Cabaletta Bio (CABA) : 4-year performance

 ticker: CABA

Shein confidentially files for U.S. IPO

Shein has confidentially filed to go public in the U.S. as the Chinese-founded fast-fashion juggernaut looks to expand its global reach with a long-rumored initial public offering. 

The retailer was last valued at $66 billion and could be ready to start trading on the public markets as soon as 2024, people familiar with the matter said Monday.

• Shein is headquartered in Singapore and was founded in Nanjing, China in 2008. 
• In 2022, Shein was the world's largest fashion retailer with a value of $100 billion — more than fast-fashion predecessors H&M and Zara combined. 
• Shein uses on-demand manufacturing to reduce inventory waste and deliver affordable products. 
• It has been criticized for its labor practices and the role of fast fashion in pollution. 
• Shein promotes clothes under $30, $20 or even $5, mostly made in China and shipped directly to shoppers.
  
• https://us.shein.com/?ref=www&rep=dir&ret=us
  

Shein has faced a number of controversies, including: 

• Design theft: Artists have filed a racketeering lawsuit accusing Shein of stealing designs.
• Import tax laws: A congressional report says Shein abuses a loophole in import tax laws.
• Forced labor: Lawmakers have called for an investigation into alleged use of forced labor  in Xinjiang.

A confidential filing is common, as it allows companies to communicate with the U.S. Securities and Exchange Commission and make any necessary adjustments to their filings in private. Over the next few months, Shein will likely make tweaks to its paperwork and answer numerous questions from the agency. The filing will be made public once the company is ready to move forward with its IPO. At that point, those communications with the SEC and any adjustments to its paperwork will be released as well.

Shein has been on a meteoric rise over the past few years after it won over consumers across the globe with its fashion-forward designs, endless assortment and dirt-cheap prices. But Shein has faced a series of challenges along the way and faced accusations of using forced labor in its supply chain, violating labor laws, harming the environment and stealing designs from independent artists.

The company is currently under investigation by the newly formed House Select Committee on the Chinese Communist Party and has faced scrutiny over its ties to Beijing. Numerous lawmakers, including 16 Republican attorneys general, have called on the SEC to ensure Shein isn’t using forced labor in its supply chain before it’s allowed to start trading in the U.S.

Chromocell Therapeutics Seeks $8.7 Million In Micro-IPO

• Chromocell Therapeutics, a Phase 1 biotech developing a non-addictive pain blocker using a sodium ion channel
• HQ North Brunswick, New Jersey
• https://chromocell.com/

 

Chromocell Therapeutics Corporation has filed for an $8.7 million IPO to develop its treatment for chronic pain conditions.

The company's lead compound is being prepared for a Phase 2a study for erythromelalgia patients with a genetic component.

The global market for erythromelalgia treatment is estimated to reach $3.5 billion by 2032, driving potential growth for Chromocell.

==Maison Solutions (MSS) began trading on the Nasdaq on Thur 5 Oct 23

Maison Solutions Inc. is a fast-growing specialty grocery retailer offering traditional Asian food and merchandise to modern U.S. consumers, particularly to members of Asian-American communities.

• Headquarters: Monterey Park, CA
• Founded: 2019
• maisonsolutionsinc.com

Instacart (CART) began trading on the Nasdaq on Tue 19 Sept 23

Instacart priced 22.0 mln share IPO at $30.00 per share, at the high end of the revised $28-30 expected range.

Opened for trading at $42, ended the day about 20% below its opening price of $42 (33.70 +3.70)

Ticker:  CART

==DevvStream Holdings and Focus Impact Acquisition Corp (FIAC) enter SPAC business combination agreement

 

• DevvStream Holdings and Focus Impact Acquisition Corp. announced that they have entered into a definitive Business Combination Agreement for a business combination. DevvStream is a leading developer and manager of technology-based carbon credits and related sustainability solutions. DevvStream seeks to partner with governments and corporations worldwide to achieve their sustainability goals through the implementation of curated green technology projects that improve energy efficiencies, and eliminate and reduce or sequester carbon emissions, through the use of carbon credits. DevvStream also helps these organizations meet their net zero goals by providing them access to high-quality carbon credits.
• Focus Impact is a special purpose acquisition corporation focused on amplifying social impact through the pursuit of a merger or business combination with socially forward companies. The Transaction is structured as an amalgamation of DevvStream into a wholly owned subsidiary of Focus Impact, following Focus Impact's redomiciling as an Alberta company.
• Focus Impact will be renamed DevvStream Corp. and continue the business of DevvStream following the amalgamation.
• It is a condition of the Transaction that the securities of the Combined Company will be listed on the Nasdaq Stock Exchange, and the shares are expected to trade under the ticker symbol "DEVS".
• Pursuant to the Business Combination Agreement, Focus Impact will re-domicile in the Province of Alberta, Canada and a newly formed, wholly-owned subsidiary of Focus Impact will combine with DevvStream, such that, following the combination, DevvStream will continue as a wholly-owned subsidiary of Focus Impact, which will be renamed DevvStream Corp. The aggregate transaction consideration deliverable to the DevvStream stockholders shall be a number of newly issued shares of common stock (or shares of common stock issuable upon the exercise or conversion of other outstanding securities of DevvStream that are converted as a part of the transaction) of the Combined Company equal to US$145 million plus the aggregate exercise price of the outstanding DevvStream options and warrants, with each share of common stock of the Combined Company valued at US$10.20 per share for the purposes of the Transaction. Based on the aggregate transaction consideration, assuming full dilution and a U.S. dollar to Canadian dollar exchange rate of 1.34, this implies a deemed per share value of C$2.16 for DevvStream's subordinate voting shares.
• Focus Impact maintains a trust account in the amount of approximately US$60 million, as of June 30, 2023 (prior to any redemptions by its public shareholders). All proceeds to DevvStream from the proposed Transaction (after satisfaction of payments to redeeming Focus Impact shareholders and satisfaction of relevant fees, expenses and other liabilities) are expected to be used to by the Combined Company to execute its business plan and for general working capital purposes. The post-transaction enterprise value of DevvStream (prior to receipt of any proceeds from additional capital raising activity) implied by the transaction terms is US$212.8 million.

==Calidi Biotherapeutics (CLDI) began trading on the NYSE on Wed 13 Sep 23

• Calidi Biotherapeutics, a San Diego-based biotech company, has gone public through a special purpose acquisition company (SPAC). The company has secured nearly $70 million in funding to develop its allogeneic stem cell therapies through 2025. Calidi is merging with First Light Acquisition Group (FLAG).
 

The stock was dropped 46% to $4.35 in early trading on Wednesday. The shares fell as much as 50% to a low of $4 when the market opened.

Calidi's trading debut followed the completion of its merger with the blank-check company First Light Acquisition.

The business combination made about $28 million in gross proceeds available to the clinical-stage biotechnology company, consisting of $25 million in a private capital raise, cash proceeds of about $1 million from First Light's trust account and about $2 million in private investments and non-redemption agreements.

Transaction expenses and debt repayments are estimated to be about $13 million, along with a $5 million working capital adjustment for expenses incurred prior to closing. The funds should be enough to sustain operations into 2025, Calidi said.

==Birkenstock (BIRK) filed on Tuesday with the SEC for an IPO

 

Birkenstock's F-1 : " In fiscal 2022, we generated revenues of 1,242.8 million, gross profit margin of 60%, Adjusted gross profit margin of 62%, net profit of 187.1 million, Adjusted EBITDA of 434.6 million and Adjusted EBITDA margin of 35%, while selling approximately 30 million units... In the current era, we have built on our legacy while continuing to revolutionize processes and strategies to unleash our global potential, growing revenues at a 20% CAGR from fiscal 2014 to fiscal 2022."

• Key financials:
  • Revenues increasing from 727.9 million in fiscal 2020 to 1,242.8 million in fiscal 2022, a 31% two-year CAGR;
  • Number of units sold increasing at a 12% CAGR between fiscal 2020 and fiscal 2022;
  • ASP increasing at a 16% CAGR between fiscal 2020 and fiscal 2022;
  • DTC penetration increasing from 30% of revenues in fiscal 2020 to 38% of revenues in fiscal 2022;
  • Gross profit margin expanding from 55% in fiscal 2020 to 60% in fiscal 2022;
  • Adjusted EBITDA growing at a 49% two-year CAGR from 194.8 million in fiscal 2020 to 434.6 million in fiscal 2022, with Adjusted EBITDA margin expanding 8 percentage points from 27% in fiscal 2020 to 35% in fiscal 2022.

Smith Douglas Homes files for IPO

Smith Douglas Homes has filed for an initial public offering, citing strengths such as a “land-light” and conservatively leveraged business model.

The Woodstock, Ga., company had 2022 revenue of $755.4 million, up from $518.9 million in 2021.

Smith Douglas, which focuses on southeastern and southern states, typically buys finished lots through lot-option contracts from third-party land developers or land bankers. The company believes its lot acquisition strategy “reduces our operating and financial risk relative to other homebuilders that own a higher percentage of their land supply on balance sheet.”

The company plans to seek a New York Stock Exchange listing under the symbol SDHC.

Smith Douglas plans to use proceeds to buy newly issued LLC Interests from Smith Douglas Holdings LLC, which in turn plans to use the funding for purposes including repaying credit facility debt and redeeming Class C and Class D units.

Smith Douglas Homes may also use some of the proceeds to acquire or invest in businesses, products, services or technologies.

Klaviyo (NYSE) files S-1 for IPO; size and pricing not yet disclosed

 Data and marketing automation company Klaviyo on Friday became the latest tech company to try to join the public markets.

⦁ Has applied to list Series A common stock on the New York Stock Exchange under the symbol

"KVYO".

⦁ Goldman Sachs & Co. LLC, Morgan Stanley, and Citigroup are acting as lead book runners for the proposed offering. Barclays, Mizuho, and William Blair, are acting as joint book runners, Piper Sandler and Truist Securities are additionally acting as book runners, and Baird, Canaccord Genuity, Needham & Company, and TD Cowen are acting as co-managers.

Marketing automation company Klaviyo became the latest tech company to try to join the public markets, after Instacart and Arm submitted IPO filings.

Klaviyo got its start in the e-commerce industry, helping businesses better target their email and text message marketing to shoppers.

One of its biggest backers and sources of business is Canadian e-commerce giant Shopify.

==VinFast Auto Ltd. (VFS) began trading on the Nasdaq on Thur 17 Aug 23

 

(source) 

New York – Ha Noi, August 15, 2023 – VinFast Auto Ltd. (“VinFast” or the “Company”) celebrated its listing and commencement of trading of its shares on the Nasdaq Global Select Market under the ticker symbol “VFS,” with an equity value of over US$23 billion.

VinFast’s public listing follows the completion of the business combination with Black Spade Acquisition Co (“Black Spade”) on August 14, 2023. VinFast celebrated this moment by ringing the opening bell at Nasdaq Stock LLC (“Nasdaq”) earlier today and became the largest Vietnamese company listed on the U.S. stock market by market capitalization.

The combined company will now operate as VinFast Auto Ltd. and continue to be led by Global CEO Le Thi Thu Thuy, or Madame Thuy Le, who is supported by an experienced, diverse, and entrepreneurial senior management team. Black Spade will provide ongoing business advisory input for the growth of the brand and assist with direct investor engagement.

Commenting on this significant milestone, Madame Thuy Le, Global CEO of VinFast Auto Ltd., said: “VinFast has accelerated the global electric vehicle (EV) revolution by making smart, safe, and environmentally friendly EVs accessible to everyone. Today’s successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development. Further, it is our hope that VinFast’s listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market.”

VinFast has delivered close to 19,000 EVs including the VF e34, VF 5, VF 8, and VF 9 models, as of June 30, 2023. It is also preparing for the upcoming launch of the VF 3, VF 6, and VF 7 models in the Vietnamese and global markets. VinFast looks forward to building upon its rapid expansion as the company rolls out next-generation EVs and solutions, and carries out its strategy of expanding its footprint globally.

The company has established a strong foothold in its Vietnamese home market by rolling out its own charging network spanning across 63 cities and provinces, and plans to expand it further in the coming years. VinFast has also established a company-owned retail and service network of over 122 VinFast stores worldwide.

Root Insurance (ROOT) : performance since 2020 IPO

It has been a long fall from grace for Root, which went public in October of 2020 with a market capitalization of over $6 billion. The IPO was seen as a big win for Root’s venture-capital backers, especially Drive Capital and Ribbit Capital.

 

Founded in 2015 and based in Columbus, Ohio, Root is a tech-enabled insurance provider that uses AI and data science to determine customers’ rates more quickly and streamline the claims process. In 2019, the company expanded its reach when it introduced renters insurance.

Root’s public debut came after those of other technology-powered insurance providers including rate-comparison website SelectQuote (SLQT), SoftBank-backed Lemonade (LMND) and Hippo (HIPO).

Such companies were part of a wave of consumer-facing online-insurance startups that went public during the last venture boom. They have since experienced steep selloffs in their stocks, in part because it turns out the companies tend to have higher loss ratios associated with accidents by their customers. Root has incurred net losses on an annual basis since its inception.

The once-highflying Carvana invested $126 million in Root in August of 2021, getting convertible stock and warrants. The companies began a partnership to offer insurance to customers in 2022. Declining used-car prices postpandemic have dented Carvana’s sales and profits—and the value of the agreement for Root.

Root’s Chief Revenue and Operating Officer Daniel Rosenthal resigned from the company earlier this year. Root recently fired its former Chief Financial Officer and Treasurer Rob Bateman for cause, saying only that he violated unspecified company policies.

Hall has sold a number of his previous businesses, including insurance-tech startup Salty Dot, acquired by CDK Global, and Insurance Point, acquired by Arthur J. Gallagher & Co.

Atlas Energy Solutions (AESI) began trading on the NYSE on Thur 9 Mar 23

Atlas Energy Solutions Inc. provides proppant and logistics services to the oil and natural gas industry within the Permian Basin of West Texas and New Mexico. The company was .

• Sector(s): Energy
• Industry: Oil & Gas Equipment & Services
• Full Time Employees: 371
• Founded in 2017 
• HQ in Austin, Texas
• https://atlas.energy

Fast-casual Mediterranean restaurant chain Cava aims for $2.12 billion valuation in U.S. IPO

• 
  Cava prices IPO at $17-$19 a share, with top end value of $2.1B;  looks to raise as much as $274M in offering

In a letter written by co-founder and CEO Brett Schulman, the company said it currently has 263 restaurants and should have 300 by the end of 2023. 

Cava Group, which operates a chain of Mediterranean fast-casual restaurants in the United States, said on Monday it is aiming for a valuation of up to $2.12 billion in its U.S. initial public offering.

 

 

The company intends to sell roughly 14.44 million shares priced between $17 and $19 apiece in the offering, aiming to raise up to $274.4 million based on the top end of the proposed range.

Although Cava’s revenue has grown at a compound annual growth rate of 52.2% since 2016, the company has been operating at a loss for several years.

Cava was founded by three friends with Greek roots — Ted Xenohristos, Ike Grigoropoulos and Dimitri Moshovitis. The group opened its first restaurant Cava Mezze in Rockville in 2006 and started selling its signature dips and spreads in local grocery stores within two years.

J.P. Morgan and Jefferies are acting as joint lead book-running managers of the offering.

The company plans to list on the New York Stock Exchange under the symbol “CAVA.”

Korean barbecue concept GEN Restaurant Group files for IPO

GEN Restaurant Group Inc., which owns the 32-unit GEN Korean BBQ House concept, has filed for an initial public offering, joining a small list of brands seeking funds in the public markets this year.

The Cerritos, Calif.-based casual-dining company, in Securities and Exchange Commission Form S-! registration documents filed May 26, did not yet set the number of shares, a share price or a timetable for the Korean barbecue concept.

In the 12 months ended March 31, the company said it had revenues of $169 million and average unit volumes of $6 million. As of May 26, it had restaurants in six states, including its home state of California as well as Arizona, Hawaii, Nevada, New York and Texas.

GEN Korean BBQ was founded in 2011 in Tustin, Calif., by Jae Chang and David Kim. Kim was the owner of Baja Fresh Mexican Grill and La Salsa Fresh Mexican Grill, which he sold to and bought back from The Wendy’s Co. over a four-year period. In 2016, Kim sold both brands to the MTY Food Group Inc., a Montreal-based restaurant operator, in a $27 million deal.

Because GEN Restaurant Group had less than $1.07 billion in revenue during its last fiscal year, it qualifies as an emerging growth company, or EGC, and has limited disclosure requirements, the company noted.

The GEN Korean BBQ House concept allows customers to cook their own food.

The company plans to list on the Nasdaq exchange under the symbol "GENK."

The sole book-running manager on the public offering is Roth Capital Partners with the Craig-Hallum Capital Group and The Benchmark Co. as co-managers.

Five Point Holdings (FPH) : 6-year performance

 

Qualys (QLYS) : 10-year performance

• Sector(s): Technology
• Industry: Software—Infrastructure
• Full Time Employees: 2,143
• Founded in 1999
• https://www.qualys.com

Inari Medical (NARI) : 3-year performance

 

Clover Health Investments (CLOV) : 2-year performance

 

Beyond Meat (BYND) : 4-year performance

 

Robinhood Markets (HOOD) : 2-year performance

 

Johnson & Johnson's Kenvue files for IPO

• Kenvue CEO Thibaut Mongon said that the establishment of Kenvue is an important part of the spin -off restructuring plan, which can maximize the value of all stakeholders. In terms of positioning, KenVue competed with companies such as P & G and L'Oreal.
• Skin health/beauty sector revenue accounts for 30%, including 16 brands including Neutrogena, Ai Weinuo, Dr. Chengye, Oshuba, etc.; the revenue proportion of basic health sectors is 32%, including wound care, oral care, and oral care, and oral care, and oral care, and oral care, and oral care, and oral care. Baby care and women's health brands, including Li Shidelin, Chuangya Paste bandages and OB sanitary cotton bars, including 12 brands, including 38%of the revenue of personal care segments, including non -prescription medicines and health products, such as Tyno and Motalin and so on 16 brands.

 

Johnson & Johnson confirms launch of Kenvue IPO Roadshow; IPO expected to consist of 151.2 mln shares of common stock with an expected price range of $20-$23 per share 

• Co confirms that Kenvue Inc., a wholly owned subsidiary of Johnson & Johnson comprising its Consumer Health Business, has launched a roadshow for the initial public offering of 151,204,000 shares of its common stock.
• Kenvue expects to grant the underwriters a 30-day option to purchase up to an additional 22,680,600 shares of its common stock to cover over-allotments, if any.
• The IPO price is currently expected to be between $20.00 and $23.00 per share.
• Kenvue has applied to list its common stock on the New York Stock Exchange under the symbol "KVUE."
  
• After the completion of the IPO, JNJ will own 1,716,160,000 shares of Kenvue's common stock, representing 91.9% of the total outstanding shares of Kenvue's common stock (or 90.8% if the underwriters exercise in full their over-allotment option).
• Goldman Sachs (GS), J.P. Morgan (JPM) and BofA Securities (BAC) are acting as joint lead book-running managers for the IPO.

U Power (UCAR) began trading on the Nasdaq on Thur 20 Apr 23

 An electric vehicle (EV) battery-swapping technology company.

• HQ: Xuhui, Shanghai, China
• https://en.upower.com/

 

The company announced the pricing of its IPO earlier this morning, noting that 2.4 million shares would be sold at $6 apiece to raise nearly $15 million.

U Power, which also operates as Upincar and UNEX, started as a vehicle sourcing service provider in China, and brokers vehicle sales between wholesalers and buyers, which include dealerships and individuals in lower-tier cities. In 2020, it shifted its focus and also began developing its proprietary automated battery-swapping stations, under the UOTTA brand. In 2021, it partnered with auto manufacturers to adapt certain EV models to work with its UOTTA stations. In January 2022, it started operating a battery-swapping station, pursuant to a cooperation agreement with a local gas station operator in Quanzhou City.

The startup surged as high as $75 before closing at $43.18 after pricing its initial public offering at $6. It capped the best debut among companies to list in the US this year after blowing past the 255% boom seen for shares of Multi Ways Holdings Ltd.

U Power was halted at least 22 times Thursday after listing on the Nasdaq Capital Market. The company’s gross proceeds are expected to be about $14.5 million, before deducting underwriting discounts and commissions, and other offering expenses. WestPark Capital Inc. is the sole book running manager for the offering and Orientiert XYZ Securities Limited is a co-manager.

Intuitive Machines (LUNR) began trading on the Nasdaq on Tue 14 Feb 23

Commercial lunar lander company Intuitive Machines has completed its merger with Inflection Point Acquisition Corp., a special purpose acquisition company (SPAC) on Feb. 13, raising far less money than originally anticipated.

The company designs, manufactures, and operates space products and services in the United States.

It also offers aerospace engineering services to NASA and the aerospace industry. 

• Sector(s): Industrials
• Industry: Aerospace & Defense
• Founded in 2013 
• HQ in Houston, Texas
• https://www.intuitivemachines.com

The companies announced the merger in September 2022, long after the mania surrounding SPACs has cooled both in the space industry and the overall market. Inflection Point had $301 million of cash in trust, and the companies said they had arranged an additional $55 million in investment from the SPAC’s sponsors and a founder of Intuitive Machines, along with $50 million CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Company. In an investor presentation linked to the merger announcement, the companies anticipated having more than $330 million in cash after transaction expenses.

However, in the Feb. 13 announcement that the merger had closed, the companies announced only $55 million of “committed capital from an affiliate of its sponsor and company founders.” The companies did not mention any proceeds of the SPAC itself, which could have been depleted by redemptions, where SPAC shareholders request their money back rather than hold stock in the merged company.

Despite raising less money than anticipated, company executives said the deal will help Intuitive Machines continue development of a series of commercial lunar landers and related infrastructure, like communications satellites in lunar orbit.

Imara Inc. (Nasdaq: IMRA) to merge with Enliven Therapeutics (Nasdaq: ELVN)

Tickers:  IMRA   ELVN

 

Imara Announces Stockholder Approval of Merger With Enliven

-- Combined Company to Trade on Nasdaq Under Ticker “ELVN” --

-- Imara Announces 1-for-4 Reverse Stock Split of Common Stock --

BROOKLINE, Mass., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Imara Inc. (Nasdaq: IMRA) today announced the results of the special meeting of its stockholders held on February 22, 2023. At the special meeting, Imara’s stockholders voted in favor of all proposals, including the proposal to approve the issuance of shares of Imara’s common stock to the stockholders of Enliven Therapeutics, Inc. (“Enliven”) pursuant to the terms of the Agreement and Plan of Merger, dated as of October 13, 2022, pursuant to which a direct, wholly-owned subsidiary of Imara will merge with and into Enliven, with Enliven surviving the merger as a wholly-owned subsidiary of Imara (the “Merger”).

The closing of the Merger is anticipated to take place on or around Thursday, February 23, 2023. Following the closing of the Merger, the combined company will change its name from Imara Inc. to Enliven Therapeutics, Inc., trade on The Nasdaq Global Select Market under the ticker symbol “ELVN,” will be led by Enliven’s existing management team, and will focus on Enliven’s business related to the discovery and development of small molecule inhibitors to help patients with cancer live not only longer but better.

In addition, Imara today announced that it will effect a 1-for-4 reverse stock split of its common stock that will be effective on Thursday, February 23, 2023, prior to the closing of the Merger. The combined company’s common stock will begin trading on Nasdaq on a split-adjusted basis when the market opens on Friday, February 24, 2023. The new CUSIP number for the combined company’s common stock following the Merger and the reverse stock split is 29337E 102.

EBET, Inc. (EBET) : 2-year performance