After raising $8.4M through an initial public offering on Tuesday, Bullfrog AI saw its shares drop as much as 28%. Meanwhile, NFT Gaming, an NFT-focused digital gaming platform that will offer proprietary and third-party games, raised about $7M in its IPO.
LATEST IPOS AND DIRECT LISTINGS:
Bullfrog AI (BFRG) opened on February 14 at $5.30. The company, which identifies itself as "a digital technology company using machine learning to usher in a new era of precision medicine," had priced its initial public offering of 1,297,318 units at a price of $6.50 per unit. Each unit consists of one share of the company’s common stock, one tradeable warrant to purchase one share of common stock at an exercise price of $7.80 per share, and one non-tradeable warrant to purchase one share of the company’s common stock at an exercise price of $8.125. The shares and tradeable warrants are now trading on the Nasdaq Capital Market under the symbol "BFRG" and "BFRGW," respectively.
NFT Gaming (NFTG) opened on February 15 at $4.55. The company is developing a digital gaming platform and community that will offer users the ability to mint unique avatars playable in all of the games on the platform in the form of non-fungible tokens, or "NFTs," had priced its initial public offering of 1,686,747 shares of common stock at a public offering price of $4.15 per share.
SPAC IPOS THIS WEEK:
Distoken Acquisition (DIST) opened on February 15 at $10.20. The company plans to target businesses in the tech industry with primary operations in Asia and enterprise values between $100M-$200M, but will not pursue a combination with any target business utilizing a VIE structure.
https://thefly.com/n.php?id=3663726
Mars Acquisition (MARX) opened on February 14 at $10.16.
https://thefly.com/n.php?id=3662733
PERFORMANCE:
- NFT Gaming ended the week at $3.81
- Bullfrog AI finished Friday at $4.76.
RECENT IPOS TO WATCH:
TXO Energy Partners (TXO), Genelux (GNLX), and QuantaSing Group (QSG) 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 Stripe, Harden Technologies (HARD), New Ruipeng Pet (RPET), and Zeekr.
Stripe told employees that it has hired Goldman Sachs and JPMorgan to take it public or allow employees to sell stock within the next year, The Information’s Cory Weinberg and Becky Peterson have reported. The company is considering both a direct listing and a private-market transaction that would give employees liquidity in the next 12 months, according to an email viewed by The Information.
Stripe, trying to raise a huge sum of money from investors, has tried to craft "a compelling pitch" that it is growing faster this year than some of the biggest names in tech, has many more potential lines of revenue than just its core payments business and that it is grabbing loads of customers focused on artificial intelligence, The Information’s Kate Clark and Cory Weinberg reported this week. Stripe’s confidential pitch deck to investors, viewed by The Information, "shows how the company is trying to convince them to overlook a sharp slowdown in revenue last year," the latest report added.
Harden Technologies has filed with the SEC for initial public offering of 2.5M ordinary shares and said it expects the initial public offering price will be between $5.00 to $7.00 per ordinary share. The company has applied for approval of the listing of its ordinary shares on the Nasdaq Capital Market and has reserved the symbol "HARD" for such listing for the ordinary shares. The prospectus states, "Harden is a waste management and recycling equipment manufacturer in China, specializing in the manufacture of customized industrial shredders and material sorting machines and production lines."
Haoxin Holdings has filed with the SEC for an initial public offering of its Class A ordinary shares. The company plans to list its Class A ordinary shares on the Nasdaq Capital Market, or Nasdaq, under the symbol "HXHX." Haoxin Holdings Limited, or Haoxin Cayman, is a holding company incorporated in Cayman Islands that conducts a substantial majority of its operations through its subsidiaries established in the PRC. Its prospectus states: "We are a provider of temperature-controlled truckload service and urban delivery services in China with over 19 years of experience in the transportation industry… As of June 30, 2022, we operate a truckload fleet with 70 tractors, 155 trailers and 61 vans, 20 tractors and 4 vans of which are under capital lease. We do not use vehicles under rental arrangement to conduct our services and we prefer to acquire new vehicles via capital lease rather than one-off cash payment."
New Ruipeng Pet Group has filed with the SEC for an initial public offering of American depositary shares, or "ADSs." The company said it intends to apply to list the ADSs on the Nasdaq Global Select Market under the symbol "RPET." The prospectus states in part, "We are the largest pet care platform in China and the second largest globally in terms of number of hospitals and revenue from pet care services in both 2020 and 2021, according to Frost & Sullivan. As of December 31, 2021, we had 23 pet hospital brands and 1,887 pet hospitals, approximately three times the sum of pet hospitals of our competitors that ranked the second through the tenth in China. By September 30, 2022, we had further increased our number of pet hospitals in China to 1,942. As of December 31, 2021, we had operations in 31 provinces and 111 cities, and we had an approximately 30% pet care market share in first-tier cities across China in 2021, according to Frost & Sullivan. As of September 30, 2022, we operated in 114 cities across China."
Zeekr, the upscale unit of Chinese EV maker Geely Automobile (GELYF), has confidentially filed for a U.S. initial public offering that values the company at more than $10B, reports Julie Zhu and Scott Murdoch for Reuters, citing people familiar with the matter. "The plans come as the brand, which competes with Tesla (TSLA) and Chinese peer Nio (NIO), sets its sights on marketing its 001 crossover" in Europe for 2023, added the Reuters story.
Opening Day" is The Fly’s recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.
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