SQL Technologies, which does business as Sky Technologies, and HeartCore Enterprises listed their shares Thursday to dismal results, with both stocks underperforming in their trading debuts on the Nasdaq.
LATEST IPOS AND DIRECT LISTINGS:
Direct Digital (DRCT) opened on February 11 at $4.30 per share and $0.8601 per warrant. Direct Digital, an advertising and marketing technology holding group, priced its underwritten initial public offering of 2.8M units, each consisting of one share of Class A common stock and one warrant to purchase one share of Class A common stock, at a price to the public of $5.50 per unit. All of the units, which are being offered by Direct Digital, were issued separately in the offering. Direct Digital's shares of Class A common stock and warrants are trading separately on The Nasdaq Capital Market under the symbols (DRCT) and (DRCTW), respectively. Direct Digital has said its sell- and buy-side solutions manage 17,500 clients daily, generating over 30 billion impressions per month across display, CTV, in-app, and other media channels. Benchmark and Roth Capital acted as joint book running managers for the offering.
TC Biopharm (TCBP) opened on February 11 at $3 per share and $0.56 per warrant. TC Biopharm, a clinical stage biotechnology company developing platform allogeneic gamma-delta T cell therapies for cancer and viral indications, priced its initial public offering of 4,117,648 American Depositary Shares, or "ADSs," and warrants to purchase up to 8,235,296 ADSs, for aggregate gross proceeds of approximately $17.5M. Each ADS represents one ordinary share, and each warrant represents the right to purchase one ADS. The ADSs and warrants were separately issued, and the ADSs and warrants were sold to purchasers only in a combination of one ADS and two warrants, for a combined aggregate offering price of $4.25. Each warrant will be immediately exercisable for one ordinary share, that will then be deposited with the custodian for the issuance of a corresponding ADS at an exercise price of $4.25 per ADS, and expire six years after the issuance date. EF Hutton, division of Benchmark Investments, acted as sole book-running manager for the offering.
Sky Technologies (SKYX) opened on February 10 at $14. The company had priced 1.65M shares at $14.00. The deal size was increased to 1.65M shares from 1.5M and priced above the $11.00-$13.00 target range. Benchmark acted as sole book running manager for the offering. Sky Technologies describes itself as "a highly disruptive platform product technology company enhancing safety and lifestyle in homes and buildings."
HeartCore Enterprises (HTCR) opened on February 10 at $5. The company had priced 3M shares at $5.00. Boustead acted as sole book running manager for the offering. HeartCore, which is headquartered in Tokyo, Japan, is a software development company offering Software as a Service, or SaaS, solutions to enterprise customers in Japan and worldwide. HeartCore's customer experience management platform includes marketing, sales, service and content management systems, as well as other tools and integrations, and the company also provides data analytics services.
PERFORMANCE:
RECENT IPOS TO WATCH:
NSTS Bancorp (NSTS) and Yoshitsu (TKLF) 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.
OTHER NOTABLE SYNDICATE NEWS:
Aeglea BioTherapeutics (AGLE) announced the withdrawal of the previously announced, proposed public offering. The company said, "We are well capitalized, with cash and cash equivalents of $95.0 million as of December 31, 2021, which we believe will be sufficient to fund our operations into the first quarter of 2023. Our estimated cash and cash equivalents as of December 31, 2021 is preliminary, has not been audited, and is subject to change upon completion of the preparation of our financial statements as of and for the year ended December 31, 2021."
Meanwhile, Tru Shrimp postponed its initial public offering due to "adverse market conditions," the company said in a press release.
"Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
Direct Digital
-1.27 (-29.74%)
TC Biopharm
-1.14 (-35.08%)
SKYX Platforms
-1.18 (-10.00%)
HeartCore Enterprises
-0.8 (-16.56%)
NSTS Bancorp
-0.01 (-0.08%)
Yoshitsu
+0.01 (+0.32%)
Phoenix Motor
+
Chobani
+
FreeCast
+
Samba TV
+
Bausch Health
-0.535 (-2.08%)
SPI Energy
-0.26 (-7.41%)
Ford
-0.535 (-2.96%)
Aeglea BioTherapeutics
-0.16 (-4.43%)