AVAT News & Events

Several companies made their market debuts last week, with Bending Spoons, ITG and Neutron Holdings opening for trading across a mix of pricing levels.LATEST IPOS AND DIRECT LISTINGS:Bending Spoonsopened on July 1 at $31.00. The company priced its 57.97M share initial public offering at $29.00, above the $26.00-$28.00 range. Bending Spoons is a digital applications company whose portfolio includes note-taking app Evernote, video platform Vimeo, events marketplace Eventbrite and AOL.ITG, Inc.opened on July 1 at $18. The company priced 19.51M shares at $16.00, below the $19.00-$22.00 range. ITG is a provider of end-to-end services to the communications and digital infrastructure industries.Neutron Holdingsopened on July 1 at $27. The firm priced 6.96M shares at $25.00, in the middle of the deal range of $24.00-$26.00. Neutron Holdings, doing business as Lime, describes itself as "a leading global shared micromobility business" that partners with cities to deploy e-bikes and e-scooters to serve shorter distance trips.RECENT SPAC IPOS:Viking Acquisition Corp. IIopened on July 2 at $10.04. The blank check company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region.Osprey Acquisition IIIopened on July 1 at $10.03. The blank check company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution, but says its primary focus will be to "identify companies that are deploying disruptive technologies and next-generation infrastructure that modernize energy systems, enable AI-driven optimization, and support the resilient, sustainable backbone of global connectivity."PERFORMANCE:Prices as of 10:30 am ET on Monday, July 6 -Bending Spoons – down over 6% at $33.76;ITG, Inc. – down about 6% at $14.60;Neutron Holdings – fractionally down at $24.88.RECENT IPOS TO WATCH:SpaceX, Forbright, ERock, and WhiteHawk Mineralsare already seeing coverage roll out, while Avalanche Treasury Co.is among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include Jersey Mike's Subs, Kardigan, Inspire Brands, and Tarsier Pharma.Clickto see upcoming IPO calendar on TipRanks.Jersey Mike's Subshas filed an initial public offering of shares of Class A common stock. The company has applied to list its shares of Class A common stock on the New York Stock Exchange under the trading symbol "JMKE." Morgan Stanley, Jefferies, and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the offering. Barclays and Guggenheim Securities are acting as co-global coordinators and joint bookrunning managers. BofA Securities, Goldman Sachs, Evercore ISI, UBS Investment Bank, Baird, Wells Fargo Securities, William Blair, RBC Capital Markets, Deutsche Bank Securities, Wolfe Nomura Alliance, Piper Sandler, Raymond James, Stifel, TD Securities, BTIG, Mizuho, Societe Generale, and Truist Securities are acting as joint bookrunning managers. Blackstone Capital Markets, Loop Capital Markets, and Tigress Financial Partners are acting as co-managers.Kardiganhas filed an initial public offering of shares of its common stock. The company has applied to list its common stock on the Nasdaq Global Market under the symbol "KARD." JP Morgan, Jefferies, Leerink Partners, and TD Cowen are acting as the underwriters for the offering.Inspire Brandsannounced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.Tarsier Pharma Ltd.filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX". The prospectus stated: "Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial... Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company."Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

SpaceX raised $85.7B in its U.S. IPO after underwriters exercised the greenshoe option, the company said Monday, days after its Nasdaq debut sent shares up 19% and pushed its valuation past $2T.LATEST IPOS AND DIRECT LISTINGS:SpaceXopened on June 12 at $150. The company priced 555.56M shares at $135.00. SpaceX bills itself as "the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI," including "the world's most advanced rockets and spacecraft." On Monday, SpaceX announced the closing of its initial public offering of an aggregate 638,888,888 shares of its Class A common stock, including the full exercise by the underwriters of their overallotment option to purchase an additional 83,333,333 shares of Class A common stock from SpaceX. The issuance of all shares closed on June 15, bringing the gross proceeds from the initial public offering to SpaceX to approximately $85.7B.Avalanche Treasury Co.started trading on Nasdaq on June 11. The operating company and digital asset treasury that allocates capital across the Avalanche economy announced the commencement of trading on the Nasdaq Stock Market.Forbrightopened on June 11 at $17.50. The company priced 7.9M shares at $18.00, at the bottom of the $18.00-$20.00 range. Headquartered in Chevy Chase, Maryland, Forbright operates a financial services platform spanning nationwide middle-market lending, digital consumer banking, strategic advisory and asset management services.ERockopened on June 10 at $21.10. The company priced 27.91M shares at $21.50. The deal priced at the midpoint of the $20.00-$23.00 target range. ERock markets natural gas generators to deliver onsite utility-grade power.WhiteHawk Mineralsopened on June 9 at $26.15. The company priced 7.7M shares at $26.00. The deal size was increased to 7.7M shares of common stock from 6.95M shares and priced at the midpoint of the $25.00-$27.00 range. WhiteHawk Minerals is focused on acquiring and managing high-quality natural gas mineral and royalty interests in premier U.S. basins, with a portfolio concentrated in the Appalachian and Haynesville Basins.RECENT SPAC IPOS:Snow Rothschild Acquisitionopened on June 9 at $10.01. Santander is acting as the sole book-running manager for the offering.Ocean Capital Acquisitionopened on June 9 at $10.20. The blank check company intends to conduct a search for target businesses without being limited to a particular industry.PERFORMANCE:Prices as of 10:45 am ET on Monday, June 15 -SpaceX – up over 7% at $172.52;Avalanche Treasury Co. – down about 3% at $1.31;Forbright – down a little over 1% at $17.78;ERock – up more than 2% at $17.31;WhiteHawk Minerals – down almost 3% at $26.50.RECENT IPOS TO WATCH:Lincoln Internationalis already seeing coverage roll out, while Conexeu Sciences, AMASS Brands Inc.and Optimi Healthare among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include Bending Spoons, Kardigan, Inspire Brands, and Tarsier Pharma.Clickto see upcoming IPO calendar on TipRanks.Bending Spoons, a technology company whose main businesses include AOL, Brightcove, Eventbrite, Evernote, Harvest, komoot, Remini, StreamYard, Vimeo, and WeTransfer, announces that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its ordinary shares. The timing of the offering, number of shares to be offered, and the price range for the proposed offering have not yet been determined. Bending Spoons has applied to list its ordinary shares on the Nasdaq Global Select Market under the ticker symbol "BSP."Kardiganhas filed an initial public offering of shares of its common stock. The company has applied to list its common stock on the Nasdaq Global Market under the symbol "KARD." JP Morgan, Jefferies, Leerink Partners, and TD Cowen are acting as the underwriters for the offering.Inspire Brandsannounced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.Tarsier Pharma Ltd.filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX". The prospectus stated: "Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial... Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company."Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

Avalanche Treasury Co., an operating company and digital asset treasury that allocates capital across the Avalanche economy, announced the commencement of trading on the Nasdaq Stock Market. "Launched in 2020 and purpose-built for enterprise, the Avalanche blockchain combines speed, compliance capabilities, and interoperability. AVAT was created to accelerate the adoption and growth of Avalanche and open an opportunity for investors to participate in the fundamental infrastructure shift toward blockchain. As a publicly listed operating company, AVAT has no redemption pressure or forced liquidation like typical funds, which we believe can allow the company to reinvest gains, build exposure across the Avalanche ecosystem, and hold its positions through market cycles," the company stated. "AVAT intends to deploy capital deliberately to compound Avalanche's ecosystem value over time, much like a corporate treasury. It is not a bet on price. We believe it is an investment into Avalanche that represents meaningful potential for the repositioning of institutional finance. Our Nasdaq listing is designed to provide greater access to this infrastructure shift at the ground level," said Bart Smith, Chief Executive Officer of Avalanche Treasury Co.