Opening Day: Arrive AI starts trading on Nasdaq

Arrive AI, an autonomous delivery network anchored by “AI-powered Arrive Points,” announced the commencement of its trading on the Nasdaq Stock Market this week. “This is a testament to the dedication and hard work of our entire team and the unwavering support of our day one investors,” Arrive AI Founder and CEO Dan O’Toole said.

LATEST IPOS AND DIRECT LISTINGS:

Arrive AI (ARAI) opened for trading on May 15 at $40 following a direct listing. Arrive AI describes itself as “an autonomous delivery network anchored by patented AI-powered Arrive Points.”

eToro (ETOR) opened on May 14 at $69.69. The company priced 11.9M shares at $52.00. The deal size was increased to 11.9M shares from 10M and priced above the high end of $46.00-$50.00 target range. eToro operates a trading and investing platform that it says “empowers users to invest, share and learn.”

Antalpha (ANTA) opened on May 14 at $15.01. The crypto fintech company with “a dedicated focus on providing liquidity and risk management solutions to institutional Bitcoin miners” priced its initial public offering of 3.85M ordinary shares at a price to the public of $12.80 per ordinary share. Antalpha intends to use the net proceeds from the offering for general corporate purposes, which may include investment in product development, sales and marketing activities, technology infrastructure, capital expenditure, global expansion, and other general and administrative matters; loan operation and customer funding advance needs, to accelerate its fund flow and improve customer experience; investment in technologies, solutions or businesses that complement its business; and investment in Bitcoin and gold as part of its treasury management.

OMS Energy (OMSE) opened on May 13 at $8. The company priced 3.7M shares at $9.00. The deal size was reduced to 3.70M shares from 5.56M and priced inside the $8.00-$10.00 range. ROMS Energy Technologies identifies itself as a “growth-oriented manufacturer” of surface wellhead systems and oil country tubular goods for the oil and gas industry.

RECENT SPAC IPOS:

Columbus Circle Capital Corp I (CCCM) opened on May 16 at $10.15. The blank check company may pursue an initial business combination target in any industry or geographical location.

Wen Acquisition (WENN) opened on May 16 at $10.70. The blank check company’s primary focus will be on infrastructure companies in the financial technology sector that are focused on enablement of digital assets, such as stablecoins, through the incorporation and integration of blockchain networks into the traditional financial systems.

Thayer Ventures Acquisition II (TVAI) opened on May 15 at $10.04. The blank check company intends to focus its search on a target business in the travel and hospitality industries, where it believes the expertise of its management team will provide it with a competitive advantage in completing a successful initial business combination.

Renatus Tactical Acquisition I (RTAC) opened on May 15 at $10.60. The blank check company intends to focus its search on high potential businesses based in the United States in the cryptocurrency and blockchain, data security and dual use technologies markets.

Churchill Capital Corp X (CCCX) opened on May 14 at $10.27. The blank check company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Perimeter Acquisition Corp. I (PMTR) opened on May 13 at $10.10. The public acquisition vehicle intends to target companies in the defense and national security sectors and expects to evaluate opportunities relating to technology, including opportunities at the convergence of defense, technology, and national security, it stated.

END OF THE WEEK PERFORMANCE:

• Arrive AI – down almost 18% at $10.87;
• eToro – down about 5% at $63.99;
• Antalpha – up almost 13% at $13.33;
• OMS Energy – down 1% at $7.70.

RECENT IPOS TO WATCH: Phoenix Asia (PHOE), Concorde International (CIGL), Pinnacle Food Group (PFAI), Marathon Bancorp (MBBC), and TMD Energy (TMDE) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Chime (CHYM), JiaLian Technologies (JLCN), Circle (CRCL), Happy City (HCHL), and Odyssey Therapeutics (ODTX).

Click here to see upcoming IPO calendar on TipRanks.

Chime announced that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Chime has applied to list its common stock on the Nasdaq under the ticker symbol “CHYM.” The number of shares to be offered and the price range for the proposed offering have not yet been determined. Morgan Stanley, Goldman Sachs and J.P. Morgan will act as lead book-running managers for the proposed offering. Barclays will act as an additional book-running manager. Evercore ISI, UBS Investment Bank, Deutsche Bank Securities, Piper Sandler and Wolfe Nomura Alliance will act as bookrunners. William Blair, Canaccord Genuity, Keefe, Bruyette & Woods, First Citizens Capital Securities and Texas Capital Securities will act as co-managers. Chime is a financial technology company.

JiaLian Technologies has filed with the SEC for a planned initial public offering. The company has applied to list its Class A ordinary shares on the Nasdaq Global Market under the symbol “JLCN.” The prospectus states, “We have built a cross-border fulfillment network optimized for large parcel products. Our operations span multiple locations in China, Kunming, Japan, and the United States. The U.S. remains our largest market, where we operate 21 large-scale warehouses totaling over four million square feet of storage space, covering 11 ports of destination with over ten thousand annual containers… We leverage our proprietary data and AI to accelerate network effects on our platform. As our marketplace grows, we accumulate valuable user and product data to develop analytical and predictive tools, such as product sales forecasts. This information helps sellers efficiently manage inventory and pricing strategies. Successful sellers attract more participants, expanding our product offerings. Our broad selection, competitive pricing, and virtual warehousing capabilities encourage buyers to join and transact, creating a virtuous cycle.”

Circle, the second largest stablecoin issuer which filed confidentially in January 2024, has filed publicly for an initial public offering. The company is seeking to list on the New York Stock Exchange under the symbol “CRCL.” The company’s prospectus filed with SEC states, “As the Circle stablecoin network grows, we believe that our ability to monetize it will grow as well. Today, we monetize the amount of money on the network. We earn reserve income on USDC reserve assets, at rates at a discount to the prevailing SOFR. We believe that our current revenue model has been successful, with 2024 revenue, net income, and Adjusted EBITDA of $1.7B, $156M, and $285M, respectively.”

Happy City filed with the SEC for an initial public offering of 1M Class A ordinary shares of Happy City Holdings Limited, representing 14.29% of the Class A ordinary shares following completion of the offering. The company expects the initial public offering price will be between $5.00 and $7.00 per Class A share and notes it has reserved the symbol “HCHL” for purpose of listing its Class A ordinary shares on the Nasdaq Capital Market.

Odyssey Therapeutics has filed with the SEC for an initial public offering of shares of common stock. The company has applied to list its common stock on the Nasdaq Capital Market under the trading symbol “ODTX.” The prospectus filed with the SEC states, “Odyssey is a clinical-stage biopharmaceutical company led by a team and board of drug hunters seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases… Our most advanced programs include OD-07656, a small molecule scaffolding inhibitor of receptor-interacting protein kinase 2, or RIPK2, for which we intend to commence a Phase 2a monotherapy trial for ulcerative colitis, or UC, in the first quarter of 2025 and a Phase 2a combination trial with vedolizumab in the first half of 2026, and two preclinical programs: a small molecule scaffolding inhibitor of interleukin-1 receptor-associated kinase 4, or IRAK4, and OD-00910, an agonistic protein therapeutic targeting tumor necrosis factor receptor 2, or TNFR2, built from camelid heavy chain variable regions, or VHH, domains.”

Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.