SBMT News & Events

SpaceX and OpenAI are moving toward blockbuster public debuts, with SpaceX formally filing its Form S 1 to list on Nasdaq under the ticker "SPCX" in what could become the largest IPO in history. Meanwhile, OpenAI is reportedly preparing to submit its own draft prospectus as early as this week for a potential September listing.LATEST IPOS AND DIRECT LISTINGS:Conexeu Sciencesopened on May 21 at $13.50 after a Nasdaq direct listing. The preclinical developer of a regenerative tissue device for wound care and aesthetics filed a resale prospectus with the SEC stating that it expected its common stock to begin trading on the Nasdaq on or about Thursday, May 21, in connection with its direct listing. The company registered 9.5M shares that may be sold by the Registered Securityholders identified in the prospectus. Conexeu Sciences will not raise new capital in its listing. The stock opened for trading earlier at a price of $13.50 per share.Lincoln Internationalopened on May 20 at $22.51. The company priced 21.05M shares at $20.00, at the top end of the $18.00-$20.00 target range. Lincoln International is an investment banking advisor whose services include mergers and acquisitions advisory, private funds and capital markets advisory, and valuations and fairness opinions.Amass Brandsopened on May 20 at $17 after a Nasdaq direct listing. The premium, multi-category beverage platform spanning non-alcohol, functional, and alcohol 2.0 products saw its common stock begin trading earlier on the Nasdaq Capital Market under the stock ticker symbol "AMSS". The direct listing did not involve the issuance of new common stock by the company, it noted.Optimi Healthopened on May 20 at $5.50 after a Nasdaq uplisting. The commercial-stage pharmaceutical company focused on manufacturing and distributing finished psychedelic drug products announced the pricing of its underwritten public offering in connection with the uplisting of its common shares to the Nasdaq Capital Market. The company offered 2.4M common shares at a public offering price of $6.25 per share.RECENT SPAC IPOS:Peace Acquisitionopened on May 22 at $10.01. The blank check company intends to focus its search on businesses throughout Asia. "However, the Company will not undertake an initial business combination with any entity based in or with its principal business operations in Mainland China, Hong Kong or Macau," it added.Aperture ACopened on May 21 at $10.01. The blank check company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.Research Alliance Corporation IIIopened on May 20 at $10.21. The blank check company intends to focus its search on a target business in the healthcare or healthcare-related industries.Amanat Acquisitionopened on May 19 at $10.15. While the company may pursue an initial business combination target in any business or industry, it intends to focus on opportunities in healthcare or healthcare-related industries.PERFORMANCE:Prices as of 10:15 am ET on Monday, May 26 -Conexeu Sciences – down about 5% at $13.70;Lincoln International – down more than 2% at $23.52;Amass Brands – down almost 11% at $3.85;Optimi Health – down about 5% at $5.57.RECENT IPOS TO WATCH:Pershing Square Inc., Pershing Square USA, Avalyn Pharma, Hemab Therapeuticsand Seaport Therapeuticsare already seeing coverage roll out, while Silver Bow Miningis 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 SpaceX, Sunshine Silver Mining & Refining, Innio, Inspire Brands, and Tarsier Pharma.Clickto see upcoming IPO calendar on TipRanks.SpaceXofficially submitted its Form S-1 with the SEC to list its Class A common stock on the Nasdaq under the ticker symbol SPCX. Expected to be the largest IPO in history, the company targets raising up to $80B at a valuation exceeding $2T.Sunshine Silver Mining & Refining Companyannounced the launch of its initial public offering of 20M shares of its common stock. In connection with the offering, Sunshine expects to grant the underwriters a 30-day option to purchase up to 3,000,000 shares of common stock. The IPO price is expected to be between $13.50-$16.50 per share. Sunshine's common stock has been approved for listing, subject to official notice of issuance, under the ticker symbol "SSMR" on the New York Stock Exchange.Innioannounces that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common 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. Innio has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol "INIO." Innio designs, manufactures and services power systems under its Jenbacher and Waukesha brands. The company delivers power for applications including data centers, microgrids, grid stabilization, industrial energy and gas compression.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."OTHER IPO NEWS:OpenAI is preparing to file for a public listing as early as this week, with the AI lab aiming for a blockbuster initial public offering as soon as September, Financial Times' George Hammond. The company has been laying the groundwork for an offering expected to value it at north of $1T, working with bankers at Morgan Stanleyand Goldman Sachsand lawyers at Cooley over the past few months, according to people familiar with the matter. The group could file a draft IPO prospectus as early as Friday, starting the timer on a public listing for the autumn, they added. That timing could shift depending on the market and on the performance of Elon Musk's SpaceX, which is expected to go public next month in the biggest listing of all time, the author notes.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

Silver Bow Mining announced that the Montana Department of Environmental Quality, DEQ, issued Silver Bow Mining an Authorization to Proceed for Amendment 2 to Exploration License No. 00857 at the Company's flagship Rainbow Block project in Butte, Montana. Silver Bow Mining is fully authorized to conduct all surface and underground exploration activities outlined in its approved Plan of Operations. "Receipt of the Authorization to Proceed marks an important milestone for Silver Bow Mining," said Travis Naugle, Chairman and Chief Executive Officer. "We have completed a thorough environmental review process, satisfied regulatory requirements, and we are now cleared to advance the next phase of exploration at the Rainbow Block. This approval authorizes development of the Rainbow Decline, expanded surface drilling, and bulk sampling activities that are expected to provide geological, engineering, and metallurgical data to support ongoing project evaluation. We intend to advance the program in accordance with our operational plans."

Pershing Square USA and Pershing Square Inc. began trading on April 29, marking the public debut of Bill Ackman's two vehicle structure.LATEST IPOS AND DIRECT LISTINGS:Seaport Therapeuticsopened on May 1 at $21. The company priced 14.2M shares at $18.00. The deal size was increased to 14.2M shares of common stock from 11.8M shares and priced at the high-end of the $16.00-$18.00 range. Seaport Therapeutics is a clinical-stage therapeutics company focused on inventing and developing new medicines for patients with depression, anxiety, and other neuropsychiatric disorders.Hemab Therapeuticsopened on May 1 at $27. The company priced 16.75M shares at $18.00. The deal size was increased to 16.75M shares from 15.0M and priced at the top end of the $16.00-$18.00 target range. Hemab Therapeutics is a clinical-stage biotechnology company developing therapies that it says "reimagine the treatment of blood coagulation disorders to sustain life and human resilience."Avalyn Pharmaopened on April 30 at $26.00. The company priced 16.67M shares at $18.00. The deal priced at the top end of its $16.00-$18.00 target range. Avalyn's AP01 program is an optimized inhaled formulation of pirfenidone currently being evaluated in MIST, a global Phase 2b clinical trial in patients with progressive pulmonary fibrosis.Silver Bow Miningopened on April 30 at $10.75. The company priced 5.2M shares at $11.50. The deal size was increased to 5.2M shares of common stock from 4.35M shares and the deal priced within the $10.00-$13.00 range. Silver Bow Mining is a minerals exploration company focused on developing silver, zinc, gold, lead, and copper targets in the Butte Mining District of Montana.Pershing Square USA, an investment company managed by Pershing Square Capital Management, andPershing Square Inc., the parent company of PSCM, opened for trading on April 29. Pershing Square USApriced its IPO at $50 and opened for trading at $42, while Pershing Square Inc.opened at $24. The Pershing Square USA shares and the Pershing Square Inc. shares trade on the New York Stock Exchange under the symbols "PSUS" and "PS", respectively.RECENT SPAC IPOS:CH4 Natural Solutionsopened on May 1 at $10.00. The blank check company intends to focus its search for a target business with a "significant real-asset footprint that may provide opportunities for attractive risk-adjusted returns and benefit from accelerated methane mitigation initiatives at scale."Quantum Leap Acquisitionopened on May 1 at $10.00. The blank check company intends to focus on target companies within the artificial intelligence, quantum computing, and blockchain technology sectors.General Catalyst Global Resilience Mergeropened on April 30 at $10.05. The blank check company intends to focus on "global resilience" sectors, including aerospace and defense, national security, industrials and manufacturing.RRE Ventures Acquisitionopened on April 30 at $9.97. Cohen and Company Capital Markets is acting as representative of the several underwriters for the offering.Mountain Crest Acquisition 6opened on April 30 at $10. D. Boral Capital is acting as the sole book-running manager for the offering.ARC Group Acquisition Iopened on April 30 at $10.02. The blank check company may pursue an acquisition opportunity in any business, industry, sector or geographical location, but intends to identify and acquire a business "where it believes its management teams' and its affiliates' expertise will provide it with a competitive advantage, including technology, healthcare and logistics industries."West Enclave Mergeropened on April 30 at $10.02. The special purpose acquisition company may pursue a target in any geography or industry and intends to focus on identifying a high-quality business that operates in Latin America or a U.S. based business whose revenues, operations or strategic growth are positioned to benefit from the economic interconnection between the United States and Latin America, particularly Mexico.Forefront Tech Holdings Acquisitionopened on April 30 at $9.98. BTIG is acting as sole book-running manager for the offering.Churchill Capital Corp XIIopened on April 28 at $10.12. The blank check company may pursue an initial business combination target in any business or industry.Plutonian Acquisition Corp IIopened on April 28 at $10.03. Alliance Global Partners is acting as the sole book-running manager for the offering.PERFORMANCE:Prices as of 11:30 am ET on Monday, May 4 -Seaport Therapeutics – down over 7% at $18.13;Hemab Therapeutics – down almost 14% at $29.25;Avalyn Pharma – down about 3.5% at $28.81;Silver Bow Mining – down more than 6% at $10.10;Pershing Square USA – fractionally down at $42.56;Pershing Square Inc. – down almost 10% at $34.35.UPCOMING IPOS:Upcoming IPO and direct listings expected include Csquare, Tarsier Pharma, Quantinuum, Cerebras, Boundless Group, and Liftoff.Clickto see upcoming IPO calendar on TipRanks.Csquarefiled confidentially for a U.S. initial public offering, a signal that more data center companies are lining up to sell shares for the first time over the coming year, Bloomberg's Bailey Lipschultz. The provider of colocation and data center services announced on Friday that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The Brookfield Infrastructure Partners-backed company joins a rush of new listings as the companies building out the backbone to support AI's energy needs seek to raise funds, the author notes.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."Honeywellannounced that Quantinuum, which is majority owned by Honeywell, confidentially submitted a draft registration statement on Form S-1 to the U.S. SEC on February 17, relating to the proposed initial public offering of Quantinuum's common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC's review process.Cerebras Systemsannounced that it has filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of its Class A common stock. The number of shares of Class A common stock to be offered and the price range for the proposed offering have not yet been determined. Cerebras intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "CBRS." Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank will act as lead book-running managers for the proposed offering. Mizuho and TD Cowen will act as bookrunners. Needham & Company, Craig-Hallum, Wedbush Securities, Rosenblatt, and Academy Securities will act as co-managers.Boundless Group is offering 4M Class A ordinary shares on a firm commitment basis in an initial public offering. The company expects the initial public offering price of its Class A ordinary shares to be in the range of $4.00 to $5.00 per share.Liftoff Mobileannounced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The total number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC's review process.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.