There are many ways a spinco could be created; the following is a simply way it can happen:

If a buyout offer at $4 a share is accepted by management and approved by shareholders, all existing CUU shares (including shares from the then valid warrants) will be bought out and CUU eventually will disappear. The CUU shareholders at the time will be given new spinco shares at a rate determined by CUU management. These new spinco shares will then trade on the market and the value would be determined by the market.