IPO/ Listing Action

Last week

Notable action

• Sandisk (SDSK) has completed the spinoff from Western Digital Corporation (WDC). WDC shareholders received 0.3333 shares of SNDK for every WDC share held. Sandisk debuted at $52.7 per share, with an estimated IPO market cap of $7.59 billion. — PR

See more: Latest Listings

Upcoming

• Euroseas Ltd. (ESEA) is spinning off its subsidiary Euroholdings Ltd. (EHLD), with shareholders receiving 1 share of Euroholdings for every 2.5 ESEA shares held. The record date is March 7, 2025, and regular trading of Euroholdings (trading under the symbol EHLD) will commence on March 18, 2025. — Nasdaq

See more: Upcoming Listings

Listing Plans and Rumors

See more: Listing Plans & Rumors

IPOs

• MNTN (MNTN), a connected TV advertising platform with Ryan Reynolds as its chief creative officer, filed for an IPO. The offering, led by Morgan Stanley, Citigroup, and Evercore, will include both new share issuance and a sale by existing shareholders. The company previously raised $119 million in a Series D round in 2021 and acquired Reynolds’ creative agency Maximum Effort. — S-1

• Bolt Technology, a mobility firm based in Estonia, is working with PJT Partners to explore various strategic options, including a potential IPO. Bolt could list in Europe or US and could list as soon as next year. — Bloomberg

•  (CRWV), backed by Nvidia, filed for an IPO and reported revenue of $1.9 billion in 2024 with a net loss of $863 million, a significant increase from $229 million in revenue and a $594 million net loss in the previous year, according to its SEC filing on Monday. The company is looking to raise $4 billion and is expected to target a valuation greater than $35 billion. — S-1 / Bloomberg

• Private equity firm Advent is exploring strategic options for Argentina-based payments company Prisma Medios de Pago, including a potential US IPO to list 30% of its shares or a sale, with the company potentially valued at up to $5 billion. Morgan Stanley is advising on the process. Advent bought a majority stake in Prisma in 2019 in a transaction valuing the company at $1.42 billion. In 2022, it acquired the remaining shares for about $360 million. — Bloomberg

• General Catalyst is reportedly exploring an IPO, according to Axios; however, no further details or comments have been provided by the firm itself. — TechCrunch

• Brex, a fintech startup offering corporate cards, business bank accounts, and expense management software, is focusing on building a predictable business as it considers a potential IPO. CEO Pedro Franceschi stated that the company aims to achieve cash-flow positivity by midyear. — Bloomberg

• Carlyle Group (CG) expects to take more portfolio companies public and pursue large leveraged buyouts this year, targeting asset sales of $4–$5 billion through IPOs or direct sales, roughly matching its $5 billion in exits in 2024, according to its private equity heads. — Reuters

• Newsmax (NMAX) closed its Series B Preferred Stock offering, raising gross proceeds of $225 million, exceeding its initial $150 million target. The company has filed IPO materials with the SEC and plans to list on the NYSE under the symbol NMAX later in 2025. — PR

Spinoffs

• Costamare (CMRE) plans to spin off its dry bulk business into a new, publicly traded entity, Costamare Bulkers Holdings Limited. Costamare Inc. will retain its container shipping operations, while the new company will manage its dry bulk vessel portfolio, with the spin-off expected to be completed as soon as practicable this year. — PR

• Teleflex (TFX) has authorized management to separate its Urology, Acute Care, and OEM businesses into a new publicly traded entity (NewCo) through a tax-free distribution, while retaining its Vascular Access, Interventional, and Surgical businesses as Teleflex RemainCo. The separation, intended to strengthen focus on high-growth hospital markets, is expected to close by mid-2026. — PR

• The Middleby Corporation (MIDD) has approved a spin-off to separate its food processing segment into an independent public company (Middleby Food Processing), while retaining its core equipment business as Middleby RemainCo. The separation is expected to be finalized by early 2026. — PR

• Toro Corp (TORO) announced it plans to spin off its Handysize tanker business—comprising one tanker and Xavier Shipping Co.—into a new subsidiary, Robin Energy Ltd. Shareholders will receive one share of Robin for every eight shares of Toro, and Robin has applied for a Nasdaq Capital Market listing. — PR

SPACs

• Helix Acquisition Corp. II (HLXB) announced it entered into a definitive agreement to merge with biotech BridgeBio Oncology Therapeutics in a deal that values the combined company at $949 million pro-forma equity value. The deal includes $260 million in committed PIPE financing led by Cormorant Asset Management. — PR

• dMY Squared Technology Group (DMYY) has entered into a non-binding letter of intent (LOI) to merge with Horizon Quantum Computing, which develops software tools for quantum computers, in a transaction valuing Horizon at approximately $500 million. The definitive agreement is anticipated in Q2, with the merger expected to close by year-end. — PR

• Relativity Acquisition Corp. (RACY) entered into a definitive agreement to merge with Instinct Brothers, a Japanese regenerative medicine and stem cell technology firm. The transaction values the combined entity at approximately $242 million and is expected to close in Q3 2025. — PR

IPO Candidates

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Prominent & Series C+ Raises

AI + Quantum + Aerospace

• Anthropic raised $3.5 billion at a $61.5 billion post-money valuation in a round led by Lightspeed Venture Partners, with participation from Bessemer, Cisco Investments, D1 Capital, Fidelity, General Catalyst, Jane Street, Menlo Ventures, and Salesforce Ventures. — PR

• Perplexity, a developer of an AI search engine, is raising a $50 million seed and pre-seed investment fund. Perplexity raised $500 million at a $9 billion valuation in December and will use some of that capital raised to anchor the fund. — TechCrunch

• Israeli quantum computing startup Quantum Machines raised $170 million in Series C funding, valuing the company at $700 million, to expand its quantum computing operations. PSG Equity led the round, with participation from Red Dot Capital Partners, Intel Capital, and other existing investors. — CTECH

• Skylo has closed an oversubscribed $30 million funding round led by NGP Capital, with participation from Westly Group, Intel Capital, BMW i Ventures, Samsung Catalyst Fund, Next47, and others, to support its direct-to-device satellite connectivity technology. — PR

• SoftBank (SFTBY) CEO Masayoshi Son plans to borrow $16 billion for AI investments, with a potential additional $8 billion in early 2026. The company is reportedly in talks to invest up to $25 billion in OpenAI, adding to its $15 billion commitment to the Stargate joint venture with Oracle and OpenAI, which aims to invest up to $500 billion to maintain U.S. leadership in AI. — Reuters

Fintech

• Ramp, the corporate payments start-up backed by Peter Thiel and Sequoia, has nearly doubled its valuation to $13 billion after a share sale in which investors—including GIC, Stripes, Thrive Capital, Khosla Ventures, and General Catalyst—purchased $150 million of stock from employees and early investors. Ramp was previously valued at $7.65 billion in April. — FT

• Stripe has announced a tender offer to repurchase shares from employees and shareholders, valuing the company at $91.5 billion. This move—marking a 31% valuation increase from a similar sale last year—appears to be part of a strategy to maintain control and delay an IPO, keeping its valuation near its 2021 peak of $95 billion. — Bloomberg

• Revolut is under pressure from investors to conduct another secondary share sale, with some shareholders suggesting a valuation of $60 billion—up from $45 billion six months ago. Although the London-based fintech is preparing for an IPO, it is not expected to list until at least 2026 and is considering a US listing. — Bloomberg

• Metronome, a usage-billing platform, announced a $50 million Series C funding round. — PR

• Viam has closed a $30 million Series C round, adding European growth investor Neurone, led by Teodoro D’Ambrosio. The funds will support the company’s expansion into Europe as it upgrades legacy infrastructure using AI, data, and automation. Previous investors include Union Square Ventures and Battery Ventures. — PR

Crypto / Blockchain

• Raise has completed a $63 million funding round led by Haun Ventures with participation from multiple investors, including Amber Group, Anagram, and the Web3 Foundation. This round, which raises the company’s total funding to over $220 million, supports its initiatives in blockchain-powered payments and loyalty within the global gift market, building on previous investments from Accel, PayPal, and NEA. — PR

• Bitwise Asset Management, a crypto asset manager, has completed a $70 million equity funding round led by Electric Capital, with participation from Khosla Ventures, General Catalyst, MassMutual and Highland Capital, among others. — PR

• Ethena, a crypto project with one of the largest stablecoins, has raised $100 million to fund a new crypto project aimed at traditional financial sectors, with participation from Franklin Templeton and F-Prime Capital. This fundraising follows the firm's strategic partnership with World Liberty Financial. — Bloomberg

Healthcare

• Eikon Therapeutics closed a $350.7 million Series D financing, raising over $1.1 billion since its founding to develop new medicines. The financing included investments from existing and new investors including Lux Capital, Alexandria Venture Investments, AME Cloud Ventures, The Column Group, E15 VC, Foresite Capital, General Catalyst, Soros Capital, StepStone Group, and T. Rowe Price. — PR

• Enveda, a biotechnology company focused on chemical biology for drug discovery, secured an investment from Sanofi as part of its Series C round, raising the total to $150 million. The funding supports Enveda’s transition from discovery to clinical trials, reinforcing industry confidence in its platform. — PR

Consumer

• YouTube influencer MrBeast (real name Jimmy Donaldson) is seeking to raise several hundred million dollars at a $5 billion valuation to expand his business, which includes Feastables and Lunchly, after generating $400 million in sales last year. — Bloomberg

• Fast-casual restaurant chain Just Salad raised $200 million in funding at a valuation of $1 billion from an investor group led by Wellington Management and including D1 Capital Partners, Neuberger Berman, and Stripes. — Bloomberg

Merger Announcements

• Apollo (APO) has agreed to acquire Bridge Investment Group Holdings (BRDG) in an all-stock transaction valued at approximately $1.5 billion. Under the deal, Bridge shareholders will receive 0.07081 shares of Apollo stock per share (valued at $11.50 each), with the transaction expected to close in Q3 2025. — PR / Deal Page

See more: Active Mergers

Closings

• IBM (IBM) closed its $6.4 billion acquisition of HashiCorp (HCP: Delisted). — PR / Deal Page

• First Busey Corporation (BUSE) closed its all-stock acquisition of CrossFirst Bankshares (CFB: Delisted). — PR / Deal Page

• WesBanco (WSBC) closed its $959 million acquisition of Premier Financial (PFC: Delisted). — PR / Deal Page

• CoStar Group (CGSP) closed its appx. $1.8 billion acquisition of Matterport (MTTR: Delisted). — PR / Deal Page

• Nokia (NOK) closed its $2.3 billion acquisition of Infinera (INFN: Delisted). — PR / Deal Page

• Velocity One closed its $28 million acquisition of Emcore (EMKR: Delisted). — SF / Deal Page

• ChoiceOne Financial Services (COFS) completed the acquisition of Fentura Financial. — PR / Deal Page

Upcoming Closings

• Rio Tinto's acquisition of Arcadium Lithium (ALTM) is expected to close March 6. — PR / Deal Page

• Silver Lake announced that it will close its acquisition of Endeavor Group (EDR) on March 24, 2025, at $27.50 per share—a 57% premium to Endeavor’s unaffected closing price on October 24, 2023—following nearly one year of negotiations with independent directors. Silver Lake asserts that the agreed price is fair but warns dissenting shareholders that it will not pay merger consideration at closing for appraisal claims and that such demands can only be pursued under Delaware law after the final resolution of the appraisal litigation. — PR / Deal Page

See more: Closed Mergers

Live Deal Coverage and Updates

• Mars is set to issue bonds valued between $25 billion and $30 billion next week to finance its takeover of Kellanova (K) in a deal expected to total approximately $40 billion in acquisition financing. The bond sale, led by Citigroup and JPMorgan Chase, could rank among the largest investment-grade M&A financings since 2013, though timing is subject to market conditions. — Reuters / Deal Page

• Synopsys is planning to sell approximately $10 billion in bonds next week to help finance its $34 billion acquisition of Ansys (ANSS), The debt sale, organized by Bank of America, HSBC, and JPMorgan Chase, would be the largest non-financial bond deal of the year. — Bloomberg / Deal Page

• Nippon Steel Corp. has reiterated its goal of acquiring US Steel (X) for $14.1 billion, even though President Trump indicated the company might instead consider an investment. Nippon Steel President Tadashi Imai stated that discussions with the US government will begin from the current merger agreement, with further talks aimed at securing approval from President Trump. — Bloomberg / Deal Page

Offers / Talks

• 23andMe (ME) rejected CEO Anne Wojcicki’s non-binding offer to acquire the shares she does not already own for $0.41 per share —an 84% reduction from the previous $2.53 proposal. This came after New Mountain Capital withdrew from the process. — PR / Deal Page

• Allegro Microsystems (ALGM) is attracting takeover interest from larger rival ON Semiconductor Corp., which has been consulting advisers over recent months regarding the potential bid. Other suitors may also emerge, though Allegro has not yet signaled openness to a sale. — Bloomberg / Deal Page

• Howard Hughes Holdings (HHH) stated that its Special Committee rejected Pershing Square Capital Management’s revised proposal, received on February 13, 2025, as unacceptable. The Committee has also signed a standstill agreement with Pershing Square to explore alternative options, effective until March 13, 2025, unless extended. — PR / Deal Page

• OneConnect Financial Technology (OCFT) received a take-private offer from Bo Yu Limited. — SF / Deal Page

• Prada is nearing a deal to acquire Versace from Capri Holdings for nearly €1.5 billion (approximately $1.6 billion) following initial due diligence. The Milan-based companies are expected to finalize the transaction this month. Versace was previously acquired by Capri in 2018 for about €1.8 billion. — Bloomberg

• Sycamore Partners is planning a three-way corporate split of Walgreens Boots Alliance (WBA), should an acquisition deal be reached. The proposal would separate the company’s U.S. retail pharmacy, Boots UK, and U.S. healthcare divisions into independent entities with distinct capital structures. — Reuters / Deal Page

Hostile Takeover

• QXO (QXO) is extending its all-cash tender offer for its hostile takeover attempt of Beacon Roofing Supply (BECN) at $124.25 per share until 5:00 p.m. on March 3, 2025—up from the initial February 24 deadline. The offer, fully financed by commitments from Goldman Sachs, Morgan Stanley, Citi, Crédit Agricole, Wells Fargo, and Mizuho and with antitrust clearance in both the U.S. and Canada, is set to close shortly after expiry, independent of financing or due diligence conditions. — PR / Deal Page

Strategic Alternatives

• Scorpius Holdings (SCPX), a CDMO, has engaged an advisor to explore strategic alternatives aimed at maximizing shareholder value and assessing various transaction options. — PR

• Sonim Technologies (SONM) is actively evaluating strategic alternatives through a special committee, with no transaction finalized yet, while also securing additional financing (announced on February 24, 2025) to support independent growth. The company refutes rumors of management discussions with Orbic North America. — PR

• Cantaloupe (CTLP), a payments technology provider for self-service businesses operating in North America, Europe, and Australia, is exploring strategic alternatives, including a potential sale or privatization. The company is currently working with JPMorgan Chase for advisory services, although no definitive decision has been made regarding a transaction. — Reuters

• LAVA Therapeutics (LVTX) has initiated a strategic review aimed at maximizing shareholder value, accompanied by cost-cutting measures including significant workforce reductions. The company has retained a financial advisor to guide this process as it evaluates potential strategic alternatives. — PR

• Vincerx Pharma (VINC) announced the termination of its binding reverse merger term sheet with Oqory and Vivasor. Consequently, the board will reexamine its strategic alternatives, which include exploring out-licensing, various M&A opportunities, asset and technology sales, and potentially winding down operations. — PR

• REPAY (RPAY) has initiated a strategic review with outside advisors to explore alternatives for maximizing shareholder value. The review may include M&A, a sale, take-private, or other structural changes. No deadline has been set. — PR / Deal Page

M&A Market Updates

• The FDIC board approved on Monday a proposal to temporarily revert to its pre-2024 merger review policy, easing the enhanced scrutiny that mandated public hearings for mergers resulting in firms with over $50 billion in assets and additional analysis for those exceeding $100 billion, as part of a broader reevaluation of its oversight process by the Republican-led agency. — Reuters

See more: Potential M&A

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Now, users can follow public logistics stocks and filter by specialization like Freight Forwarding, 3PL, Ocean, Rail, and LogTech.

Additionally, track public and prominent private mergers, IPOs, and news directly from this page.

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Activism, Investor Disputes & Shorts

Activism

• Select Equity Group believes Signet Jewelers (SIG) shares are undervalued and has urged the Board—via a letter dated February 27, 2025—to explore strategic options, including an immediate sale, to maximize shareholder value. Select Equity plans to engage with the Board, management, and other investors to discuss potential changes in strategy and transactions that could enhance stockholder returns, though no definitive proposals are in place at this time. — SF

See more: Activism

Shorts

• Short seller Culper Research published a report targeting AppLovin (APP) titled 'Force-Feeding Users with Silent Backdoor Installs and Copying Meta’s Homework. Straight to the Principal’s Office, Please'. — Culper Research

• Short seller Bleecker Street Research published a report targeting RocketLab (RKLB) titled 'We Think It’s Gonna Be a Long, Long Time'. — Bleeker Street

See more: Short Reports

• Omega Therapeutics (OMGAQ) filed for Chapter 11 on Feb 10, and on Feb 17, it filed a motion to approve a Stalking Horse Agreement with Pioneering Medicines 08-B. — SF

• Nikola (NKLA --> NKLAQ) was delisted by Nasdaq and began trading OTC under the new symbol NKLAQ following its bankruptcy announcement.

• Li-Cycle (LICY --> LICYF), Zomedica (ZOM —> ZOMDF), and Crown Elektrokinetics (CRKN) were delisted from Nasdaq/NYSE and are now trading OTC. — PR