Innventure is worth a small position mainly because of the Johnson Controls investment. x.com 

ACM Research stands out among holding-company NAV discounts because its subsidiary is growing independently and an H-share subsidiary listing is coming soon, making it one of the biggest discounts with a path to unlock and a candidate for more concentration. Similar discounts at Korean holding companies such as Iljin Holdings and Simmtech Holdings look less trustworthy for a NAV unlock given governance. This is still early research, not a formal conclusion. x.com 

Innventure faces massive dilution and broken trust. After the guidance suspension, the stock fell 50% to 28 cents, valuing the parent at $24M versus Accelsius's $665M January raise. A new $60M at-the-market offering means about 214M new shares against roughly 85M outstanding, and the prospectus carries a going-concern warning; the Yorkville facility raised just $1.69M in two months. With Otsworth and current management still involved, trust is hard to rebuild; activism may be the only exit. … Show more

Innventure stays a technology story, not an investment, until it shows it can finance Accelsius through slower adoption on terms that leave something for shareholders. Executives are returning earnout shares tied to the DarkNX order after management said the site did not hold and DarkNX underestimated how fast it could secure GPUs. Accelsius's cooling technology is not the problem, as rising rack density will force new cooling; financing progress and real client orders must come first. x.com 

Innventure looks close to pre-revenue, with little public track record, which is usually not an attractive kind of investment. x.com