Exelon Corporation EXC → Constellation Energy Corporation CEG
| Parent | Exelon Corporation EXC |
|---|---|
| Spinco | Constellation Energy Corporation CEG |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Constellation share for every 3 Exelon shares |
| Checked against EDGAR | 2026-08-22 |
Data trap
The distribution took effect at 12:01 a.m. Eastern on February 1, but the whole of that session still traded on when-issued volume — roughly 299,000 shares against 23.9 million the next day. A day-zero return computed off February 1 prices the wrong market. Separately, every Exelon figure for a period before the separation includes the competitive generation business, and Constellation's own 2021 annual report covers a year when it was still an Exelon subsidiary.
Still live.
Catalyst clock
- 2021-02-24Separation announced
- 2021-12-08Form 10 filed
- 2021-12-20Form 10 last amended
- 2021-12-29Form 10 effective
- 2022-01-20Record date
- —When-issued trading opens
- 2022-02-01Distribution
- 2022-05-12First standalone earnings
- —Index inclusion announced
Performance since separation
| Constellation Energy Corporation since separation | +414.77% |
|---|---|
| Exelon Corporation over the same window | +6.16% |
| S&P 500 (SPY) over the same window | +69.05% |
| Russell 2000 (IWM) over the same window | +47.50% |
| Excess over the S&P 500 | +345.72% |
| Excess over the Russell 2000 | +367.27% |
Measured from the first regular-way close on or after the distribution — 2022-02-02 at 53.01 — to 2026-08-21 at 272.88. Window: 4.6 years. The 2022-02-01 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | price history starts after the separation |
|---|---|
| Combined (Exelon Corporation + Constellation Energy Corporation), pre-distribution to now | +226.09% |
| Combined excess over the S&P 500 | +155.90% |
| Combined excess over the Russell 2000 | +177.03% |
Combined treats a pre-spin holding as 1 Constellation share for every 3 Exelon shares valued at the parent's last close before regular post-spin trading resumed — 2022-01-31 at 41.32 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself.
Filings
Every fact on this page comes from one of these.
- 8-Kfiled 2021-02-24 · 0001109357-21-000017Item 8.01 announcement of the plan to separate the competitive generation business
- 10-12Bfiled 2021-12-08 · 0001104659-21-147516Initial Form 10 registration statement with Ex-99.1 information statement
- 10-12B/Afiled 2021-12-20 · 0001104659-21-151777Final Form 10 amendment
- 8-Kfiled 2022-01-06 · 0001109357-22-000003Item 8.01: board declared the pro rata dividend, 1-for-3, record January 20, distribution February 1, 2022; states the Form 10 was declared effective December 29, 2021
- 8-Kfiled 2022-01-28 · 0001104659-22-009016Final information statement dated January 24, 2022; source for the approximately 326.5 million share count
- 8-Kfiled 2022-02-02 · 0001104659-22-010603Item 5.01 completion: Exelon distributed all outstanding Constellation shares on February 1, 2022
Notes
Exelon's separation of Constellation, its competitive power generation arm, leaving Exelon a pure regulated transmission and distribution utility. Focus-increasing on any reading: the two halves have different customers, different regulation and different risk. Exelon retained nothing.