Hang tight: You will receive BLCO shares — eventually. A carve-out occurs when a company sells shares in the separated unit into the open market via an initial public offering (IPO). A spin-off is when management distributes shares of the new company to exiting shareholders via a special dividend. A split-off gives existing shareholders the option to receive shares in the new entity in exchange for shares in the parent company. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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Persons: Jim Cramer, — Ted Great, Ted, Hang, Bausch, BHC, it's, Johnson, JNJ, Jim, Brendan Mcdermid Organizations: —, Bausch Health, General Electric, GE, GE HealthCare, GE Verona, CNBC, Kenvue Inc, Johnson, New York Stock Exchange Locations: BLCO, JNJ, New York City, U.S