪽까지 유효합니다. 투자자들은 자세한 내용은 Solventum의 SEC 제출 문서를 참조하시기 바랍니다.
Solventum Corporation enregistre pour la revente 8 800 000 actions ordinaires détenues par l'actionnaire vendeur, 3M Company. Les actions sont négociées à la Bourse de New York sous le symbole SOLV et le dernier cours rapporté le 13 août 2025 était de 74,38 $ par action. Solventum ne recevra pas de produit de la revente et le preneur ferme prévoit la livraison aux alentours du 15 août 2025. Le supplément de prospectus met en avant des risques substantiels, notamment des risques opérationnels, réglementaires, de chaîne d'approvisionnement, de propriété intellectuelle, des passifs liés aux PFAS, des risques cliniques et de remboursement, des coûts et risques liés au statut autonome et des risques liés à la scission par rapport à l'actionnaire vendeur. L'enregistrement reste en vigueur jusqu'au 13 août 2027 ou jusqu'à la vente de toutes les actions enregistrées, selon la première éventualité. Les investisseurs sont invités à consulter les documents déposés auprès de la SEC par Solventum, incorporés au prospectus, pour plus de détails.
Solventum Corporation meldet die Registrierung zum Wiederverkauf von 8.800.000 Aktien seines Stammkapitals, die vom verkaufenden Aktionär, 3M Company, gehalten werden. Die Aktien werden an der New York Stock Exchange unter dem Symbol SOLV gehandelt; der zuletzt gemeldete Verkaufspreis am 13. August 2025 betrug $74.38 pro Aktie. Solventum erhält keine Erlöse aus dem Wiederverkauf, und der Underwriter erwartet die Lieferung am oder um den 15. August 2025. Der Prospektergänzung weist auf erhebliche Risiken hin, darunter operative, regulatorische, Lieferketten-, geistige Eigentums-, PFAS-Verpflichtungen, klinische und Erstattungsrisiken, Kosten und Risiken im Zusammenhang mit der eigenständigen Tätigkeit sowie Risiken im Zusammenhang mit der Abspaltung vom verkaufenden Aktionär. Die Registrierung bleibt bis zum 13. August 2027 oder bis zum früheren Verkauf aller registrierten Aktien wirksam. Anleger werden auf die bei der SEC von Solventum eingereichten und in den Prospekt eingebundenen Unterlagen für weitere Details verwiesen.
- Public listing on the New York Stock Exchange under the symbol SOLV, providing liquidity for shareholders
- Clear disclosure of selling shareholder, share count (8,800,000) and last reported price ($74.38), aiding investor transparency
- Registration effective through August 13, 2027, giving orderly registered resale flexibility
- Selling shareholder resale of 8,800,000 shares may increase share supply and pressure the market price
- Spin-Off risks including potential failure to realize benefits, additional standalone costs, and possible tax treatment issues
- Concentrated governance provisions (classified board, limits on shareholder actions, exclusive forum) that may limit shareholder influence until 2028
Insights
TL;DR: This filing registers a large resale by a former parent; it increases potential supply pressure but contains routine disclosure and risk detail.
The prospectus supplement documents a selling shareholder resale of 8.8 million shares by 3M Company and states Solventum receives no proceeds. Such registered resales can increase available float and may exert downward pressure on the market if sold into the market rapidly. The document reiterates extensive risk disclosures—operational, regulatory, PFAS, supply chain and spin-off execution risks—consistent with a newly separated public company. The registration stay-through date (up to August 13, 2027) gives the selling shareholder flexibility to distribute shares over time. No financial performance metrics are provided in this excerpt, so valuation implications must rely on market trading and separate SEC filings.
TL;DR: Governance provisions and spin-off risk disclosures reflect typical post-spin corporate protections and shareholder limitations.
The prospectus highlights governance features from Solventum's charter and bylaws: a temporarily classified board through 2028, limits on shareholder ability to call special meetings or act by written consent, no cumulative voting, and exclusive forum provisions. These provisions can deter hostile control attempts and centralize control with the board during the transition to annual elections in 2028. The document also flags potential risks if the selling shareholder fails to satisfy separation agreement obligations. These governance elements are material for investors assessing control rights and takeover defenses following the spin-off.
Solventum Corporation sta registrando per la rivendita 8.800.000 azioni del suo capitale sociale detenute dall'azionista venditore, 3M Company. Le azioni sono negoziate alla New York Stock Exchange con il simbolo SOLV e il prezzo di vendita riportato l'ultima volta il 13 agosto 2025 era $74.38 per azione. Solventum non riceverà proventi dalla rivendita e il collocatore prevede la consegna indicativamente il 15 agosto 2025. Il supplemento al prospetto evidenzia rischi significativi, tra cui rischi operativi, normativi, della catena di fornitura, di proprietà intellettuale, passività relative ai PFAS, rischi clinici e di rimborso, costi e rischi derivanti dall'essere indipendente e rischi legati allo scorporo dall'azionista venditore. La registrazione resterà efficace fino al primo tra il 13 agosto 2027 e il momento in cui tutte le azioni registrate saranno vendute. Gli investitori sono invitati a consultare i documenti SEC di Solventum incorporati per ulteriori dettagli.
Solventum Corporation está registrando para reventa 8.800.000 acciones de su capital común en poder del accionista vendedor, 3M Company. Las acciones cotizan en la Bolsa de Nueva York bajo el símbolo SOLV y el último precio de venta informado el 13 de agosto de 2025 fue de $74.38 por acción. Solventum no recibirá ingresos por la reventa y el suscriptor espera la entrega aproximadamente el 15 de agosto de 2025. El folleto suplementario enfatiza riesgos sustanciales, incluidos riesgos operativos, regulatorios, de la cadena de suministro, de propiedad intelectual, pasivos por PFAS, riesgos clínicos y de reembolso, costos y riesgos de operar de forma independiente y riesgos relacionados con la escisión del accionista vendedor. La registración permanecerá vigente hasta el 13 de agosto de 2027 o hasta que se vendan todas las acciones registradas, lo que ocurra primero. Se dirige a los inversores a los archivos presentados ante la SEC por Solventum incorporados para más detalles.
Solventum Corporation는 매도 주주인 3M Company가 보유한 보통주 8,800,000주를 재매도를 위해 등록하고 있습니다. 해당 주식은 뉴욕증권거래소에서 SOLV라는 심볼로 거래되며, 2025년 8월 13일의 최종 신고 거래 가격은 주당 $74.38였습니다. Solventum은 재매도로부터 수익을 받지 않으며 인수인은 대략 2025년 8월 15일 전후로 인도가 이루어질 것으로 예상하고 있습니다. 보충 투자설명서는 운영, 규제, 공급망, 지적재산권, PFAS 관련 책임, 임상 및 보험급여 위험, 독립 운영으로 인한 비용과 위험, 매도 주주로부터의 분사(스핀오프)와 관련된 위험 등 상당한 위험 요소를 강조합니다. 등록은 2027년 8월 13일 또는 등록된 모든 주식이 판매되는 시점 중 빠른 쪽까지 유효합니다. 투자자들은 자세한 내용은 Solventum의 SEC 제출 문서를 참조하시기 바랍니다.
Solventum Corporation enregistre pour la revente 8 800 000 actions ordinaires détenues par l'actionnaire vendeur, 3M Company. Les actions sont négociées à la Bourse de New York sous le symbole SOLV et le dernier cours rapporté le 13 août 2025 était de 74,38 $ par action. Solventum ne recevra pas de produit de la revente et le preneur ferme prévoit la livraison aux alentours du 15 août 2025. Le supplément de prospectus met en avant des risques substantiels, notamment des risques opérationnels, réglementaires, de chaîne d'approvisionnement, de propriété intellectuelle, des passifs liés aux PFAS, des risques cliniques et de remboursement, des coûts et risques liés au statut autonome et des risques liés à la scission par rapport à l'actionnaire vendeur. L'enregistrement reste en vigueur jusqu'au 13 août 2027 ou jusqu'à la vente de toutes les actions enregistrées, selon la première éventualité. Les investisseurs sont invités à consulter les documents déposés auprès de la SEC par Solventum, incorporés au prospectus, pour plus de détails.
Solventum Corporation meldet die Registrierung zum Wiederverkauf von 8.800.000 Aktien seines Stammkapitals, die vom verkaufenden Aktionär, 3M Company, gehalten werden. Die Aktien werden an der New York Stock Exchange unter dem Symbol SOLV gehandelt; der zuletzt gemeldete Verkaufspreis am 13. August 2025 betrug $74.38 pro Aktie. Solventum erhält keine Erlöse aus dem Wiederverkauf, und der Underwriter erwartet die Lieferung am oder um den 15. August 2025. Der Prospektergänzung weist auf erhebliche Risiken hin, darunter operative, regulatorische, Lieferketten-, geistige Eigentums-, PFAS-Verpflichtungen, klinische und Erstattungsrisiken, Kosten und Risiken im Zusammenhang mit der eigenständigen Tätigkeit sowie Risiken im Zusammenhang mit der Abspaltung vom verkaufenden Aktionär. Die Registrierung bleibt bis zum 13. August 2027 oder bis zum früheren Verkauf aller registrierten Aktien wirksam. Anleger werden auf die bei der SEC von Solventum eingereichten und in den Prospekt eingebundenen Unterlagen für weitere Details verwiesen.
TABLE OF CONTENTS

Per share | Total | |||||
Public offering price | $73.65 | $648,120,000 | ||||
Underwriting discount(1) | $0.20 | $1,760,000 | ||||
Proceeds, before expenses, to selling shareholder | $73.45 | $646,360,000 | ||||
(1) | See “Underwriting” for a description of the compensation payable to the underwriter. |
Goldman Sachs & Co. LLC | BofA Securities | ||
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS SUPPLEMENT | S-1 | ||
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION | S-2 | ||
PROSPECTUS SUPPLEMENT SUMMARY | S-4 | ||
RISK FACTORS | S-6 | ||
USE OF PROCEEDS | S-7 | ||
SELLING SHAREHOLDER | S-8 | ||
MATERIAL U.S. FEDERAL INCOME AND ESTATE TAX CONSIDERATIONS | S-9 | ||
UNDERWRITING | S-11 | ||
LEGAL MATTERS | S-17 | ||
EXPERTS | S-18 | ||
WHERE YOU CAN FIND MORE INFORMATION | S-18 | ||
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE | S-19 | ||
ABOUT THIS PROSPECTUS | 1 | ||
PROSPECTUS SUMMARY | 2 | ||
RISK FACTORS | 4 | ||
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | 5 | ||
USE OF PROCEEDS | 7 | ||
DESCRIPTION OF CAPITAL STOCK. | 8 | ||
SELLING SHAREHOLDER | 11 | ||
PLAN OF DISTRIBUTION | 12 | ||
LEGAL MATTERS | 14 | ||
EXPERTS | 14 | ||
WHERE YOU CAN FIND MORE INFORMATION | 14 | ||
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE | 15 | ||
TABLE OF CONTENTS
TABLE OF CONTENTS
• | the effects of, and changes in, worldwide economic, political, regulatory, international, trade and geopolitical conditions, natural disasters, war, public health crises and other events beyond Solventum’s control; |
• | operational execution risks; |
• | damage to our reputation or our brands; |
• | risks from acquisitions, strategic alliances, divestitures and other strategic events, including the divestiture of our Purification and Filtration business; |
• | Solventum’s business dealings involving third-party partners in various markets; |
• | Solventum’s ability to access the capital and credit markets and changes in Solventum’s credit ratings; |
• | exposure to interest rate and currency risks; |
• | the highly competitive environment in which Solventum operates and consolidation in the healthcare industry; |
• | reduction in customers’ research budgets or government funding; |
• | the timing and market acceptance of Solventum’s new product and service offerings; |
• | ongoing working relationships with certain key healthcare professionals; |
• | changes in reimbursement practices of governments or private payers or other cost containment measures; |
• | Solventum’s ability to obtain components or raw materials supplied by third parties and other manufacturing and related supply chain difficulties, interruptions and disruptive factors; |
• | legal and regulatory proceedings and legal compliance risks (including third-party risks) with regards to antitrust, Foreign Corrupt Practices Act and other anti-bribery laws, environmental laws, anti-kickback and false claims laws, privacy laws, tax laws and other laws and regulations in the United States and other countries in which Solventum operates; |
• | potential liabilities related to a broad group of perfluoroalkyl and polyfluoroalkyl substances, collectively known as “PFAS”; |
• | risks related to the highly regulated environment in which Solventum operates; |
• | risks associated with product liability claims; |
• | climate change and measures to address climate change; |
• | security breaches and other disruptions to information technology infrastructure; |
TABLE OF CONTENTS
• | Solventum’s failure to obtain, maintain, protect, or effectively enforce its intellectual property rights; |
• | pension and postretirement obligation liabilities; |
• | any failure by the selling shareholder to perform any of its obligations under the various separation agreements in connection with our spin-off from the selling shareholder (the “Spin-Off”); |
• | any failure to realize the expected benefits of the Spin-Off; |
• | a determination by the U.S. Internal Revenue Service (“IRS”) or other tax authorities that the Spin-Off or certain related transactions should be treated as taxable transactions; |
• | financing transactions undertaken in connection with the Spin-Off and risks associated with additional indebtedness; |
• | the risk that incremental costs of operating on a standalone basis (including the loss of synergies), costs of restructuring transactions and other costs incurred in connection with the Spin-Off will exceed Solventum’s estimates; |
• | the impact of the Spin-Off on its businesses and the risk that the Spin-Off related transactions may be more difficult, time-consuming or costly than expected, including the impact on its resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties; and |
• | the impact of a significant number of shares of our common stock that may be sold by the selling shareholder. |
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
Beneficial Ownership Prior To This Offering | Beneficial Ownership After This Offering | ||||||||||||||||||||
Name of Selling Shareholder | Shares of Common Stock | % of Total Voting Power Before This Offering | Percent of Class | Number of Shares of Common Stock Being Offered | Shares of Common Stock | % of Total Voting Power After This Offering | Percent of Class | ||||||||||||||
3M Company(1) | 34,369,190 | —% | 19.82% | 8,800,000 | 25,569,190 | —% | 14.75% | ||||||||||||||
(1) | Share and beneficial ownership information for 3M Company is based on a Schedule 13G filed with the SEC on November 14, 2024. 3M Company is a Delaware incorporated company. Pursuant to the Shareholder and Registration Rights Agreement dated March 31, 2024, 3M Company granted to Solventum a proxy to vote the shares of Solventum common stock owned by 3M Company in proportion to the votes cast by Solventum’s other shareholders. As a result, 3M Company does not exercise voting power over any of the shares of Solventum common stock that it beneficially owns. However, 3M Company retains sole dispositive power over 34,369,190 shares of our common stock. 3M Company’s registered address is 3M Center, St. Paul, MN 55144. |
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
Underwriter | Number of Shares | ||
Goldman Sachs & Co. LLC | 4,400,000 | ||
BofA Securities, Inc. | 4,400,000 | ||
Total | 8,800,000 | ||
Per share | Total | |||||
Public offering price | $73.65 | $648,120,000 | ||||
Underwriting discount | $0.20 | $1,760,000 | ||||
Proceeds, before expenses, to selling shareholder | $73.45 | $646,360,000 | ||||
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
(a) | to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation; |
(b) | to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriter for any such offer; or |
(c) | in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of shares of our common stock shall require us or the underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation. |
1. | to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation; |
2. | to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation) in the United Kingdom, subject to obtaining the prior consent of the underwriter for any such offer; or |
3. | in any other circumstances falling within Section 86 of the FSMA, provided that no such offer of shares of our common stock shall require us or the underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. |
TABLE OF CONTENTS
TABLE OF CONTENTS
(a) | a corporation (which is not an Accredited Investor), the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an Accredited Investor; or |
(b) | a trust (where the trustee is not an Accredited Investor), the sole purpose of which is to hold investments and each beneficiary of the trust is an individual who is an Accredited Investor, |
(1) | to an Institutional Investor, an Accredited Investor, a Relevant Person, or which arises from an offer referred to in Section 275(1A) of the SFA (in the case of that corporation) or Section 276(4)(c)(ii) of the SFA (in the case of that trust); |
(2) | where no consideration is or will be given for the transfer; |
(3) | where the transfer is by operation of law; |
(4) | as specified in Section 276(7) of the SFA; or |
(5) | as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018. |
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
• | our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 28, 2025; |
• | our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, filed on May 9, 2025 and August 8, 2025, respectively; |
• | the information specifically incorporated by reference into our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 from our Definitive Proxy Statement on Schedule 14A related to our 2025 annual meeting of shareholders, filed with the SEC on March 21, 2025; |
• | our Current Reports on Form 8-K, filed with the SEC on February 27, 2025 (pursuant to Item 1.01 and 9.01), May 2, 2025, June 25, 2025 and August 13, 2025; and |
• | the description of our common stock contained in Exhibit 99.1 to our registration statement on Form 10-12B, initially filed with the SEC on February 20, 2024, as the description therein has been updated and superseded by the description of our common stock contained in Exhibit 99.1 to our Current Report on Form 8-K, filed on March 13, 2024. |
TABLE OF CONTENTS

TABLE OF CONTENTS
ABOUT THIS PROSPECTUS | 1 | ||
PROSPECTUS SUMMARY | 2 | ||
RISK FACTORS | 4 | ||
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | 5 | ||
USE OF PROCEEDS | 7 | ||
DESCRIPTION OF CAPITAL STOCK | 8 | ||
SELLING SHAREHOLDER | 11 | ||
PLAN OF DISTRIBUTION | 12 | ||
LEGAL MATTERS | 14 | ||
EXPERTS | 14 | ||
WHERE YOU CAN FIND MORE INFORMATION | 14 | ||
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE | 15 | ||
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
• | the effects of, and changes in, worldwide economic, political, regulatory, international, trade and geopolitical conditions, natural disasters, war, public health crises and other events beyond Solventum’s control; |
• | operational execution risks; |
• | damage to our reputation or our brands; |
• | risks from acquisitions, strategic alliances, divestitures and other strategic events, including the divestiture of our Purification and Filtration business; |
• | Solventum’s business dealings involving third-party partners in various markets; |
• | Solventum’s ability to access the capital and credit markets and changes in Solventum’s credit ratings; |
• | exposure to interest rate and currency risks; |
• | the highly competitive environment in which Solventum operates and consolidation in the healthcare industry; |
• | reduction in customers’ research budgets or government funding; |
• | the timing and market acceptance of Solventum’s new product and service offerings; |
• | ongoing working relationships with certain key healthcare professionals; |
• | changes in reimbursement practices of governments or private payers or other cost containment measures; |
• | Solventum’s ability to obtain components or raw materials supplied by third parties and other manufacturing and related supply chain difficulties, interruptions and disruptive factors; |
• | legal and regulatory proceedings and legal compliance risks (including third-party risks) with regards to antitrust, Foreign Corrupt Practices Act and other anti-bribery laws, environmental laws, anti-kickback and false claims laws, privacy laws, tax laws and other laws and regulations in the United States and other countries in which Solventum operates; |
• | potential liabilities related to a broad group of perfluoroalkyl and polyfluoroalkyl substances, collectively known as “PFAS”; |
• | risks related to the highly regulated environment in which Solventum operates; |
• | risks associated with product liability claims; |
• | climate change and measures to address climate change; |
• | security breaches and other disruptions to information technology infrastructure; |
TABLE OF CONTENTS
• | Solventum’s failure to obtain, maintain, protect, or effectively enforce its intellectual property rights; |
• | pension and postretirement obligation liabilities; |
• | any failure by the selling shareholder to perform any of its obligations under the various separation agreements in connection with the Spin-Off; |
• | any failure to realize the expected benefits of the Spin-Off; |
• | a determination by the U.S. Internal Revenue Service or other tax authorities that the Spin-Off or certain related transactions should be treated as taxable transactions; |
• | financing transactions undertaken in connection with the Spin-Off and risks associated with additional indebtedness; |
• | the risk that incremental costs of operating on a standalone basis (including the loss of synergies), costs of restructuring transactions and other costs incurred in connection with the Spin-Off will exceed Solventum’s estimates; |
• | the impact of the Spin-Off on its businesses and the risk that the Spin-Off related transactions may be more difficult, time-consuming or costly than expected, including the impact on its resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties; and |
• | the impact of a significant number of shares of our common stock that may be sold by the selling shareholder. |
TABLE OF CONTENTS
TABLE OF CONTENTS
• | restricting dividends on the common stock; |
• | diluting the voting power of the common stock; |
• | impairing the liquidation rights of the common stock; or |
• | delaying or preventing a change in control of Solventum without further action by the shareholders. |
TABLE OF CONTENTS
• | Classified Board. Solventum’s amended and restated certificate of incorporation provides that, until the annual shareholder meeting in 2028, Solventum’s Board of Directors will be divided into three classes, with each class consisting, as nearly as reasonably possible, of one-third of the total number of directors. The first term of office for the Class I directors expired at the 2025 annual meeting of shareholders. The first term of office for the Class II directors will expire at the 2026 annual meeting of shareholders. The first term of office for the Class III directors will expire at the 2027 annual meeting of shareholders. At the 2025 annual meeting of shareholders, the Class I directors were elected for a term of office to expire at the 2028 annual meeting of shareholders. At the 2026 annual meeting of shareholders, the Class II directors will be elected for a term of office to expire at the 2028 annual meeting of shareholders. At the 2027 annual meeting of shareholders, the Class III directors will be elected for a term of office to expire at the 2028 annual meeting of shareholders. Commencing with the 2028 annual meeting of shareholders, all directors will be elected annually and for a term of office to expire at the next annual meeting of shareholders, and Solventum’s Board of Directors will thereafter no longer be divided into classes. Before Solventum’s Board of Directors is declassified, it would take at least two annual shareholders meetings to occur for any individual or group to gain control of Solventum’s Board of Directors. Accordingly, while the Board of Directors is divided into classes, these provisions could discourage a third party from initiating a proxy contest, making a tender offer or otherwise attempting to control Solventum. |
• | Removal and Vacancies. Solventum’s amended and restated certificate of incorporation and bylaws provide that (i) until the 2028 annual meeting of shareholders (or such other time as Solventum’s Board of Directors is no longer classified under the Delaware General Corporation Law (“DGCL”)), Solventum shareholders may remove directors only for cause; and (ii) from and including the 2028 annual meeting of shareholders (or such other time as Solventum’s Board of Directors is no longer classified under the DGCL), Solventum shareholders may remove directors with or without cause. Removal requires the affirmative vote of holders of at least a majority of the voting power of Solventum stock outstanding and entitled to vote on such removal. Vacancies occurring on Solventum’s Board of Directors, whether due to death, resignation, removal, retirement, disqualification or for any other reason, and newly created directorships resulting from an increase in the authorized number of directors, shall be filled solely by a majority of the remaining members of Solventum’s Board of Directors or by a sole remaining director. |
• | Shareholder Meetings. Under Solventum’s amended and restated bylaws, only (x) Solventum’s Board of Directors or (y) with the concurrence of a majority of Solventum’s Board of Directors, the chairman of Solventum’s Board of Directors, the chief executive officer or the secretary is allowed to call special meetings of shareholders. Solventum’s shareholders shall not be entitled to call special meetings of shareholders. |
• | Requirements for Advance Notification of Shareholder Nominations and Proposals. Solventum’s amended and restated bylaws establish advance notice procedures with respect to shareholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of Solventum’s Board of Directors or a committee thereof. |
• | Delaware Law. Solventum is subject to Section 203 of the DGCL. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested shareholder” for a period of three years following the date the person became an interested shareholder, unless the “business combination” or the transaction in which the person became an interested shareholder is approved in a prescribed manner. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested shareholder. Generally, an “interested shareholder” is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested shareholder status, did own, 15% or more of a corporation’s voting stock. The existence of this |
TABLE OF CONTENTS
• | Elimination of Shareholder Action by Written Consent. Solventum’s amended and restated certificate of incorporation eliminates the right of shareholders to act by written consent without a meeting. Shareholder action must therefore take place at an annual meeting or at a special meeting of Solventum’s shareholders. |
• | No Cumulative Voting. Solventum’s amended and restated certificate of incorporation and amended and restated bylaws do not provide for cumulative voting in the election of directors. |
• | Undesignated Preferred Stock. The authorization of undesignated preferred stock makes it possible for Solventum’s Board of Directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of Solventum. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control or management of Solventum. |
• | Amendments to Bylaws. Solventum’s amended and restated certificate of incorporation and amended and restated bylaws provide that Solventum’s Board of Directors will have the authority to amend and repeal Solventum’s amended and restated bylaws without a shareholder vote. |
• | Exclusive Forum. Solventum’s amended and restated certificate of incorporation provides that, unless Solventum (through approval of Solventum’s Board of Directors) consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (1) any derivative action or proceeding brought on behalf of Solventum; (2) any action or proceeding asserting a claim for or based on a breach of a fiduciary duty owed by any current or former director or officer or other employee of Solventum to Solventum or Solventum’s shareholders, including any claim alleging aiding and abetting of such a breach of fiduciary duty; (3) any action or proceeding asserting a claim against Solventum or any current or former director or officer or other employee of Solventum arising pursuant to, or seeking to enforce any right, obligation or remedy under, any provision of the DGCL or Solventum’s amended and restated certificate of incorporation or amended and restated bylaws (as either may be amended from time to time); (4) any action or proceeding asserting a claim related to or involving Solventum or any current or former director or officer or other employee of Solventum governed by the internal affairs doctrine; or (5) any action or proceeding as to which the DGCL (as it may be amended from time to time) confers jurisdiction on the Court of Chancery of the State of Delaware. If, and only if, the Court of Chancery of the State of Delaware dismisses any such action or proceeding for lack of subject matter jurisdiction, such action or proceeding may be brought in another state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware). Solventum’s amended and restated certificate of incorporation further provides that, unless Solventum (through approval of Solventum’s Board of Directors) consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the sole and exclusive forum for any action asserting a cause of action arising under the Securities Act. The exclusive forum provisions are applicable to the fullest extent permitted by applicable law, subject to certain exceptions. Section 27 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provisions will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. There is, however, uncertainty as to whether a court would enforce the exclusive forum provisions, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Furthermore, Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Although Solventum believes the exclusive forum provisions benefit it by providing increased consistency in the application of law in the types of lawsuits to which they apply, the provisions may have the effect of discouraging lawsuits against Solventum’s directors and officers. |
TABLE OF CONTENTS
Name of Selling Shareholder | Beneficial Ownership Prior to This Offering | Number of Shares of Common Stock Being Offered | Beneficial Ownership After This Offering | ||||||||||||||||||
Shares of Common Stock | % of Total Voting Power Before This Offering | Percent of Class | Shares of Common Stock | % of Total Voting Power After This Offering | Percent of Class | ||||||||||||||||
3M Company(1) | 34,369,190 | —% | 19.82% | 34,369,190 | — | —% | —% | ||||||||||||||
(1) | Share and beneficial ownership information for 3M Company is based on a Schedule 13G filed with the SEC on November 14, 2024. 3M Company is a Delaware incorporated company. Pursuant to the Registration Rights Agreement, 3M Company granted to Solventum a proxy to vote the shares of Solventum common stock owned by 3M Company in proportion to the votes cast by Solventum’s other shareholders. As a result, 3M Company does not exercise voting power over any of the shares of Solventum common stock that it beneficially owns. However, 3M Company retains sole dispositive power over 34,369,190 shares of our common stock. 3M Company’s registered address is 3M Center, St. Paul, MN 55144. |
TABLE OF CONTENTS
• | on any national securities exchange on which our shares of common stock may be listed at the time of sale, including the New York Stock Exchange (including through “at the market” offerings); |
• | in the over-the-counter market; |
• | in privately negotiated transactions; |
• | in a block trade in which a broker-dealer may attempt to sell a block of shares of common stock as agent or may position and resell all or a portion of the block as principal to facilitate the transaction; |
• | through put or call option transactions relating to the shares of common stock; |
• | through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise, and/or the settlement of margin transactions; |
• | directly to one or more purchasers; |
• | through agents; |
• | through underwriters or dealers; |
• | through a combination of any of these methods of sale; or |
• | any other method permitted pursuant to applicable law. |
• | the name or names of any underwriters, dealers, agents, or direct purchasers and the amounts of securities underwritten or purchased by each of them, if any; |
• | the public offering price or purchase price of the securities and the net proceeds to be received by the selling shareholder from the sale; |
• | any delayed delivery arrangements; |
• | any underwriting discounts or agency fees and other items constituting underwriters’ or agents’ compensation; and |
• | any discounts or concessions allowed or reallowed or paid to dealers. |
TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
• | our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 28, 2025; |
• | our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, filed on May 9, 2025 and August 8, 2025, respectively; |
• | the information specifically incorporated by reference into our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 from our Definitive Proxy Statement on Schedule 14A related to our 2025 annual meeting of shareholders, filed with the SEC on March 21, 2025; |
• | our Current Reports on Form 8-K, filed with the SEC on February 27, 2025 (pursuant to Item 1.01 and 9.01), May 2, 2025, June 25, 2025 and August 13, 2025; and |
• | the description of our common stock contained in Exhibit 99.1 to our registration statement on Form 10-12B, initially filed with the SEC on February 20, 2024, as the description therein has been updated and superseded by the description of our common stock contained in Exhibit 99.1 to our Current Report on Form 8-K, filed on March 13, 2024. |
TABLE OF CONTENTS

Goldman Sachs & Co. LLC | BofA Securities | ||