Phoenix Motor and FreeCast among in-focus, upcoming IPOs Shares of nutritional supplement company Smart for Life plunged about 75% following its initial public offering on the Nasdaq.
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Blue Water Vaccines (BWV) opened on February 18 at $50 after having priced its initial public offering of 2.22M shares of its common stock at $9 per share. The company, which holds the rights to proprietary technology developed at the University of Oxford, Cincinnati Children's Hospital Medical Center, and St. Jude Children's Hospital, is developing a universal flu vaccine that will provide protection from all virulent strains and a Streptococcus pneumoniae vaccine candidate, designed to specifically prevent the highly infectious middle ear infections, known as Acute Otitis Media, in children. Boustead Securities acted as the sole book-running manager for the offering.
Smart for Life (SMFL) opened on February 16 at $3. The manufacturer of nutritional and related products with an emphasis on health and wellness had priced its initial public offering of 1.44M units at $10.00, the midpoint of its $9.00-$11.00 range. Each unit consists of one share of common stock, one Series A warrant to purchase one share of common stock at an exercise price equal to $7.00 per share exercisable until the fifth anniversary of the issuance date, and one Series B warrant to purchase one share of common stock at an exercise price equal to $10.00 per share, exercisable until the fifth anniversary of the issuance date. Dawson James Securities acted as lead book-running manager for the offering.
Meihua (MHUA) opened on February 16 at $10. The company, which identifies itself as "a reputable manufacturer and provider of Class I, II, and III disposable medical devices with operating subsidiaries in China," had priced 3.6M shares at $10.00 per ordinary share. The deal size was cut to 3.6M shares from 5M shares and priced within the $9.00-$11.00 range. Prime Number acted as lead book running manager for the offering.
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Credo Technology (CRDO), Knightscope (KSCP) and FGI Industries (FGI) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.
UPCOMING IPOS:
Upcoming IPO and direct listings expected include Solta Medical (SLTA), Bitdefender, Phoenix Motor (PEV), Chobani (CHO), FreeCast (CAST), and Samba TV (SMBA).
Bausch Health Companies (BHC) announced that its wholly owned subsidiary, Solta Medical, has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of Solta's common shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Solta has applied to list its common shares on the Nasdaq Global Select Market under the symbol (SLTA). Bausch Health has completed all internal procedural steps and is fully prepared to launch both the Solta and Bausch + Lomb Corporation IPOs, subject to receipt of regulatory, stock exchange and other approvals.
Samba TV has filed with the SEC for an initial public offering of shares of Class A common stock. The company has applied to list its Class A common stock on the New York Stock Exchange under the symbol (SMBA). In its prospectus, Samba TV stated in part, "We are transforming internet Connected TVs - CTVs - into a platform for our customers, which are comprised of brands, agencies, content programmers, publishers and measurement and advertising vendors, to build attentive, engaged audiences. Our AI-driven content identification software is embedded in CTVs sold by leading original equipment manufacturer - OEM - brands across the globe. Through our software, we form direct relationships with millions of viewers, who provide us consent to collect their viewership data... We are active in six countries today, with ambitions to expand into the more than 100 countries where CTVs integrated with our technology are sold."
Bitdefender Holding B.V., which identifies itself as "a global cybersecurity leader," announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities Exchange Commission for the proposed initial public offering of its securities in the United States. "The timing, size and price range for the proposed offering have yet to be determined. The initial public offering is subject to SEC and other regulatory review processes, as well as market and other conditions," the company said. Bitdefender did not disclose a proposed ticker symbol for its anticipated stock offering.
Phoenix Motor filed for an initial public offering on the Nasdaq under symbol (PEV). Upon the closing of the offering, Phoenix Motor will be a "controlled company" within the meaning of the corporate governance standards because more than 50% of the voting power of its outstanding common stock will be beneficially owned by SPI Energy (SPI). Phoenix Motor currently designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles and markets and sells electric vehicle chargers for the commercial and residential markets. The company delivered its first commercial electric vehicle in 2014. It develops and integrates an electric drivetrain into the Ford Econoline Chassis, specifically on the Ford (F) E-450.
Chobani has filed with the SEC for an initial public offering, stating that it expects that the shares of its Class A common stock will trade on the Nasdaq Global Select Market under the symbol "CHO." In its prospectus, Chobani stated that, "At Chobani, we are an anti-traditional consumer packaged goods company... We currently sell our products in single-serve, multi-serve, and/or multi-pack formats through approximately 95,000 retail locations in the United States... Chobani also has an international presence through the operation of a manufacturing facility in Melbourne, Australia and participates in certain international export markets, such as Mexico and Canada. "
FreeCast has filed with the SEC for an initial public offering of common stock and has applied to list its common stock on the Nasdaq Capital Market, or Nasdaq, under the symbol (CAST). FreeCast is an entertainment-based content discovery, aggregation and management company that provides SmartGuide digital interactive technology for consumers to organize numerous sources of online media similar to a traditional on-screen television, or TV, guide.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
