Honeywell splits today at 2/1? Free money?

Investor summaryBullish

OP wonders why people aren't buying HON ahead of its spinoff, thinking it's free money.

Bull points

Shareholders receive free shares of the aerospace spinoff (HONA) for every two HON shares owned.
The corporate action presents a perceived free money arbitrage opportunity.

HON

Post body

Honeywell stock splits today at 2/1. You get one share of the aerospace spinoff for every 2 that you own. Its HONA. How is this not free money? Why wouldnt someone back the truck up and buy a million in HON? Unless HON is going to dip 50% tomorrow based on them giving you free shares of the spinoff. What am I missing?

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