ListingTrack Recap Returns

Nice to see you again!

We’re hopping back into your inbox to bring you the free ListingTrack Recap!

This newsletter will cover the public listing event action, including IPO and pre-IPO activity, public M&A updates, and other major corporate actions and special situations. For the time being, we will send it weekly.

To our 7,500+ subscribers, we apologize for the extended hiatus from publishing this newsletter. Our team has been heads down building our new platform focused on public listing events, ListingTrack.io, which has now launched! ListingTrack features a significantly broader dataset covering public listing events, including IPOs, SPACs, Spinoffs, and pre-IPO companies.

At the end of the newsletter you will find a detailed overview of the new platform ListingTrack.io, but for now, let’s get into the update for the week.

 IPO & Other Listing Updates

IPO Pricings/ New Listings

• WORK Medical Technology Group ($WOK), a Chinese medical device developer, priced its $8M IPO. — PR

• Reitar Logtech Holdings ($RITR), a Hong Kong logistics solutions provider, priced its $8.5M IPO. — PR

Head to ListingTrack.io to see all of the Latest IPOs and Latest Listings

Post-IPO Coverage

• Former President Donald Trump will soon be free to sell shares of Trump Media ($DJT), which was listed via De-SPAC back in March, upon expiration of the lock-up. — CNBC

• Cava ($CAVA) Stock Roars 20%—Mediterranean Lunch Chain Up Almost 500% Since 2023 IPO — Forbes

See the Top Performers from Listings 2019-

IPO Pipeline News

• China’s self-driving startup WeRide ($WRD) delays U.S. IPO as deadline looms — CNBC

• Hindalco to spend $10 Billion to expand India business and Novelis ($NVL), which delayed its IPO in June. — Reuters

New Filings

• Zenas BioPharma (ZBIO), an inflammation and immunology biopharma company, backed by Bristol-Myers Squibb, files for US IPO — Reuters / S-1

• MBX Biosciences (MBX), a biopharma company focused on treating endocrine and metabolic disorders and backed by NEA and OrbiMed, filed for an IPO. — S-1

• Other filings from last week: Cre8 Enterprise (CRE), Brazil Potash (GRO), Yi Yue Digital (YYDT), ZC Gold Jewelry (ZCXX), Bicara Therapeutics (BCAX)

See all of the latest IPO Filings

 IPO Rumors and Plans

• Andersen, the US unit of Andersen Global, is targeting a late 2025 IPO. — WSJ

See the list of Rumored IPOs and Planned IPOs

IPO Candidate News

• Private Fintech Stripe Again Proposes Staff Share Tender Offer — Bloomberg

  The employee tender offer will be financed by Stripe’s own cash this time, rather than outside sources, according to a person familiar with the matter who asked not to be identified discussing private information. The deal was first reported by The Information earlier Thursday.

  The venture capital firm Sequoia Capital offered to buy Stripe shares last month at $27.51 each, valuing the firm at $70 billion. The firm’s valuation, which reached a pandemic-era peak of $95 billion, was about $65 billion earlier this year. The source confirmed that Stripe’s free cash flow was around $615 million at the end of the second quarter.

• Coatue Considers Selling Part of ByteDance Stake as IPO Path Remains Uncertain (seeking a valuation for the shares between $230B and $240B). — The Information

• SEC Lawsuit Against Kraken Can Move Forward, Judge Rules — Decrypt

• Waymo Profile: Waymo Has $5 Billion, Google AI And Super Fans: Can Amazon, Tesla And Uber Compete — Forbes

• SpaceX to return Boeing's Starliner astronauts from space next year — Reuters

• GM-owned Cruise will partner with Uber to offer driverless rides — CNBC

• Klarna to resurrect BNPL fintech Laybuy in New Zealand following acquisition of assets — FinTech Futures

• OpenAI and global magazine giant Condé Nast have announced a partnership to allow ChatGPT and its search engine SearchGPT to display content from Vogue, The New Yorker, GQ and other well known publications. — BBC

• Anthropic says California AI bill's benefits likely outweigh costs — Reuters

• Telegram messaging app CEO Durov arrested in France — Reuters

Equity Raises

Prominent Startups, Series D+, and Private Equity Rounds:

• Grafana Labs, an open source technology firm for dashboards and visualization, raises $270M at over a $6 Billion valuation — TechCrunch / PR

• Miami International, owner of the MIAX Exchange, receives $100M investment from Warburg Pincus — Reuters / PR

• Andreessen Horowitz Backs Story, a Blockchain-for-IP Developer at $2 Billion Valuation — Bloomberg

• Fortera Secures $85M to Accelerate the Global Deployment of Low-Carbon Cement Production — PR / Canary Media

See our list of IPO Candidates and the most recent prominent rounds here.

Public M&A Activity

Announcements

• Bitfarms ($BITF) to Acquire Stronghold Digital Mining ($SDIG), a Bitcoin miner, in an all-stock deal that values SDIG at $125M. — PR / Bloomberg

• Vector Group ($VGR), the holding company for Liggett Group tobacco, announced it agreed to be acquired by JT Group (Japan Tobacco), which makes and sells Winston and Camel cigarettes outside of the US, for $15 per share in cash, or $2.4B total equity value. — PR

• Coal miners Arch Resources ($ARCH) and CONSOL Energy ($CEIX) will combine in an all-stock deal to form Core Natural Resources. ARCH holders will receive 1.326 shares of CEIX per ARCH share. As of Aug 19, the newco, Core Natural Resources, would have a Pro-forma market cap of $5.2 billion. — PR / Reuters

• Rafael Holdings ($RFL) and Cyclo Therapeutics ($CYTH) agreed to merge in a stock deal with CYTH holders to receive RFL shares at an exchange ratio that values CYTH at $0.95 per share. — PR

Closings

• Nordson Corporation ($NDSN) completed its acquisition of Atrion Corporation (ATRI) for $460 per share in cash. — PR

• Asensus Surgical Announces Closing of Acquisition by KARL STORZ for $0.35 per share in cash. — PR

• Allego (ALLG), which was listed via De-SPAC in 2022, closed its take-private acquisition by its majority shareowner, Meridiam, via a tender offer of $1.70 per share in cash. — PR

M&A News

Talks / Rumors and Other Potential Deals

• Brookfield Asset Management is asking banks to line up about €9.5 billion ($10.6 billion) of debt for its potential take-private deal for Spanish pharmaceutical producer Grifols SA ($GRFS) — Bloomberg

• TPG and UnitedHealth are among the suitors looking to acquire Surgery Partners ($SGRY), a surgical facility owner and operator with a market cap of $4.3 Billion. Bain Capital is the largest shareholder, accounting for 39% of the company's total shares. — Bloomberg

• Evolent Health ($EVH) is in sale talks after receiving takeover interest, including from PE firms TPG, CD&R, and KKR, as well as Elevance Health, which could partner with a PE firm to acquire Evolent. — Reuters

Deal Coverage and Updates

• The Paramount ($PARA) saga continues: This week, Paramount extended the go-shop period from the Skydance deal to review Bronfman’s $6 billion offer. Skydance then demanded that Paramount stop negotiating with Bronfman as it stated they were violating the terms of the deal.

• Alaska Air ($ALK) clears a big hurdle in its proposed merger with Hawaiian Airlines ($HA) — AP

• Kroger ($KR) sued the FT to block the review of the proposed $25 billion merger with Albertsons ($ACI) in its in-house tribunal. Kroger called the tribunal unconstitutional and said the matter should be resolved in a federal court. — Reuters

• Tapestry prepares to fight against FTC’s Capri merger block. The companies filed arguments against the FTC’s April motion to block their merger ahead of the 9 September trial. — Vogue Business

Bankruptcies

• In an Olympic-esque feat, as it just listed via De-SPAC in May of this year, Nuvo Group ($NUVO) filed for Chapter 11 bankruptcy. — SF / Bloomberg

• BurgerFi International ($BFI) warns of possible bankruptcy, joins growing list of embattled restaurant brands in 2024 — FastCompany

Activism & Shorts

• Intel ($INTC) has hired Morgan Stanley, other advisers for activist defense — CNBC

• Activist Ancora pushes Forward Air ($FWRD) to consider sale, letter to board says — Reuters

• Starboard urged Autodesk ($ADSK) to hold its CEO and senior management accountable for alleged accounting manipulation to meet financial targets and intentionally mislead investors. — PR

• An anonymous author published an 80-page short report on Symbotic ($SYM), a warehouse automation and robotics company, complete with satellite Imagery. As of Friday’s close, SYM is the 6th best-performing De-SPAC stock out of those listed since 2019.

• Carl Icahn settles with US SEC over alleged disclosure failures over a year after Hindenburg Research’s short report — Reuters

Delistings/ Suspensions

• Acorda Therapeutics (ACORQ), a biotech developing Parkinson’s therapies, was delisted from OTC, and its shares are now canceled after it effected its bankruptcy plan, which included an asset sale to Merz Therapeutics.

• OpGen ($OPGN), a molecular testing company, was suspended by Nasdaq due to non-compliance with listing rules and began trading OTC.

• Meta Materials ($MMATQ), an advanced materials company, was delisted by Nasdaq and began trading OTC after it filed for Chapter 7 bankruptcy earlier this month.

• BIMI Holdings ($BIMI), a Chinese healthcare products and services provider, was delisted by Nasdaq due to non-compliance with listing rules and began trading OTC.

Click here to view the Delisted & Downlisted companies that launched their initial public listings in 2020.

SPAC Activity

• Inflection Point II ($IPXX) announced it will merge with rare earth miner USA Rare Earth at a $800M pre-money equity value. —PR / IP

• Plum Acquisition III ($PLMJ) inks definitive agreement to merge with rare earth miner Tactical Resources (OTC: USREF) — PR / IP

• AlphaVest ($ATMV) announced its merger with security and consumer electronics company AMC Corporation — PR

• Yotta ($YOTA) will merge with EV retail company DRIVEiT Financial Auto Group — PR

• Global Technology I ($GTAC) & Tyfon Culture Holdings mutually agreed to terminate the business combination.

• TortoiseEcofin III ($TRTLF), after receiving a termination notice from One Energy Enterprises, which it disputes, announced it would liquidate by Sep 6. — PR

• Vision Sensing ($VSAC) announced the termination of the BCA with Mediforum and also announced it signed a non-binding LOI to merge with Convergence CT. — PR

• Israel Acquisitions ($ISRL) & Pomvom (TASE: PMVM) mutually terminated the BCA due to "global market conditions." — SF / CTech

See the SPAC Hub on ListingTrack.io . If you are interested in more SPAC content, ListingTrack Pro users get access to our daily SPAC update newsletter.

Introducing ListingTrack.io

Our new platform, ListingTrack.io, is now live! It is a follow-up to our former site, SPAC Track. ListingTrack features a radically improved user experience and access to a significantly broader dataset covering public listing events, including IPOs, SPACs, Spinoffs, and pre-IPO companies. There is also much more coverage in the pipeline, including Public M&A.

Of course, as with SPAC Track, a ton of the content will be completely free! Our aim is to make quality event-driven stock market data accessible to all.

You can explore the site for Free at ListingTrack.io. It is currently in Beta, as we are continuously adding new features and coverage. To use the Watchlist feature, you can create a free account on the site.

Our Pro subscribers get access to more comprehensive data and premium features. We are currently offering introductory pricing of 25% off of our annual plans with the promo code LTINTRO25. Click here for more details and to subscribe for a free or Pro account.

Here's a quick rundown of the site's coverage: Our Listing Hub covers all initial public listings (IPOs, Spinoffs, de-SPACs, and more) and delistings. The IPO Hub drills into IPOs and is the hub for our pre-IPO coverage. The SPAC Hub serves as the new and improved home for SPAC Track’s SPAC and De-SPAC data. More data coverage is in the pipeline, with the Public M&A Hub coming soon.

We plan to constantly ship new updates to ListingTrack.io, and we will highlight our frequent site updates in this section of the newsletter going forward.

Thanks for reading,

The team at ListingTrack

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Market Data and Coverage: All market data presented is based on the stock prices at the close of the previous trading day. We cover the US market only at this time.
Abbreviations: PR: Press Release, SF: Company filing with the SEC, IP: Investor Presentation

DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. ListingTrack and its parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the ListingTrack website.