Vivani Medical, Inc. VANI → Cortigent, Inc. CRGT
| Parent | Vivani Medical, Inc. VANI |
|---|---|
| Spinco | Cortigent, Inc. CRGT |
| Status | Announced |
| Structure | Structure undecided The parent has announced a separation without committing to a spin-off; a sale or an offering may be live alternatives. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | not declared |
| Checked against EDGAR | 2026-08-21 |
Catalyst clock
- 2025-03-12Separation announced
- 2025-05-28Form 10 filed
- 2025-09-19Form 10 last amended
- —Form 10 effective
- —Record date
- —When-issued trading opens
- —Distribution
- —First standalone earnings
- —Index inclusion announced
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2025-05-28 · 0001753926-25-000888Initial Form 10 registration statement for the neurostimulation business
- 10-12B/Afiled 2025-09-19 · 0001753926-25-001532Amendment No. 3; ratio, record date and distribution date remain placeholders. The Form 10 has not been amended since
- 10-Qfiled 2026-08-13 · 0001753926-26-001477Vivani's quarterly report, which states that both the spin-off and an IPO of Cortigent are still being considered and warns the spin-off may not complete on the anticipated terms or at all
Notes
Genuinely uncertain, and listed as announced rather than promised. Vivani is dual-tracking: the Form 10 describes a pro-rata distribution of 100% of Cortigent, but the most recent activity is on the competing IPO registration (Amendment No. 18, filed 2026-05-13, which targets NYSE American and contains no spin-off language) while the Form 10 has been dormant since 2025-09-19. If the IPO route wins, this becomes a carve-out and leaves this tracker's scope. The CRGT ticker is reserved on EDGAR but is not trading, so exchange is null. Classified focus_increasing: the CEO letter draws a clean technology-modality split — Cortigent continues 'brain implant medical devices' using electrical neurostimulation (visual-cortex prosthesis, stroke recovery), while Vivani keeps GLP-1 drug-delivery implants for metabolic disease — different platforms and patient populations, unlike the same-antibody-platform Inhibrx case elsewhere in this batch. Cortigent is pre-revenue and financially thin (accumulated deficit $9.2 million, negative equity), and Vivani is forgiving Cortigent's intercompany payable rather than extracting a dividend. spinco_shares_outstanding stays null: the Form 10 states 3,000,000 shares would be distributed, but this deal's own notes already flag the spin-off as genuinely uncertain against a competing IPO registration, so this pass doesn't lock in a number for a path that may not happen.