Good evening! 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.

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Enjoy this week's recap!

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Theme News Coverage

Tariffs/ Trade War

Read our comprehensive Weekly Trade War Round-Up. Find the summary below.

Markets rebounded as Trump floated tariff cuts and reversed Fed threats, but China denied talks, Boeing deliveries were halted, states sued to block tariffs, and companies like Apple and DHL scrambled to adapt to a still-escalating trade war.

Weekly Index Performance

• S&P 500: +4.59% (5282.70 → 5525.21)

• Nasdaq Composite: +6.73% (16286.45 → 17382.94)

• Dow Jones: +2.48% (39142.24 → 40113.50)

• 10Y Treasury Yield: -1.39% (4.33 → 4.27)

• VIX: -16.22% (29.65 → 24.84)

• Gold: -0.90% (3328.40 → 3298.40)

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

AI

• OpenAI forecasts revenue growth from $3.7 billion in 2024 to $125 billion in 2029 and $174 billion in 2030, driven by new AI agents and ancillary products expected to eclipse ChatGPT sales, per a report from The Information. …

• OpenAI expressed interest in acquiring Google’s Chrome browser if a federal court mandates its divestiture, according to testimony from ChatGPT chief Nick Turley. …

• X Holdings posted $91 million in February data-licensing and subscription revenue—a 32% increase year-over-year—and modestly grew advertising to $146 million (up 4%), reflecting its strategic pivot toward AI-driven and subscription-based monetization after ad revenues eroded under Musk’s leadership. …

• New Intel (INTC) CEO Lip-Bu Tan outlined Intel’s renewed strategy to compete in the AI chip market, emphasizing a long-term, internally driven effort to sharpen existing products for emerging AI applications such as robotics and autonomous agents. …

• Huawei is preparing to test its new Ascend 910D AI processor—samples due by late May—with the goal of outpacing Nvidia’s H100 for high-performance training, underscoring China’s semiconductor self-sufficiency push amid US export controls that prompted Nvidia to take a $5.5 billion charge after restricting its H20 chip. — WSJ

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

Space & Defense

• Republicans will advance a $150 billion defense supplemental—added to the $886 billion 2025 national security budget—via the budget-reconciliation process, bypassing the 60-vote filibuster the that allocates a $27 billion initial tranche in President Trump’s Golden Dome missile-defense shield (funding additional interceptors and THAAD batteries by Lockheed Martin, with SpaceX, Palantir and Anduril bidding for the satellite-tracking component). …

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

IPOs & Other Initial Public Listings

IPO/ Listing Action

Past week

See more: Latest Listings

Expected IPOs

• Chinese online insurance broker Yuanbao (Pre-listing: YB) is targeting a valuation of up to $676.3 million in its planned U.S. IPO, despite macroeconomic headwinds and reduced listing activity following new U.S. tariffs. …

See more: Upcoming Listings

Listing Plans, Rumors, and IPO Commentary

See more: Listing Plans & Rumors

IPOs

• Discord appointed Humam Sakhnini, former vice chairman of Activision Blizzard, as its new CEO effective April 28, replacing co-founder Jason Citron, who will remain as a board member and adviser. …

• Walnut Coding is considering a U.S. IPO to raise around $100 million, joining a wave of Chinese firms exploring U.S. listings despite ongoing geopolitical tensions and heightened regulatory risks. …

SPACs

• SPAC GSR III Acquisition Corp (GSRT) entered into a definitive agreement to merge with Terra Innovatum, an Italian small modular nuclear reactor company (SMR), in a deal that values the company at a pre-money equity value of $475 million. …

• SPAC Cantor Equity Partners I (CEP) entered into a definitive agreement to merge with Twenty One Capital, a newly formed Bitcoin holdings company that is majority-owned by Tether and Bitfinex and backed by SoftBank. Twenty One states it will be a vehicle for "Bitcoin accumulation and monetization". …

  • Cantor Equity Partners I (CEP) surged 197% to $31.50 since the merger announcement, marking a rare SPAC rally reminiscent of 2021. The stock jumped 55% on the merger news, followed by gains of 50% on Thursday and 27% on Friday, reflecting heightened investor enthusiasm for crypto-linked public market plays.

• SPAC Papaya Growth Opportunity Corp. I (OTC: PPYA) entered into a definitive agreement to merge with PX Energy, a Brazilian vertically-integrated refined oil and agricultural grade products manufacturer. …

• SPAC Voyager Acquisition Corp (VACH) entered into a definitive agreement to merge with Germany-based VERAXA Biotech, a cancer therapies biotech firm owned by Swiss life sciences incubator Xlife Sciences, in a deal that values VERAXA at a pre-money equity value of $1.3 billion. — PR

Reverse Mergers

• Aerovate (AVTE) stockholders approved the reverse merger with Jade Biosciences, Inc., including a 1-for-35 reverse stock split authorized by the board on April 18, 2025. …

• Coeptis Therapeutics (COEP) has entered into a definitive agreement for a reverse merger with Dogecoin mining company Z Squared Inc., under which Z Squared will become a wholly-owned subsidiary in exchange for 9,000 U.S.-based Dogecoin mining machines. …

Spinoffs

• DuPont (DD) filed an initial Form 10 registration statement with the SEC for the planned spin-off of its Electronics business, temporarily named Novus SpinCo1, Inc. …

IPO Candidates

See more: IPO Candidates

Series C+ and Prominent Fundraising

AI

• XAI Holdings is in discussions to secure roughly $20 billion in funding—potentially the second-largest startup round ever after OpenAI’s $40 billion financing—which would value the combined AI and social-media entity at over $120 billion. …

• Dataminr closed a $100 million convertible financing from Fortress Investment Group, following an earlier $85 million funding round from NightDragon and HSBC announced in March 2025. …

Aerospace/ Defense

• Electra secured $115 million in Series B funding, led by Prysm Capital, to advance its EL9 Ultra Short takeoff and landing aircraft into the pre-production and certification phase. …

• Northwood Space raised $30 million in a Series A funding round led by Alpine Space Ventures and Andreessen Horowitz (a16z), with participation from Also Capital, Founders Fund, and Stepstone. …

Energy/ Materials

• Electra raised $186 million in a Series B funding round co-led by Capricorn Investment Group and Temasek Holdings, bringing its total funding to $214 million. …

Financial Services/ Insurance/ Real Estate

• Alpaca has raised $52 million in a Series C funding round, bringing its total funding to $170 million, with backing from both new and returning investors, including Derayah Financial and Portage Ventures. …

• Altruist, a custodian platform for registered investment advisors (RIAs), has raised $152 million in a Series F funding round led by GIC, bringing its valuation to approximately $1.9 billion. …

• Steadily, a U.S. landlord insurance provider, raised $30 million in a Series C round led by Two Sigma Ventures, bringing its total funding to $89.5 million and valuing the company at $355 million. …

• Adam Neumann’s residential real estate startup Flow has raised over $100 million in a new funding round, valuing the company at approximately $2.5 billion. Andreessen Horowitz (a16z), already a major backer with a previous $350 million investment in 2022, increased its stake from 20% to 25%. …

Database/ Cybersecurity

• Chainguard raised $356 million in a Series D round co-led by Kleiner Perkins and IVP, with participation from Salesforce Ventures, Datadog Ventures, and all existing investors, bringing its total funding to $612 million and valuing the company at $3.5 billion. …

• Supabase has raised $200 million in a Series D funding round at a $2 billion post-money valuation, led by Accel with participation from Coatue, Y Combinator, Craft Ventures, and Felicis. …

Healthcare / Insurance

• Neuralink is in early talks to raise approximately $500 million at a pre-money valuation of $8.5 billion, implying a $9 billion post-money valuation if terms are finalized. …

• Biolinq has raised $100 million in a Series C financing round led by Alpha Wave Ventures, with participation from several existing investors including RiverVest, AXA IM Alts, and M Ventures. …

Public M&A + Prominent Private Deals

Public M&A

Merger Announcements

• Columbia Banking System will acquire Pacific Premier Bancorp (PPBI) in an all-stock transaction valued at approximately $2.0 billion, equating to $20.83 per Pacific Premier share based on Columbia’s April 22, 2025, closing price. …

• Eastern Bankshares will acquire HarborOne Bancorp (HONE) in a stock-and-cash transaction valued at approximately $490 million. …

See more: Active M&A

Closings

• Jazz Pharmaceuticals (JAZZ) completed its acquisition of Chimerix (Delisted: CMRX). …

• Zimmer Biomet Holdings (ZBH) announced it has completed the acquisition of Paragon 28 (Delisted: FNA). …

• Clearwater Analytics (CWAN) closed its acquisition of Enfusion (Delisted: ENFN), in a deal valued at approximately $1.5 billion. — PR 

• Nano Dimension has completed its acquisition of Markforged (MKFG) for $116 million, or $5.00 per share. — PR

Expected Closings

• QXO’s (QXO) tender offer to acquire all outstanding shares of Beacon Roofing Supply (BECN) is set to expire at 5:01 p.m. ET on April 28, 2025, with the merger expected to close before market open on April 29. — … / Deal Page

• Amcor and Berry Global Group (BERY) received unconditional European Commission approval for their planned merger, clearing the final regulatory hurdle and paving the way for the transaction to close on April 30, 2025, pending final conditions. … / Deal Page

• Vacasa (VCSA) shareholders will vote on April 29, 2025, to approve a proposed merger with Casago Holdings, under which Vacasa shareholders would receive $5.30 per share. … / Deal Page

See more: Closed M&A

Live Deal Coverage and Updates

• A bank group led by Morgan Stanley and Goldman Sachs launched a $4 billion high-yield debt sale to finance QXO Inc.'s $11 billion acquisition of Beacon Roofing Supply (BECN). … / Deal Page

• Alumis Inc. (ALMS) and ACELYRIN, INC. (SLRN) amended their previously announced merger agreement, revising the exchange ratio to 0.4814 shares of Alumis common stock for each share of ACELYRIN common stock. … / Deal Page

Potential M&A

Talks / Offers

• Germany’s Merck KGaA is close to finalizing a roughly $3.5 billion acquisition of U.S.-based SpringWorks Therapeutics (SWTX) at a price of about $47 per share, though no definitive agreement has yet been signed. … / WSJ 

• Authentic Brands Group, which owns brands like Champion, Reebook, and Forever 21, is considering a rival takeover bid for Guess? (GES), potentially countering WHP Global’s existing $13-per-share cash offer announced in March. …

• Debt market news source 9fin reported that private equity firm Veritas Capital is working with multiple banks to finance a rival bid for Dun & Bradstreet (DNB), which in March entered a $7.7 billion definitive agreement with Clearlake Capital at $9.15 per share. The go-shop provision expired last week, casting doubt on the feasibility of a competing offer absent new disclosures from DNB. …

• CMB.TECH and Golden Ocean (GOGL) have signed a term sheet for a proposed stock-for-stock merger that would create one of the largest listed maritime groups globally, with a combined fleet of over 250 vessels. …

Exploring Sale / Strategic Alternatives

• Enzo Biochem (ENZB) has initiated a strategic review process after receiving multiple unsolicited inquiries about a potential transaction. …

• Amplify Energy (AMPY) and Juniper Capital Advisors mutually agreed to terminate their previously announced merger agreement due to extraordinary market volatility.vvv …

See more: Potential M&A

Prominent Private/Int’l Deals (non-US listed and private targets, including public subsidiaries)

Announcements/ Closings

• Boeing (BA) has agreed to sell key assets of its Digital Aviation Solutions business—including Jeppesen, ForeFlight, AerData, and OzRunways—to Thoma Bravo for $10.55 billion in an all-cash deal. …

• UPS (UPS) has entered into a definitive agreement to acquire Andlauer Healthcare Group (AHG) for CAD $55.00 per share in cash, valuing the deal at approximately CAD $2.2 billion (USD $1.6 billion). …

Potential M&A

• Toyota Motor (TM) Chairman Akio Toyoda has proposed a ¥6 trillion ($42 billion) take-private bid for Toyota Industries, the manufacturer of textile looms and automotive parts for Toyota —representing a roughly 40 % premium over its recent market capitalization. …

• DoorDash (DASH) has offered to acquire UK-based Deliveroo Plc for approximately $3.6 billion in cash, proposing £1.80 ($2.40) per share, as part of its strategy to expand internationally beyond its dominant U.S. market share. …

Post-M&A Activity & Market Commentary

• Morgan Stanley has launched a $1.23 billion sale of the final tranche of debt tied to Elon Musk’s 2022 acquisition of X Holdings Corp. (formerly Twitter), marking the end of a prolonged effort to offload the $13 billion financing package. …

• Deal activity remains muted into April as President Trump’s tariff escalation and threats against Fed Chair Powell deter bidders, while new FTC Chair Andrew Ferguson warned there is no “open season” for big transactions—emphasizing the need to protect competition on the merits. …

• Despite the sell-off triggered by Trump’s reciprocal tariffs and recession fears, leveraged-finance bankers have selectively underwritten “hung-debt” financings for high-quality borrowers—such as KKR’s Swedish healthcare buyout, the $1.7 billion OSTTRA acquisition facility, and Silver Lake’s ~$2 billion Altera stake—indicating that sponsor backing and defensive-sector exposure can overcome market reticence. …

Activism, Shorts, & Other Special Situations

Activism, Investor Disputes & Shorts

Activism

• Phillips 66 (PSX) has called on Elliott Investment Management to abandon its push to break up the company, arguing that Elliott‑backed Amber Energy’s simultaneous effort to acquire Citgo Petroleum in a court‑supervised auction creates a clear conflict of interest. …

• Elliott Investment Management has disclosed a stake exceeding 5% in BP Plc (BP), matching Vanguard’s position and intensifying its activist campaign to push for higher returns. …

• Carl Icahn has expanded his economic interest in Bausch Health (BHC) to approximately 34% through a combination of direct holdings and cash-settled equity swaps, intensifying his influence ahead of the company’s May 13 shareholder meeting. …

• Autodesk (ADSK) reached a settlement with activist investor Starboard Value, ending a high-profile proxy fight by agreeing to appoint two new directors—Jeff Epstein and Christie Simons—to its 12-member board. …

• Third Point, the hedge fund led by Daniel Loeb, is building a stake in Kenvue (KVUE), joining other activist investors pressing for strategic changes at the $44 billion consumer healthcare company spun out of Johnson & Johnson. …

• Penn Entertainment (PENN) reached an agreement with activist investor HG Vora Capital Management to nominate two of its proposed board candidates, Johnny Hartnett and Carlos Ruisanchez, avoiding a proxy fight. …

See more: Activism

Separations/ Antitrust Updates

• Intel (INTC) has reversed its earlier decision to spin out Intel Capital, its 34-year-old venture arm, opting instead to retain it internally with a sharper focus on monetizing its existing portfolio and making selective new investments aligned with Intel’s strategic priorities. …

• Lionsgate (LGF.A) shareholders have approved the long-planned separation of its studio business and Starz, capping nearly three years of restructuring. …

Bankruptcies/ Delistings

Bankruptcies/ Liquidations

• WW International (WeightWatchers) (WW) is preparing to file for a pre-packaged Chapter 11 bankruptcy after securing a debt-restructuring agreement with a majority of its lenders. …

• Vintage Wine Estates (Delisted: VWESQ) shares were canceled as its bankruptcy plan became effective.

• (1 additional updates: First Financial Northwest)

Other Delistings/ Downlistings

• (6 additional updates)

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 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.