Good morning! I hope everyone had an excellent long weekend for the Easter holiday.

Note for our new readers: The weekly newsletter summarizes key market events—IPOs, fundraising, M&A, activist campaigns, and more. This Free edition offers condensed highlights, while the Pro edition—an added benefit for ListingTrack Pro subscribers—includes complete coverage, deeper context, and direct source links in addition to the premium data and advanced features on ListingTrack.io.

We note which companies are excluded from any sections with limited news or coverage in this Free version. Additionally, the “…” next to a bullet means there's more detail available in the Pro version—clicking it will take you to the upgrade page. Save 20% on ListingTrack Pro plans with the promo code ‘RECAP20’.

Enjoy this week's recap!

Read this newsletter in your browser here.

Theme News Coverage

Tariffs/ Trade War

Last week, the trade war intensified as Trump threatened new tariffs on semiconductors and critical minerals, prompting further global fallout. Nvidia disclosed a $5.5 billion charge tied to export restrictions, and chip equipment makers projected over $1 billion in losses. The leveraged loan market froze and earnings forecasts weakened. As Japan and the EU failed to gain tariff relief and China restricted rare earth exports, equity markets slipped, investor sentiment hit 30-year lows, and legal challenges to the April 2 tariffs escalated.

Weekly Index Performance

• S&P 500: -1.50% (5363 → 5282)

• Nasdaq Composite: -2.62% (16724 → 16286)

• Dow Jones: -2.66% (40212 → 39142)

• 10Y Treasury Yield: -3.56% (4.49$ → 4.33%)

• VIX: -21.06% (37.56 → 29.65)

We put together a comprehensive recap of this week’s trade war updates—complete with daily performance, policy shifts, and emerging risks. Read the full Weekly Trade War Recap.

See more: Tariff tracker: our page covering Trade War & Tariff news and the US companies most at risk

AI

• OpenAI is reportedly in early-stage development of a social media platform to compete with Elon Musk’s X (formerly Twitter) and Meta’s Instagram, spurred by the popularity of its latest image-generation tool which has strained server capacity. …

• OpenAI is in talks to acquire Windsurf (formerly Codeium) — more below in Private M&A section.

See more: Core AI & Infrastructure theme page; Next Wave AI theme page

Space & Defense

• Elon Musk's SpaceX, along with Palantir (PLTR) and Anduril, has emerged as a frontrunner for a key role in President Trump’s proposed Golden Dome missile defense initiative. …

See more: New Space theme page; NextGen Defense theme page

IPOs & Other Initial Public Listings

IPO/ Listing Action

Past week

See more: Latest Listings

Prominent Listings & Post-IPO Coverage

• Chagee Holdings (CHA), a Chinese tea chain with over 6,400 stores, raised $411 million in its Nasdaq IPO, pricing at the top of its range. …

• Webull's (BULL) shares surged 375% in the first two days following its public debut on Friday, April 11, reaching a high of $79.56 on April 14 and a peak market cap of $37 billion. …

See more: Upcoming Listings

Listing Plans, Rumors, and IPO Commentary

See more: Listing Plans & Rumors

• SPAC Ares II (AACT) entered into a definitive agreement to merge with Kodiak Robotics (Pre-listing: KDK), an autonomous trucking technology company, in a deal that values Kodiak at a pre-money equity valuation of approximately $2.5 billion. — PR

• Figma, a design and collaboration software company, has confidentially filed for an initial public offering with the SEC, marking a significant step following the collapse of its proposed acquisition by Adobe. …

IPO Market Commentary

• Wall Street banks are advising companies eyeing IPOs to delay their plans due to persistent market volatility caused by the trade war. Executives from Morgan Stanley and Jefferies noted that the May-June IPO window remains viable but contingent on at least a week of market stability. …

• During Blackstone’s (BX) earnings call, CEO Steve Schwarzman emphasized "patience" amid a stalled IPO market and ongoing tariff-driven global trade negotiations.…

Failed/ Postponed IPO Coverage

• Turo Inc. is laying off approximately 150 employees, or 15% of its workforce, following the February withdrawal of its long-delayed IPO plans. …

IPO Candidates

See more: IPO Candidates

Series C+ and Prominent Fundraising

AI

• Safe Superintelligence (SSI), the AI startup founded by former OpenAI chief scientist Ilya Sutskever, closed a $2 billion funding round at a $32 billion valuation despite having no publicly released products. …

Energy / EV Charging

• Mainspring Energy secured $258 million in a Series F funding round led by General Catalyst to scale its linear generator power business and manufacturing operations. …

• Nuclear fuel startup General Matter, founded by Founders Fund partner Scott Nolan, raised $50 million in a round led by the venture firm to develop high-assay low-enriched uranium (HALEU) for next-generation reactors. …

• Ultrafast charging technology firm Nyobolt raised $30 million in a funding round led by IQ Capital and Latitude, bringing its total funding to $100 million. …

Financials

• Luma Financial Technologies raised $63 million in a Series C round led by Sixth Street Growth, with participation from existing strategic investors including Bank of America, Morgan Stanley, UBS, and TD Bank Group. …

Healthcare / Insurance

• Medicare broker Chapter raised $75 million at a $1.5 billion valuation in its latest funding round. Founded in 2020 by Wharton graduates Ari Blumenfeld-Gantz and Corey Metzman, along with Vivek Ramaswamy, the company has ties to several prominent conservative figures. …

• (2 additional updates: Attovia Therapeutics & Glycomine)

Featured ListingTrack Tool

Tariff Tracker

After last Wednesday’s tariff announcement from the Trump administration, markets saw one of the steepest selloffs since the COVID crash—marking one of the most volatile weeks in recent memory. This week the market bounced back aggressively in one of the market’s most volatile weeks on record.

To help investors navigate these developments, we launched the Tariff Tracker on ListingTrack: 🔗 listingtrack.io/theme/tariffs

The Tracker offers a curated overview of the sectors and companies most affected by tariff shifts, with filters to drill down by industry and country of import exposure. It includes:

• Summarized, curated tariff news

• Deal activity and earnings updates for impacted companies

• Sector and country-level filtering for focused discovery

We’re actively updating it as new developments unfold. Take a look and let us know what you think.

Public M&A + Prominent Private Deals

Public M&A

Merger Announcements

• Longevity Health Holdings (XAGE) announced a merger with 20/20 BioLabs, Inc., a provider of laboratory tests for chronic disease risk management, in an all-stock transaction. … Deal Page

• RadNet has agreed to acquire iCAD in an all-stock transaction valued at approximately $103 million, offering 0.0677 RadNet shares for each iCAD share. … Deal Page

• (1 additional update: XAGE)

See more: Active M&A

Closings

• Patterson Companies' (Delisted: PDCO) acquisition by Patient Square Capital closed ahead of the market open on April 17. …

• Paychex (PAYX) completed its all-cash acquisition of Paycor HCM (Delisted: PYCR) for $22.50 per share, equating to an enterprise value of approximately $4.1 billion. — PR

• SolarWinds (SWI) has completed its acquisition by Turn/River Capital in a transaction valued at approximately $4.4 billion. …

• Gen Digital (GEN) announced the successful closing of its acquisition of MoneyLion (Delisted: ML) for $82.00 per share in cash, representing a transaction value of approximately $1 billion. …

• Altus Power (Delisted; AMPS) has completed its all-cash acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy, valuing the company at approximately $2.2 billion, including debt. …

Expected Closings

• Capital One (COF) and Discover (DFS) have received final regulatory approvals from the Federal Reserve and the OCC for their proposed all-stock merger, having previously secured clearance from the Delaware State Bank Commissioner and obtained 99% shareholder support at both companies. …

• Enfusion's (ENFN) acquisition by Clearwater Analytics is expected to close before market open on April 21. — NYSE / Deal Page

See more: Closed M&A

Live Deal Coverage and Updates

• President Donald Trump reiterated his opposition to Nippon Steel's $15 billion acquisition of U.S. Steel (X), stating he does not believe a foreign company should control the iconic American steelmaker. … Deal Page

• Shift4 Payments (FOUR) has extended its all-cash tender offer to acquire all outstanding shares of Global Blue Group (GB). … Deal Page

Potential M&A

Talks / Offers

• ON Semiconductor (Onsemi) (ON) has withdrawn its acquisition bid for Allegro MicroSystems (ALGM), which had most recently valued the company at $6.9 billion, or $35.10 per share. …

• Vacasa (VCSA) rejected Davidson Kempner’s revised $5.83 per share unsolicited acquisition proposal. …

Exploring Sale / Strategic Alternatives

• Mural Oncology (MURA) announced it will discontinue all clinical development of its lead candidate, nemvaleukin alfa, following unsatisfactory results in its Phase 2 (melanoma) and Phase 3 (platinum-resistant ovarian cancer) trials. …

• (2 additional updates: AXDX, IRWD)

See more: Potential M&A

Prominent Private Deals (private targets, including public subsidiaries)

Announcements/ Closings

• Global Payments (GPN) is acquiring Worldpay for $24.25 billion in a three-way deal involving Fidelity National Information Services and GTCR, while concurrently selling its Issuer Solutions business to Fidelity for $13.5 billion. … Deal Page

• Intel (INTC) has entered into a definitive agreement to sell a 51% stake in its Altera FPGA business to Silver Lake, valuing the unit at $8.75 billion. … Deal Page

Live Deal Coverage

• A group of banks is providing $2 billion in debt financing to Silver Lake Management for its acquisition of a 51% stake in Intel’s Altera programmable chips unit, valuing Altera at $8.75 billion. … Deal Page

• Denmark's DSV (OTC: DSDVY) has received all required regulatory approvals and will complete its €14.3 billion ($16.2 billion) acquisition of DB Schenker, the logistics unit of Deutsche Bahn, on April 30, 2025. … Deal Page

Potential Private M&A

• OpenAI is in talks to acquire Windsurf (formerly Codeium), an AI coding assistant tool that competes with tools like Cursor, for approximately $3 billion. The potential acquisition—OpenAI's largest to date—would expand its portfolio in the competitive generative AI coding space, where it faces rivals including Microsoft, Anthropic, and xAI. Windsurf’s investors include Founders Fund, General Catalyst, Greenoaks, and Kleiner Perkins. The deal follows OpenAI’s recent $40 billion funding round at a $300 billion valuation. — CNBC / Deal Page

Activism, Shorts, & Other Special Situations

Activism, Investor Disputes & Shorts

Activism

• Activist investor H Partners, holding a 9% stake, is urging shareholders to remove three long-serving directors from Harley-Davidson’s (HOG) board—Jochen Zeitz (also CEO), Thomas Linebarger, and Sara Levinson—at the upcoming May annual meeting. …

• Elliott Investment Management has acquired a stake exceeding $1.5 billion in Hewlett Packard Enterprise (HPE), making it one of HPE’s top five shareholders. …

See more: Activism

Separations/ Antitrust Updates

• Meta (META) CEO Mark Zuckerberg testified in a Washington trial over the FTC's antitrust lawsuit seeking to unwind Meta’s acquisitions of Instagram and WhatsApp, arguing the deals were aimed at neutralizing potential competitors. The FTC claims Meta maintains a monopoly in the social sharing space, citing internal emails and positioning WhatsApp and Instagram as strategic acquisitions to stifle competition. …

• A federal judge ruled that Google (GOOG) illegally monopolized key parts of the online advertising industry, marking the second time in eight months that a U.S. court has found the company in violation of antitrust laws. U.S. District Judge Leonie Brinkema determined that Google’s control over ad exchanges and server markets broke the Sherman Antitrust Act and harmed advertisers, publishers, and consumers. …

Bankruptcies/ Delistings

Bankruptcies/ Liquidations

• Third Harmonic Bio (THRD) announced its board has approved a Plan of Liquidation and Dissolution, subject to stockholder approval at the June 5, 2025 annual meeting. …

Other Delistings

• Phoenix Motor Inc. (PEV --> OTC: PEVM) was delisted by Nasdaq and began trading OTC under the new symbol PEVM.

• (2 additional updates: DNQAF, AWHL)

Thanks for reading,

The team at ListingTrack

If you found this summary helpful, consider sharing the newsletter with a friend or colleague!

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 SEC filing, IP: Investor Presentation, BB: Bloomberg.

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.