Since our last update, we’ve added the following to the ListingTrack database:

📈 83 new companies, bringing our database to 10,240 companies
🔍 32 new events tracked, including mergers, activist campaigns, and short reports—now totaling 2,200 market-moving events

IPO/ Listing Action

Past week

See more: Latest Listings

Upcoming IPO News (Filed)

• Klarna (KLAR) filed for an IPO with the SEC on Friday and plans to raise at least $1 billion at a valuation above $15 billion. In the company’s IPO, which is expected in April, both the company and some shareholders will sell shares. The Swedish buy-now-pay-later company reported 2024 revenue of $2.81 billion, a 24% increase YoY, with net income of $21 million, compared to a $244 million loss in 2023. Klarna confidentially filed with the SEC in November and is working with a syndicate of around 15 banks, led by Goldman Sachs, JPMorgan, and Morgan Stanley. — S-1 / Bloomberg

• Hinge Health (HNGE), a digital physical therapy provider, has filed for an IPO with a potential April debut. The company reported $390 million in revenue for 2024, $45 million in free cash flow, and 78% gross margins. — S-1 / CNBC

• CoreWeave (CRWV) action:

  • CoreWeave, an AI cloud startup backed by Nvidia (NVDA), has signed an $11.9 billion, five-year cloud computing contract with OpenAI. The deal includes a $350 million private placement of CoreWeave shares to OpenAI as part of its upcoming IPO. CoreWeave is expected to go public in the coming weeks, pending market conditions. — Reuters

  • Microsoft (MSFT) has reportedly scaled back some cloud agreements with CoreWeave over delivery issues. The Nvidia-backed AI startup, set for an IPO targeting a $35B valuation, denies any contract cancellations. — Bloomberg

See more: Upcoming Listings

Listing Plans and Rumors

See more: Listing Plans & Rumors

IPOs

• Figma is exploring an IPO in 2025 and has held discussions with investment banks. The company, which received a $1 billion breakup fee from Adobe after their failed $20 billion merger, recently secured funding at a $12.5 billion valuation from investors including Coatue and General Catalyst. — New York Times

• Discord has engaged investment banks for a potential IPO in 2025. The company, last valued at $15 billion in 2021, is exploring public market entry amid renewed tech IPO activity. — New York Times

• StubHub is in early discussions with investment banks about a potential IPO by year-end, targeting a raise of more than $1 billion. The company disclosed its IPO ambitions in an investor meeting, though plans remain preliminary. — New York Times

• Apollo Global Management and The Vistria Group are evaluating a potential sale or IPO of Apollo Education Group, the parent company of the University of Phoenix, with an estimated valuation between $1.5 billion and $1.7 billion. An IPO could take place as early as Q3 2025. Apollo and Vistria acquired the company for $1.1 billion in 2017. — Bloomberg

• Gemini, the cryptocurrency company led by the Winklevoss twins, filed confidentially with the SEC for an IPO. Goldman and Citi are running the offering that is expected to happen this year (2025). — Bloomberg

• Crypto firm Kraken (officially Payward Inc.) is looking to IPO as soon as Q1 2026. — Bloomberg

• The organic baby food company co-founded by Jennifer Garner, Once Upon a Farm, is working with banks for a potential IPO as soon as this year. The company reached $100 million in sales in 2022. — Bloomberg

• Bluejay Therapeutics, a drug developer focused on viral and liver diseases, is considering a US IPO as soon as next month. The company is working with JPMorgan, Jefferies, and Cantor Fitzgerald on the offering, which could raise at least $150 million. — Bloomberg

Spinoffs

• Vivani Medical (VANI) plans to spin off its brain implant division, Cortigent, Inc., into an independent, publicly traded company. Initially planned as an IPO, Vivani will now pursue a spinoff via Form 10 registration instead. Vivani stated that the move will allow it to focus on its NanoPortal drug implant platform. — PR

SPACs

• Autonomous trucking startup Kodiak Robotics is in advanced talks to merge with SPAC Ares Acquisition Corp. II (AACT) in a deal that could value the combined entity at around $2 billion. Ares reportedly outbid competitors for the transaction. Kodiak has sold driverless trucks to Atlas Energy Solutions for transporting fracking sand in the Permian Basin and has a contract with the U.S. Department of Defense to automate Army ground vehicles. — Bloomberg

• USA Rare Earth (USAR) closed its SPAC merger with Inflection Point Acquisition Corp. II (IPXX) and began trading under the symbol USAR on March 14. USAR and IPXX also announced an additional $8 million PIPE investment from IPXX affiliates and other investors, bringing the total PIPE commitments to appx. $50 million. — PR

IPO Candidates

See more: IPO Candidates

Series C+ and Prominent Fundraising

Defense/ Law Enforcement

• Epirus secured an oversubscribed $250 million Series D round, boosting its total venture funding to over $550 million. The funds will be used to scale production of its Leonidas product line, a solid-state, high-energy, high-power microwave technology proven in DoD tests for counter-electronics applications such as neutralizing drones and drone swarms. — PR

• Flock Safety, a security technology firm focused on crime prevention, raised $275 million in funding at a $7.5 billion valuation. The round was led by Andreessen Horowitz, with participation from Greenoaks Capital, Bedrock Capital, Meritech Capital, Matrix Partners, Sands Capital, Founders Fund, Kleiner Perkins, Tiger Global, and Y Combinator. The company recently surpassed $300 million in annual recurring revenue (ARR), growing 70% YoY. — PR

• Defense and robotics startup Shield AI closed a $240M strategic funding round, valuing the company at $5.3B. Backed by L3Harris (LHX) and Hanwha Aerospace, along with Andreessen Horowitz, the funding will scale Hivemind Enterprise’s deployment for defense and robotics applications. — PR

• Sequoia Capital is leading a $190 million funding round for Peregrine Technologies, a startup that develops data analytics software for law enforcement agencies, increasing its valuation sevenfold to $2.5 billion. Founded by a former Palantir employee, the company targets both large agencies and smaller municipal customers with budgets as low as $25,000, and its platform has been deployed at events such as Super Bowl LIX and the 97th Academy Awards. — Bloomberg

AI / Robotics

• AI infrastructure firm Turing raised $111M in Series E funding at a $2.2B valuation. Led by Malaysia’s Khazanah Nasional, the oversubscribed round supports the company’s AGI infrastructure growth. — PR

• Dexterity, an AI-driven robotics startup specializing in industrial automation, raised $95 million in a funding round led by Lightspeed Venture Partners at a $1.65 billion valuation. The investment, which includes backing from Sumitomo Corp., brings Dexterity’s total funding to nearly $300 million. The company develops robots capable of performing intricate warehouse and logistics tasks, with customers such as FedEx and UPS leveraging its technology to automate loading, unloading, and sorting processes. — Bloomberg

• Atmosic Technologies, a provider of ultra-low power compute and connectivity solutions, raised $40 million in Series D funding, led by Sutter Hill Ventures with participation from Clear Ventures and Quantum Innovation Fund. — PR

• Quantexa, an AI-driven decision intelligence company, completed a USD 175 million Series F round, led by Teachers’ Venture Growth (TVG)—a division of Ontario Teachers’ Pension Plan—bringing its valuation to USD 2.6 billion. The round included participation from British Patient Capital and existing investors such as Warburg Pincus, Dawn Capital, BNY, Evolution Equity Partners, AlbionVC, and HSBC. — PR

• Norm Ai, a leading Regulatory AI agent company, is today announcing $48 million in funding from Coatue, Craft Ventures, Vanguard, Blackstone Innovations Investments, Bain Capital, New York Life Ventures, Citi Ventures, TIAA Ventures, and Marc Benioff, bringing the total funds raised to $87 million over the past 18 months. — PR

• Celestial AI, developer of the Photonic Fabric optical interconnect platform, secured $250 million in a Series C1 round led by Fidelity Management & Research Company, bringing total funding to over $515 million at a $2.5 billion valuation. New investors include BlackRock, Maverick Silicon, Tiger Global, and Lip-Bu Tan, with continued backing from AMD Ventures, Koch Disruptive Technologies, Temasek, Porsche Automobil Holding SE, and The Engine Ventures. — PR

Cybersecurity

• Cybersecurity startup Chainguard is reportedly in talks with Kleiner Perkins to raise $350 million at a $3.5 billion valuation, nearly tripling its valuation from last year’s $1.1 billion round. The Washington-based firm, which raised $140 million in July 2024 from investors including Redpoint Ventures, Lightspeed Venture Partners, and IVP, develops secure software development tools. — Bloomberg

• Cybereason, a cybersecurity firm focused on endpoint detection and response (EDR) solutions, secured a $120 million investment led by SoftBank Corp., SoftBank Vision Fund 2, and Liberty Strategic Capital. The funding aims to accelerate Cybereason’s global expansion and strengthen its cybersecurity capabilities, enhanced through a strategic partnership with Trustwave. — PR

• Pentera, a cybersecurity firm specializing in Automated Security Validation, raised a $60 million Series D round led by Evolution Equity Partners, with participation from Farallon Capital Management, bringing total funding to $250 million. Since its last round in December 2021, Pentera has tripled its annual recurring revenue (ARR) and doubled its customer base. The funding will support its continued growth and expansion in the cybersecurity sector. — PR

Crypto / Fintech / Insurtech

• Binance, the world's largest cryptocurrency exchange, received a $2 billion investment from MGX, an Abu Dhabi-based AI and advanced technology investor. This marks Binance’s first institutional investment and is the largest-ever investment in a crypto company, as well as the largest transaction ever paid in stablecoin. — PR

• Nirvana Insurance, an AI-driven commercial trucking insurer, raised an $80 million Series C funding round, valuing the company at approximately $850 million. The company surpassed $100 million in premiums, more than doubling year over year. The round was led by General Catalyst, with continued backing from Lightspeed Venture Partners and Valor Equity Partners. — PR

Media/ Consumer

• ByteDance, the parent company of TikTok, plans to execute an employee stock buyback at an implied company valuation of approximately $312B, offering US staff $189.90 per share—up from $181 six months ago. — Bloomberg

• Niantic Labs announced it has reached a deal to sell its games business, including Pokémon GO, to Scopely for $3.5 billion. Niantic will also distribute $350 million in cash to equity holders, bringing the total deal value to $3.85 billion. Additionally, Niantic is spinning off its geospatial AI business into Niantic Spatial Inc. Niantic Spatial will be funded with $250 million, including $200 million from Niantic’s balance sheet and a $50 million investment from Scopely. — PR

• Odeko, a restaurant and food & beverage technology company, raised $126 million in Series E funding—comprising $96 million in equity from B Capital and a $30 million credit facility from Banc of California—to further develop its platform supporting the growth of local food businesses. — PR

Energy

• Renaissance, a French fusion energy startup, secured a €32 million Series A1 funding round led by Crédit Mutuel Impact’s Révolution Environnementale et Solidaire fund, with participation from Lowercarbon Capital. The company is developing a simplified stellarator fusion reactor, an alternative to conventional magnetic confinement designs. — TechCrunch

• Terabase Energy, which provides digital and automation solutions for utility-scale solar power, raised a $130 million Series C led by SoftBank Vision Fund 2, bringing its total funding to over $200 million. The financing includes participation from existing and new strategic investors. — PR

Healthcare

• BVI Medical, an ophthalmic device company, raised $1 billion in strategic capital from TPG and new investors. The funding refinances existing debt and provides additional equity to support product innovation and global expansion. — PR

• Vivace Therapeutics, a biotech company developing cancer therapies targeting the Hippo pathway, closed a $35 million Series D financing led by RA Capital Management, with participation from Canaan Partners and Cenova Capital. The funds will support the continued clinical development of VT3989, a TEAD autopalmitoylation inhibitor, initially targeting mesothelioma. — PR

• Lumafield, a developer of industrial CT technology used by medical device companies, raised a $75 million Series C led by IVP, with participation from G2 Venture Partners, Wellington Management, and existing investors including Spark Capital, DCVC, Kleiner Perkins, Lux Capital, and Matter Venture Partners. The Cambridge, MA-based company builds industrial X-ray CT scanners with cloud-based analysis software to detect machine issues before failures or recalls. — Axios

• MicroTransponder, a stroke-focused medical technology company, raised $65 million in a Series F financing round to support its stroke rehabilitation device. The round was led by US Venture Partners (USVP) and included participation from Osage University Partners, Action Potential Venture Capital, GPG Ventures, The Vertical Group, Exceller Hunt Ventures, Gilde Healthcare, and Longitude Capital. — PR

IPO Candidate News

• Swedish battery maker Northvolt has filed for bankruptcy in Sweden after failing to secure financial backing. The company had been undergoing Chapter 11 bankruptcy protection since late last year, attempting to restructure its debt amid production issues, Chinese competition, and funding shortfalls. A court-appointed trustee will now oversee the sale of assets and settlement of obligations. Northvolt stated that despite exploring all options, it was unable to secure the financial conditions needed to continue operations. — WSJ

• A California federal judge rejected Elon Musk’s request to stop OpenAI’s shift toward a for-profit model, stating that the plaintiffs did not meet the burden of proof. While this ruling allows other parts of Musk’s lawsuit to proceed, it confirms that OpenAI’s efforts to commercialize products like ChatGPT—despite its nonprofit oversight—will continue, amid ongoing legal conflicts that began with Musk’s lawsuit in March 2024. — CNBC

IPO Market Commentary

• NYSE Group President Lynn Martin forecasted that US IPO activity will revert to pre-pandemic levels, with first-time share sales expected to raise about $50 billion this year. “The only way that I think is going to get derailed is if the volatility in the market becomes outsized — and I don’t think it’ll get derailed,” Martin said. — Bloomberg

Theme Pages

Our Theme Pages are highly curated datasets, providing a detailed, categorized view of key industries and emerging market trends. Each page tracks public stock performance, active and closed mergers, news, upcoming IPOs, and prominent or Series C+ private companies. With dedicated pages for industries like AI, Nuclear, New Space, New Age Defense, and Logistics, we will continuously expand our coverage, adding new high-impact industries as market trends evolve.

Merger Announcements

• Walgreens Boots Alliance (WBA) has agreed to a $23.7 billion acquisition by Sycamore Partners, offering shareholders $11.45 per share in cash and a contingent value right of up to $3.00 per share tied to the future sale of WBA’s stake in VillageMD. The deal represents an 8.02% premium to the closing price prior to announcement and a 29% premium on WBA’s closing price of $8.85 on Dec. 9, 2024 (the day the talks were reported). Sycamore, a private equity firm specializing in retail and distribution, aims to restructure WBA’s business following the acquisition. The transaction is expected to close in the fourth quarter of 2025. — PR / Deal Page

• Whitecap Resources and Veren (VRN) have agreed to merge in an all-stock transaction valued at $15 billion, including net debt. Veren shareholders will receive 1.05 Whitecap shares for each Veren share held. The combined entity will be the largest Alberta Montney and Duvernay landholder and a major light oil producer in Saskatchewan. The deal is expected to close by May 30, 2025. — PR / Deal Page

• Rocket Companies (RKT) has agreed to acquire Redfin (RDFN) in an all-stock transaction valued at $1.75 billion, equating to $12.50 per Redfin share. The deal represents a 63% premium to Redfin’s 30-day volume-weighted average price (VWAP) as of March 7, 2025. Upon closing, expected in Q2 or Q3 2025, Rocket shareholders will own approximately 95% of the combined company, with Redfin shareholders holding the remaining 5%. — PR / Deal Page

• Sun Pharmaceutical will acquire Checkpoint Therapeutics (CKPT) for $4.10 per share in cash, with an additional $0.70 contingent on regulatory approval of cosibelimab in certain European markets. The deal values Checkpoint at a 66% premium to its March 7 closing price and is expected to close in Q2 2025. — PR / Deal Page

• 2seventy bio (TSVT) has entered into a definitive merger agreement with Bristol Myers Squibb (BMY) for an all-cash acquisition at $5.00 per share, valuing the company at approximately $286 million ($102 million net of estimated cash). The deal represents an 88% premium to 2seventy bio’s closing price on March 7, 2025. The transaction is expected to close in Q2 2025. — PR / Deal Page

• Jazz Pharmaceuticals (JAZZ) and Chimerix (CMRX) have signed a definitive agreement for Jazz to acquire Chimerix at $8.55 per share in cash, totaling approximately $935 million. The deal, approved by both boards, is expected to close in Q2 2025. — PR / Deal Page

• Toyota Tsusho America (TAI) agreed to acquire Radius Recycling (RDUS) for $30.00 per share in cash, representing a 115% premium to Radius’ closing price on March 12, 2025, and a 102% premium over the 90-day VWAP. Radius will maintain its Portland, Oregon headquarters, operations, and brand post-acquisition. The deal is expected to close in H2 2025. — PR / Deal Page

See more: Active M&A

Closings

• Rio Tinto (RIO) completed its $6.7B acquisition of Arcadium Lithium (ALTM), integrating the Rincon lithium project and rebranding as Rio Tinto Lithium. — PR

• ICC Holdings’ (ICCH) acquisition by Mutual Capital Holdings closed on March 13.

• Emerson (EMR) closed its acquisition of Aspen Technology (AZPN) for $265 per share. — PR

• Atlantic Union's acquisition of Sandy Spring Bancorp (SASR) is expected to close on March 31. (Deal Page)

• Stronghold Digital Mining's (SDIG) acquisition by Bitfarms (BITF) closed on March 14. — Nasdaq / Deal Page

See more: Closed M&A

Live Deal Coverage and Updates

• Britain's competition regulator has cleared Synopsys' (SNPS) $35 billion acquisition of Ansys (ANSS) after the companies agreed to specific remedies. The clearance avoids an in-depth phase-2 investigation, addressing prior concerns about potential reduced innovation and higher prices. — Reuters / Deal Page

• A Delaware judge has agreed to expedite a class action lawsuit challenging Paramount Global’s (PARA) $8 billion sale to Skydance Media, but declined to issue a temporary restraining order (TRO) to block the deal. The lawsuit, filed by New York City pension funds that own Paramount stock, alleges that the company’s special committee breached its fiduciary duties by rejecting a competing $13.5 billion bid from investor group Project Rise Partners. The court ruling requires Paramount to notify the plaintiffs at least five business days before closing, allowing them to seek a TRO at that time. The deal, which includes controlling shareholder Shari Redstone selling her stake to Skydance, remains subject to regulatory approval. — Reuters / Deal Page

• The U.S. Federal Trade Commission (FTC) filed a lawsuit to block GTCR’s acquisition of medical device coatings maker Surmodics (SRDX), citing concerns over market concentration and rising healthcare costs. The FTC argued that the merger would give the combined entity control over more than 50% of the hydrophilic coatings market, which is used in surgical and internal medical devices like catheters. Surmodics stated its intent to fight the lawsuit in court, while GTCR has yet to comment. This marks the first FTC lawsuit under the Trump administration’s antitrust enforcement agenda. — Reuters / Deal Page

• Omnicom (OMC) and Interpublic (IPG) have received a Second Request from the Federal Trade Commission (FTC) regarding Omnicom’s proposed acquisition of Interpublic, issued under the Hart-Scott-Rodino (HSR) Act. The closing is expected in the second half of 2025. — PR

Potential M&A News

• iRobot's (IRBT) Board initiated a strategic review, considering refinancing debt, a potential sale, or other transactions to optimize shareholder value. — PR

• Purple Innovation (PRPL) has initiated a review of strategic alternatives following inbound interest, evaluating potential options including a sale, merger, or other financial transactions. — PR

• AvidXchange (AVDX), a financial technology firm specializing in automating bill payments for midsize businesses, is exploring a potential sale after receiving takeover interest from private equity firms. The Charlotte-based company has engaged Financial Technology Partners to evaluate strategic options. Discussions are ongoing, and no final decision has been made. — Bloomberg

• Lands' End (LE) has initiated a strategic review process, considering options including a sale, merger, or other transactions to maximize shareholder value. The company has not set a timeline for the review. — PR

• Green Dot (GDOT) has engaged Citi to evaluate strategic alternatives, including a potential sale or restructuring. The digital banking and fintech company has not set a timeline for the review and will only provide updates if necessary. — PR

• TXNM Energy (TXNM), a holding company for Texas and New Mexico utilities, is reportedly exploring a sale after receiving takeover interest, according to sources. The company has engaged an adviser to assess strategic alternatives, though discussions remain preliminary, and TXNM may opt to remain independent. The company has not yet commented on the matter. — Bloomberg

Talks / Offers

• Following a hostile takeover process, QXO (QXO) and Beacon Roofing Supply (BECN) are now in active discussions for a potential $11 billion merger, with QXO offering $124.35 per share in cash. QXO is conducting due diligence, and the parties are negotiating a definitive agreement. Beacon has postponed its March 13, 2025, Investor Day amid ongoing talks. — PR

• Lifeway Foods (LWAY) has accused Danone (OTCQX: DANOY) of hostile takeover tactics, stating that Danone’s SEC filing referencing a lawsuit is part of a broader campaign to acquire Lifeway at an undervalued price. Lifeway’s board rejects the takeover attempt, asserting that Danone has a history of exploiting its 1999 Stockholders' Agreement to gain an unfair advantage, including blocking value-enhancing acquisitions and suppressing executive compensation. Lifeway plans to file a counterclaim and contest Danone’s legal actions. — PR

• Anne Wojcicki reaffirmed her takeover offer for 23andMe (ME) at $2.94 per share, consisting of $0.41 per share in upfront cash and up to $2.53 per share in contingent value rights (CVRs) tied to revenue milestones through 2028. On March 10, 2025, she reiterated her willingness to finance the company’s operations at a 7% interest rate, maturing post-closing, and added a $20 million commitment to fund operations, offset by any future financing she secures. The proposal still requires Special Committee and non-affiliated shareholder approval and is not subject to a financing contingency. All other terms from the March 6 proposal remain unchanged. — SF

• Magic Software (MGIC) and Matrix I.T. (TASE: MTRX) signed a Memorandum of Understanding (MOU) for a proposed merger, under which Matrix will acquire Magic in a reverse triangular merger, making Magic a private, wholly owned subsidiary of Matrix. The consideration for Magic shareholders will be in the form of Matrix ordinary shares, with an exchange ratio based on valuations of both companies. A definitive agreement is expected to be negotiated, subject to regulatory and shareholder approvals. — PR

• Logility (LGTY) announced that the unsolicited acquisition offer disclosed on March 7, 2025, has been withdrawn, and discussions with the bidder have ended. The company remains committed to its $14.30 per share all-cash merger agreement with Aptean. — PR

• Allegro (ALGM) rejected an unsolicited $35.10 per share cash acquisition proposal from onsemi (ON), determining that the offer was inadequate. — PR

• ACELYRIN’s (SLRN) has dismissed an unsolicited proposal from Concentra Biosciences, favoring its planned all-stock merger with Alumis Inc. to maximize long-term shareholder value. The merger is slated to close in Q2 2025, pending standard approvals. — PR

See more: Potential M&A

Prominent Private Deals (private targets)

Announcements

• Niantic Labs announced it has reached a deal to sell its games business, including Pokémon GO, to Scopely for $3.5 billion. Niantic will also distribute $350 million in cash to equity holders, bringing the total deal value to $3.85 billion. — PR

• American Express (AXP) announced plans to acquire Center, a Washington-based expense management software startup, to enhance its corporate payment and expense management services. Center last raised $30 million in Series C funding in 2023, bringing its total capital raised to $140 million. The acquisition will integrate Center’s real-time expense tracking and automation technology with American Express’ corporate and small business card offerings. The deal is expected to close in Q2 2025. — PR / Deal Page

• Bain Capital has acquired York Holdings, the non-core supermarket and retail division of Seven & i Holdings, for 814.7 billion yen ($5.5 billion). Seven & i and its founder families will retain a 40% stake in York. Bain plans to expand the business through acquisitions and technology-driven improvements before listing it in approximately three years. — Reuters

• ServiceNow announced a definitive agreement to acquire Moveworks for $2.85 billion in cash and stock. The acquisition will integrate Moveworks' AI assistant and enterprise search technology with ServiceNow’s AI-driven automation platform to enhance enterprise productivity. The transaction is expected to close in the second half of 2025. — PR / Deal Page

• Eaton (ETN) has agreed to acquire Fibrebond Corporation, a designer and builder of pre-integrated modular power enclosures, for $1.4 billion. The deal is expected to generate $110 million in adjusted EBITDA for 2025. Fibrebond serves data center, industrial, utility, and communications customers. The transaction is anticipated to close in Q3 2025. — PR / Deal Page

Potential Deals

• President Donald Trump stated that his administration is engaged with four different groups regarding the potential sale of TikTok US, following a U.S. law mandating ByteDance divest the platform or face a ban. Trump previously delayed enforcement by 75 days via executive order. Speaking aboard Air Force One, Trump said a deal "could" happen soon and that all four potential buyers are viable candidates. — Reuters

• Oracle has emerged as a leading contender to operate TikTok's U.S. business as the Trump administration seeks a buyer to prevent a ban of the China-owned app. The April 5 deadline follows an executive order delaying enforcement of the Congress-mandated divestiture. ByteDance, TikTok's parent company, reportedly wants Oracle, its existing cloud-computing provider, to be a partner in a potential deal while retaining a stake in TikTok's operations—despite the U.S. law requiring a complete sale. — The Information

M&A Market Commentary & Post M&A Coverage

• Despite current market volatility and geopolitical uncertainties, M&A dealmakers remain optimistic about a rebound in activity later in 2025. Paul Weiss partner Scott Barshay noted that while clients are adopting a cautious "wait-and-see" approach, deal pipelines remain active, and he expects a surge in large transactions in the coming months. Industry sentiment suggests that while short-term challenges persist, the overall outlook for mergers and acquisitions remains strong for the latter half of the year. — Reuters

• Rio Tinto plans to issue bonds in the U.S. to help repay a $7 billion bridge loan used for its $6.7 billion acquisition of Arcadium Lithium Plc. The miner recently scrapped a potential $5 billion share sale after investor pushback. — Bloomberg

• Private credit lenders are discussing approximately $4.5B in debt to finance Sycamore Partners’ potential buyout of Walgreens Boots Alliance (WBA), as part of a broader $12B debt package that could value Walgreens at nearly $20B. The deal aims to split Walgreens into separate business segments, a strategy previously used in transactions such as Staples. Lenders including HPS Investment Partners, Ares Management, Citigroup, Goldman Sachs, JPMorgan, UBS, and Wells Fargo are involved, though the deal remains subject to delays or potential setbacks. — Bloomberg

Nuclear

• Amazon, Google, and Meta joined a global pledge to at least triple nuclear energy capacity by 2050, aligning with commitments made by over 20 countries at the U.N. Climate Change Conference in December 2023. The nonbinding pledge is also backed by major financial institutions, including Bank of America, Goldman Sachs, and Morgan Stanley. — CNBC

New Space

• SpaceX’s Starship program suffered its second consecutive in-flight failure this year as the spacecraft exploded minutes after launch. — CNBC

See more: Themes

Activism, Investor Disputes & Shorts

Activism

• Palliser Capital, an activist investor, successfully pushed Rio Tinto (RIO) to allow shareholders of Rio Tinto Limited to vote on a unification-related resolution at the upcoming Limited AGM. Initially, Rio Tinto’s board had included the resolution only at the Plc AGM, effectively excluding 23% of shareholders. Following Palliser’s pressure, Rio Tinto has amended its AGM notices to allow voting at both meetings. Palliser’s James Smith criticized Rio Tinto’s dual-listed company (DLC) structure, calling it antiquated and disenfranchising for certain shareholders. — PR / Deal Page

• Elliott, which holds a $2.5B stake in Phillips 66 (PSX), has nominated seven new directors to its board to push for strategic changes including the potential spin-off or sale of its midstream business. This move follows a $1B investment in late 2023 and comes as Phillips 66, with a $52B market cap, seeks to address a 13% decline in share price and improve its operations. The board is set to reduce from 14 to 12 members after the May annual meeting. — Reuters

  • Phillips 66 pushed back against activist Elliott Investment Management by issuing a shareholder letter after a meeting in New York. Elliott had announced a slate of seven board nominees, including partner John Pike, aimed at driving strategic changes such as a midstream spin-off or board restructuring. Phillips 66 stated it would interview these nominees to seek a constructive path forward, noting that Elliott representatives indicated no immediate follow-up actions and had shown “no genuine interest in engagement.” — Bloomberg

• Kenvue (KVUE) has resolved its proxy contest with activist Starboard Value by adding three new board directors: Starboard’s Jeff Smith, Profitero president Sarah Hofstetter, and former Bayer consumer health head Erica Mann. According to board chair Larry Merlo, these additions will bring complementary skills in digital marketing, consumer health, and corporate governance. CNBC had earlier reported that Starboard had acquired a significant stake in Kenvue and was critical of its management and share performance. — CNBC

• Activist investor Mantle Ridge has accumulated a $1 billion+ stake in Cognizant Technology Solutions (CTSH), contending the company is undervalued. The fund began acquiring shares in late 2022 when the stock traded in the high $50s to low $60s range, and shares now trade at around $83, valuing the company at over $41 billion. Mantle Ridge has been privately engaging with management, including CEO Ravi Kumar, on strategies to enhance shareholder value. — WSJ

• Hedge fund Anson Funds is preparing a boardroom challenge at Match Group (MTCH), planning to nominate multiple directors to the 10-member board. Anson, which owned approximately 0.6% of Match as of December, has been pushing the company to reevaluate capital allocation, cut costs, and consider strategic options for its MG Asia business. The fund has also raised concerns about governance, executive turnover (four CEOs in five years), and board ties to former owner IAC/Interactive. — Reuters

• Ancora Holdings has increased its stake in U.S. Steel Corp. (X) to over $100 million as it pushes to replace the board and install Alan Kestenbaum as CEO. The activist investor believes Nippon Steel’s proposed acquisition of U.S. Steel is likely to fall through and is positioning itself for a turnaround strategy focused on growing the North American flat-rolled steel business. Ancora has yet to outline specific plans for the restructuring. — Bloomberg

• ACELYRIN's (SLRN) Board adopted a limited-duration stockholder rights plan ("poison pill") in response to Tang Capital Partners accumulating an 8.8% stake. The plan issues one right per share of common stock as of March 24, 2025, becoming exercisable if any party acquires 10%+ ownership (or 20% if filed under Schedule 13G). — PR

• Chemours Co.(CC) is adding Courtney Mather, CEO of Vision One Management Partners, to its board of directors as part of an effort to avoid a proxy fight with the activist investor. Vision One holds an appx. 1% stake in Chemours. — Bloomberg

See more: Activism

Shorts

• Short seller Kerrisdale Capital published a report targeting IonQ (IONQ) titled 'Trapped in the Hype'. — Kerrisdale Capital

• Short report publisher Bear Cave published a report targeting Gorilla Technology Group (GRRR). — Bear Cave

See more: Short Reports

Other Situations

• Pershing Square Capital Management, led by billionaire investor Bill Ackman, has extended its standstill agreement with Howard Hughes Holdings (HHH) until April 7 to allow further discussions regarding its previously announced proposal on February 18 and potential alternatives. The original standstill agreement was set to expire on March 13. This extension comes after a series of negotiations between the two companies, which began when Pershing Square, already a major shareholder in Howard Hughes Holdings, made an initial proposal in mid-January 2025 to transform the real estate developer into a "modern day Berkshire Hathaway". Howard Hughes Holdings, known for developing master-planned communities across the United States, had previously rejected Pershing Square's revised offer from February 13, stating it was "not acceptable in its current form". The ongoing discussions and extended standstill period suggest that both parties see potential value in continuing negotiations, although the specific details of the proposal and alternatives remain undisclosed. — PR

• Google (GOOG) is urging the Trump administration’s Justice Department to adopt a less aggressive approach in its efforts to break up the company, citing national security concerns. In a recent meeting, Google requested a reduction in the strict measures previously imposed by the Biden administration—including mandates to sell Chrome and end exclusivity deals with Apple—as the government prepares for a federal judge’s ruling on its practices next month. — Bloomberg

• The Federal Trade Commission (FTC) is proceeding with an antitrust probe into Microsoft’s (MSFT) AI operations, initiated in the final days of the Biden Administration. The investigation, now continuing under FTC Chair Andrew Ferguson, focuses on Microsoft's AI investments, data center operations, software licensing practices, and its deal with OpenAI. The agency has sent Microsoft a civil investigative demand, akin to a subpoena, requesting financial and operational data dating back to 2016. The probe also examines whether Microsoft’s decision to cut funding for its own AI projects post-OpenAI partnership could be viewed as anti-competitive. — Bloomberg

• Taiwan Semiconductor (TSM) has approached Nvidia (NVDA), AMD (AMD), Broadcom (AVGO), and Qualcomm (QCOM) about investing in a joint venture to operate Intel’s (INTC) foundry division, according to sources. Under the proposal, TSMC would run Intel’s foundry operations but hold no more than a 50% stake, ensuring that Intel remains U.S.-controlled. The talks, which are in early stages, come after the Trump administration requested TSMC’s involvement in stabilizing Intel’s struggling foundry business. Any final agreement would require U.S. government approval. — Reuters

• Spirit Airlines (Delisted: SAVE) has exited bankruptcy protection, completing its reorganization. The airline secured a $350 million equity infusion from existing investors to support strategic changes, shifting away from its ultra-low-cost model by introducing premium offerings to attract higher-paying customers. Spirit had filed for Chapter 11 bankruptcy in November 2024 to restructure $1.6 billion in debt. — Bloomberg

• CUTERA (CUTR —> CUTRQ), a provider of aesthetic and dermatology solutions, filed for Chapter 11 bankruptcy, was subsequently delisted by Nasdaq, and began trading OTC under the symbol CUTRQ. The company initiated a restructuring transaction supported by lenders holding about 74% of its notes. The deal will reduce its debt by nearly $400 million (over 90%) and raise $65 million in new funds. — PR

• ENGlobal Corporation (ENGCQ) and three affiliates have filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas. — SF

• Digital Media Solutions' (OTC: DMSLQ) shares were canceled worthless as its bankruptcy plan became effective.

• Aquaron Acquisition Corp (AQU --> AQUC) was delisted from Nasdsaq and will begin trading OTC.

• Pinstripes (PNST) was delisted by Nasdaq and began trading OTC. — PR

• Global Star (GLST) was delisted by Nasdaq and began trading OTC.

• Bannix (BNIX) was delisted by Nasdaq and is set to begin trading OTC.