ListingTrack's New Morning Update Newsletter (formerly SPAC Track)

Good morning,

Welcome to the first edition of the ListingTrack Morning Update! This is the follow up to SPAC Track’s free daily newsletter which was last sent to our ~10,000 subscribers many moons ago.

— Bored already? Go ahead… feel free to scroll to the end of this email for the memes. 🫡 —

This daily newsletter, sent each trading day, will feature a curated summary of the action across IPOs (and other listings) - including rumors, pricings, and performance tracking, as well as public M&A news including daily stats, deal announcements & updates for mid-cap+ transactions and prominent companies. Our aim is to keep you informed on the biggest special events in the US public market.

Quick bullet format, interesting data, the best IPO and M&A memes we can find, and we’ll even throw in some charts for you now and then for old times’ sake.

Note that all market data presented is based on the previous trading session’s closing prices.

Without further ado, lets get into the action.

General Market Headlines

• S&P 500 falls into correction after losing 10% from summer peak — FT

• Stocks Rise as Geopolitical Angst Eases; Oil Falls — Bloomberg

• Canadian Auto Workers Walk Out on Stellantis ($STLA) — WSJ

• GM ($GM) Reaches Tentative Deal With UAW to End Six-Week Strike — Bloomberg

• Meta ($META) products’ Facebook and Instagram launch a paid ad-free subscription — The Verge

Pricings/ Filings

IPO Pricings / Other Listings

• reAlpha Tech ($AIRE), this year’s 4th direct listing, was up 190% from its $8 reference price after its first week of trading, giving it a ~$985M market cap — a slight retreat from the roughly $24B market cap it briefly hit on its first day.

• Mach Natural Resources ($MNR) is down slightly, -1.05%, from its Wednesday' IPO.

 🗞️ IPO & Other Listing News ($1B+ / Prominent)

Launch Coverage

• Tech Startup’s, reAlpha Tech, Wild First Week Won and Lost Founder Billions — Bloomberg

Plans & Rumors (IPO + Other Listings)

• Battery Maker AESC Raises $1 Billion as It Eyes US IPO (no timetable) — Bloomberg

• Healthcare investor Auna mulls US IPO in 2024 (filed for IPO in 2020, withdrew in 2022) — Delano

• Apex Fintech CEO is eyeing an IPO—after pulling plans for a SPAC in 2021 (no timetable) — Forbes

  • “Apex is now weighing whether to take another shot at an IPO and is in talks with investment banks, he said. “There’s no chance I’m doing a SPAC again,” said Capuzzi who spoke to Fortune on the sidelines of Money20/20.”

    “Capuzzi said the SEC has a better understanding today of crypto than it did in 2021. Apex, however, has apparently taken measures to stop further confusion. Last year, Apex sold the crypto business that apparently held up its SPAC merger to Bakkt Holdings. Apex sold the unit because it wasn’t getting the answers it needed from regulators. “There was too much risk,” he said.”

• Spanish fashion retailer Tendam weighs IPO, chairman says (no timetable or listing location. The co filed for IPO in 2020 and pulled its registration in 2022) — Reuters

• Sanofi ($SNY) Will Spin Out Its Consumer Health Division and 2024 Guidance Disappoints. The Stock Is Diving. — Barrons

• Western Digital ($WDC) to Break up, Separating Hard-Drive Business From Flash-Memory Unit — WSJ

  • “The move will effectively unwind Western Digital’s $19 billion acquisition of SanDisk in 2016, which combined Western Digital’s then-slowing disk drive business with SanDisk’s chip-based flash storage technology. Both businesses are now in solid positions and will be able to focus more as separate companies, Western Digital Chief Executive David Goeckeler said. The company plans to structure the separation as a spin-off of the flash-memory business.”

Planned/ Rumored IPO Company Coverage

• Lawmaker Seeks Investigation That Could Ban Shein in the US — Bloomberg

  • “If found to be breaking the law, known as the Uyghur Forced Labor Prevention Act (UFLPA), Shein could be placed on a list of violators and its products would then be barred from entering the US.”

📈 IPO Trading Stats

Daily Moves (by Daily % Chg. among IPOs with $5B+ Market Cap — 6 total this year)

IPO Performance YTD — Top 5 & Bottom 5 (By Return from IPO Price among YTD IPOs with a $1B+ Market Cap)

👀 Upcoming Action

Deal Announcements / Terminations

Announcements

• Healthpeak Properties ($PEAK), Physicians Realty ($DOC) Trust to Merge in $21B Deal — WSJ (view PR here)

• Realty Income ($O) to Acquire Spirit Realty Capital ($SRC) in $9.3 Billion Transaction — PR

🗞️ News

Talks / Rumors

• Silver Lake, Thoma Bravo-Backed SolarWinds ($SWI) Is Weighing Potential Sale — Bloomberg

• Rithm Wins Dan Och’s Support for Sculptor ($SCU) Bid at $720 Million — Bloomberg

Deal Coverage and Updates

• Broadcom ($AVGO) - VMware ($VMW) merger held up as China delays $69bn deal — FT

  • “US chipmaker Broadcom and cloud software company VMware have delayed the completion of their $69bn merger, which had been scheduled to close on Monday, as they await approval from China. The companies said in a joint statement that they maintained their “expectation that Broadcom’s acquisition of VMware will close soon, but in any event prior to the expiration of their merger agreement”, which set a final deadline of November 26.

    The Financial Times reported this month that Chinese regulators were considering holding up the deal, which was first announced in May 2022, after Washington toughened rules to block Chinese access to high-performance semiconductors.”

• Exxon ($XOM), Chevron ($CVX) Profits Surged Ahead of Megadeals — WSJ

  • “Now, both companies must turn to the task of closing their deals, worth more than a combined $110 billion. Exxon expects its $59.5 billion all-stock agreement to buy shale giant Pioneer Natural Resources to close in the first half of next year, as does Chevron with its deal to purchase Hess for $53 billion in stock, announced Monday.”

📈 Live Merger Trading Stats

Daily Gainers & Losers — By Daily % Chg. among the parties (targets/acquirers) of active mergers valued at $5B+

Target (Tgt.) Companies — Top 2 & Bottom 2

Acquirer (Acq.) Companies — Top 2 & Bottom 2

SPAC Action

New Deals

• Feutune Light ($FLFV) & Thunder Power — PR

Liquidations/ Terminations

• 164 SPACs liquidated so far in 2023

📈 De-SPAC Trading Stats

De-SPAC Best and Worst Performers from IPO Price — Top 3 & Bottom 3 (By Return from IPO Price among 2019- De-SPACs)* 

*only includes companies still trading (not delisted, whether acquired or bankrupt/defunct)

Notable Delistings, Bankruptcies

Delistings/ Suspensions

• Liberty TripAdvisor ($LTRPA -20.8%) was suspended by Nasdaq due to non-compliance with the minimum bid price requirement. The company’s securities will be traded OTC. — PR

Bankruptcy News

• WeWork's ($WE) Creditors Are Fighting Over Control of the Restructured Company — Bloomberg

The People’s Takes — Memes and Interesting Posts from the Interwebs*

*mostly memes

Some of our favorite IPO + M&A memes from October:

$BIRK is wishing they went with $TOES.. Would have been a game changer!