Filings for new U.S. listings - 4/30/2024
Marex Group plc (424B4) - April 26, 2024
Marex is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The company provides critical services to its clients by connecting them to global exchanges and providing a range of execution and hedging services across a range of its asset and product classes.
| Name | Marex Group plc |
|---|---|
| HQ Location | London, United Kingdom |
| Country/Region of Operations | Europe, Americas, Middle East, Asia-Pacific |
| Incorporation Jurisdiction | England and Wales |
| Ticker Symbol | MRX |
| Exchange | Nasdaq Global Select Market |
| Offer Size | $292,307,685 |
| Number of Shares offered | 15,384,615 |
| Offer Price | $19.00 per ordinary share |
| Underwriters | Barclays Goldman Sachs & Co. LLC Jefferies Keefe, Bruyette & Woods A Stifel Company Citigroup UBS Investment Bank Piper Sandler HSBC Drexel Hamilton Loop Capital Markets |
| Industry | Financial Services |
| Sales/Revenue | $1,244.6 million (2023) $711.1 million (2022) $541.5 million (2021) |
| Gains/Losses | $196.5 million (2023) $121.6 million (2022) $69.9 million (2021) |
| Total Liabilities | $16,974.2 million (as of 12/31/2023) |
| Cash and Cash Equivalents | $1,483.5 million (as of 12/31/2023) |
| Use of Proceeds | Working capital, incremental growth, general corporate purposes |
| Dividend Policy | Beginning in the third quarter of 2024, subject to the recommendation of the board of directors, the company expects to pay dividends on a quarterly basis. |
| Risk Factors | - Subdued commodity market activity or pricing levels - Effects of geopolitical events, terrorism and wars on market volatility, global macroeconomic conditions and commodity prices - Changes in interest rate levels - Client and counterparty defaults - Regulatory, reputational and financial risks from international operations - Software or systems failures, data security breaches - Inability to adequately hedge positions and limitations in OTC derivatives transactions - Market volatility, reputational risk and regulatory uncertainty related to cryptocurrencies - Impact of climate change and energy transition on business - Changes in accounting judgments, estimates and assumptions - Lack of sufficient financial liquidity - Failure to comply with applicable laws and regulations - Failure to remediate material weaknesses in internal controls |
| Other | - Diversified global financial services platform - Provides critical services connecting clients to global exchanges - Operates in large, growing and fragmented market with high barriers to entry - Experienced management team with track record of growth - Scalable technology and support infrastructure - Prudent approach to capital and liquidity management - Successful history of organic growth and accretive acquisitions |
| Link to Filing | Filing |
Autozi Internet Technology (Global) Ltd. (F-1/A) - 04/25/2024
Autozi Internet Technology (Global) Ltd. is one of the leading and fast-growing lifecycle automotive service providers in China. It provides high-quality, affordable, and professional one-stop automotive products and services through online and offline channels countrywide.
| Name | Autozi Internet Technology (Global) Ltd. |
|---|---|
| HQ Location | Grand Cayman, Cayman Islands |
| Country/Region of Operations | China |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | AZI |
| Exchange | Nasdaq Global Market |
| Offer Size | Unknown |
| Number of Shares offered | 1,250,000 Class A ordinary shares |
| Offer Price | US$4.00 to US$5.00 per Class A ordinary share |
| Underwriters | US Tiger Securities, Inc., Kingswood Investments division of Kingswood Capital Partners, LLC |
| Industry | Automotive services |
| Sales/Revenue | $113,500,000 (Fiscal Year 2023) |
| Net Income/Loss | $(10,500,000) (Fiscal Year 2023) |
| Total Liabilities | Unknown |
| Cash and Cash Equivalents | Unknown |
| Use of Proceeds | Daily operations of onshore and offshore subsidiaries |
| Dividend Policy | The company does not currently plan to pay any cash dividends on its ordinary shares in the foreseeable future. |
| Risk Factors | - Limited operating history under current business model - Potential replication of business model by competitors - Intense competition and risk of losing market share - Adverse impact of economic downturn on business - Dependence on customer demand for automotive services - Risks related to new car sales business - Reliance on consumer financing availability - History of net losses and negative cash flows from operations - Supply chain disruptions and shortages - Risks related to parallel import car sales - Risks of vehicle recalls - Restrictions on new car purchases in China - Dependence on relationships with NEV manufacturers - Risks related to MBS store network and operations - Potential accidents, injuries or harm at MBS stores or facilities - Risks of technological changes in the automotive industry - Failure to provide high-quality services - Risks to brand and reputation - Misconduct by employees, partners and third parties - Challenges in expanding into new products and services - Product defects and liability exposure - Risks related to third-party payment processing - Non-compliance with fire safety requirements - Lack of insurance agency permits for insurance services - Regulatory risks for loan facilitation and factoring services - Failure to obtain VATS license for technology systems - Risks related to overseas listing filing requirements - Broad government regulation and oversight in China - Technology system disruptions and failures - Inability to keep up with technological developments - Adverse impact of COVID-19 pandemic - Risks from pandemics, natural disasters and other events - Reliance on key suppliers and supply chain issues - Inventory management challenges - Labor cost increases and non-compliance with labor laws - Risks related to leased properties - Inability to protect intellectual property - Legal proceedings and regulatory actions |
| Other | - The company is a Cayman Islands holding company with operations in China - Faces risks related to the PRC government's significant authority and oversight over China-based companies - Subject to the Holding Foreign Companies Accountable Act (HFCA Act) and potential delisting risks - Classified as an "emerging growth company" and "foreign private issuer" - Will be a "controlled company" after the offering due to founder's voting control |
| Link to Filing | Filing |
Jinxin Technology Holding Company (F-1/A) - 04/24/2024
Jinxin Technology Holding Company is an innovative digital content service provider in China. Leveraging its powerful digital content generation engine powered by advanced AI/AR/VR/digital human technologies, the company is committed to offering high-quality digital content services through its own platform and content distribution channels of strong partners. The company currently targets K-9 students in China, with core expertise in providing digital and integrated educational contents, and plans to further expand its service offerings to provide premium and engaging digital contents to other age groups.
| Name | Jinxin Technology Holding Company |
|---|---|
| HQ Location | Pudong District, Shanghai, China |
| Country/Region of Operations | China |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | NAMI |
| Exchange | Nasdaq Capital Market |
| Offer Size | Unknown |
| Number of Shares offered | 33,750,000 ordinary shares (in the form of 1,875,000 ADSs) |
| Offer Price | US$4.00 - US$5.00 per ADS |
| Underwriters | EF Hutton LLC |
| Industry | Digital educational content services |
| Sales/Revenue | RMB379,821 thousand (US$53,497 thousand) |
| Net Income/Loss | RMB83,492 thousand (US$11,759 thousand) |
| Total Liabilities | RMB55,580 thousand (US$7,830 thousand) |
| Cash and Cash Equivalents | RMB75,132 thousand (US$10,582 thousand) |
| Use of Proceeds | - Approximately 50% for product and content development - Approximately 20% for sales and marketing and brand promotions - Approximately 20% for recruitment of experienced personnel - Approximately 10% for general corporate purposes and potential strategic investments and acquisitions |
| Dividend Policy | The company has not previously declared or paid any cash dividend or dividend in kind and has no plan to declare or pay any dividends in the near future on its shares or the ADSs representing its ordinary shares. |
| Risk Factors | - If the company is not able to continue to attract and retain users, increase the spending of paying users, and maintain or strengthen cooperation with key customers, it may not be able to sustain revenue growth - The company has a limited operating history in an evolving market, making it difficult to predict prospects and performance - The company has grown rapidly and expects to continue investing in growth, which it may fail to manage effectively - The company has incurred net losses in the past and may not be able to remain profitable in the future - The company faces competition that may divert users, lead to pricing pressure, and result in loss of market share - The company faces risks and uncertainties related to the development of relevant regulations and obtaining required licenses and permits - The recognition of the company's brand may be adversely affected by negative publicity - The company may not be able to convert trial users to paying users of its digital educational content |
| Other | - The company operates through a variable interest entity (VIE) structure due to foreign ownership restrictions in China - There are substantial uncertainties regarding the interpretation and implementation of regulations related to the VIE structure - The company is required to complete a filing procedure with the China Securities Regulatory Commission prior to this offering - The company's auditor is currently subject to PCAOB inspections, but the company may be impacted by the Holding Foreign Companies Accountable Act |
| Link to Filing | Filing |
Ming Shing Group Holdings Limited (F-1/A) - 04/29/2024
Ming Shing Group Holdings Limited is an exempted company incorporated under the laws of the Cayman Islands. The Company conducts its business through its wholly-owned Hong Kong Operating Subsidiaries, MS (HK) Engineering Limited and MS Engineering Co., Limited. The Company mainly engages in wet trades works, such as plastering works, tile laying works, brick laying works, floor screeding works, and marble works. The Company focuses on the role of project management and supervision in carrying out its projects, and generally engages subcontractors to perform substantial parts of the site works under its supervision.
| Name | Ming Shing Group Holdings Limited |
|---|---|
| HQ Location | Kowloon, Hong Kong |
| Country/Region of Operations | Hong Kong |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | MSW |
| Exchange | Nasdaq Capital Market |
| Offer Size | $9,750,000 |
| Number of Shares offered | 1,500,000 Ordinary Shares |
| Offer Price | $5 - $8 per Ordinary Share |
| Underwriters | Revere Securities, LLC |
| Industry | Wet trades works (plastering, tile laying, brickwork, floor screeding, marble works) |
| Sales/Revenue | $21,868,220 (for the year ended March 31, 2023) |
| Net Income/Loss | $2,787,236 (for the year ended March 31, 2023) |
| Total Liabilities | $7,899,604 (as of March 31, 2023) |
| Cash and Cash Equivalents | $323,958 (as of March 31, 2023) |
| Use of Proceeds | - 36% for expanding workforce - 20% for repayment of bank borrowings and finance leases - 2% for acquiring additional equipment - 2% for procuring an enterprise resources planning system - 40% for general working capital |
| Dividend Policy | The Company currently intends to retain most, if not all, of its available funds and any future earnings after this Offering to fund the development and growth of its business. As a result, the Company does not expect to pay any cash dividends in the foreseeable future. |
| Risk Factors | - Non-recurrent nature of projects - Performance and availability of subcontractors - Estimation of project costs - Cyclical nature of construction industry - Shortage of labor and increasing labor cost - Higher material cost |
| Other | - The Company is a holding company with operations conducted through its wholly-owned Hong Kong subsidiaries - The Company does not currently have or intend to have any subsidiary or VIE structure in mainland China - The Company's headquarters and all of its operations are in Hong Kong |
| Link to Filing | Filing |
Rectitude Holdings Ltd. (F-1/A) - 04/24/2024
Rectitude Holdings Ltd is principally involved in the provision of safety equipment, encompassing essential items such as (i) personal protective clothing, hand gloves, safety footwear, and personal fall arrest systems, (ii) portable fire extinguishers and (iii) traffic products. The company's products and solutions are marketed to a wide array of distributor networks and end markets, both in Singapore and increasingly throughout the Southeast Asian region including Brunei, Cambodia, Malaysia, Indonesia and Vietnam. The bulk of the company's customers belong to the infrastructure development, building construction, marine, oil and gas industries, and general industrial markets.
| Name | Rectitude Holdings Ltd. |
|---|---|
| HQ Location | Singapore, Singapore |
| Country/Region of Operations | Singapore, Brunei, Cambodia, Malaysia, Indonesia, Vietnam |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | RECT |
| Exchange | Nasdaq Capital Market |
| Offer Size | $10,000,000 |
| Number of Shares offered | 2,000,000 |
| Offer Price | $4.00 - $6.00 per share |
| Underwriters | A.G.P. |
| Industry | Safety Equipment |
| Sales/Revenue (FY 2023) | $37,643,696 |
| Gains/Losses (FY 2023) | $3,926,821 |
| Total Liabilities (as of 03/31/2023) | $11,603,841 |
| Cash and Cash Equivalents (as of 03/31/2023) | $2,432,557 |
| Use of Proceeds | - Marketing and promotion campaigns (20%) - Product development (30%) - Digital transformation and system upgrading (10%) - General working capital and corporate purposes (40%) |
| Dividend Policy | The company does not intend to pay any dividends on its Ordinary Shares for the foreseeable future. Instead, it anticipates that all of its earnings, if any, will be used for the operation and growth of its business. |
| Risk Factors | - The company operates in a highly competitive industry - The company is dependent on a stable production and supply of products from its manufacturing partners and suppliers - The company is exposed to disputes and product liability claims arising from accidents due to the usage of its safety equipment - The company may not be able to successfully implement its business strategies and future plans |
| Other | - The company has strong and stable relationships with its suppliers and customers - The company has an experienced management team - The company has strategically located branches across Singapore - The company provides a one-stop solution for an extensive range of safety products and industrial graded hardware tools |
| Link to Filing | Filing |
Veg House Holdings Inc. (F-1/A) - 04/25/2024
Veg House Holdings Inc. is a Cayman Islands holding company focused on expanding access to plant-based food products by developing a global portfolio of businesses that offer high-quality plant-based products and bridging the gap between two multi-billion-dollar industries: e-commerce and plant-based foods. The company operates e-commerce platforms PlantX and Vegan Essentials, offering over 5,000 plant-based products, as well as physical XMarket grocery stores and a vegan food hall in Chicago. The company aims to become the one-stop-shop for plant-based living through its e-commerce platforms, private label products, and physical retail locations.
| Name | Veg House Holdings Inc. |
|---|---|
| HQ Location | Miami Beach, FL |
| Country/Region of Operations | North America, United Kingdom |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | VEG |
| Exchange | Nasdaq |
| Offer Size | $5,000,000 |
| Number of Shares offered | 1,000,000 |
| Offer Price | $5.00 per share |
| Underwriters | EF Hutton LLC |
| Industry | Plant-based food and e-commerce |
| Sales/Revenue | $3,837,595 (Year ended March 31, 2023) |
| Net Income/Loss | $(2,306,272) (Year ended March 31, 2023) |
| Total Liabilities | $1,122,875 (As of September 30, 2023) |
| Cash and Cash Equivalents | $615,393 (As of September 30, 2023) |
| Use of Proceeds | - 20% for product development - 12% for expansion of vegan food hall in Chicago and Little West LLC - 15% for sales and marketing - 53% for working capital and general corporate purposes |
| Dividend Policy | The firm does not intend to issue a dividend in the foreseeable future. |
| Risk Factors | - Our founder and special advisor, Sean Dollinger, has been the subject of a compliance review by the British Columbia Securities Commission - If we fail to successfully improve our customer experience, including by continuing to develop new product offerings and enhancing our existing product offerings, our ability to attract new customers and retain existing customers may be materially adversely affected - If the products we sell are not safe or otherwise fail to meet our customers' expectations, we could lose customers, incur liability for any injuries suffered by customers using or consuming a product we sell or otherwise experience a material impact to our brand, reputation and financial performance - Food safety and food-borne illness incidents or advertising or product mislabeling may materially adversely affect our business - Changes in consumer tastes and preferences or in consumer spending due to inflation or otherwise, and other economic or financial market conditions could materially adversely affect our business |
| Other | - The company has evaluated whether there are certain conditions and events that raise substantial doubt about its ability to continue as a going concern - The company's auditor has expressed substantial doubt about its ability to continue as a going concern |
| Link to Filing | Filing |
Viking Holdings Ltd (F-1/A) - 04/29/2024
Viking Holdings Ltd is a Bermuda-based cruise line company founded in 1997 that has grown to become one of the world's leading travel companies, offering river, ocean and expedition cruises. The company is filing an initial public offering to increase its capitalization and financial flexibility and create a public market for its shares.
| Name | Viking Holdings Ltd |
|---|---|
| HQ Location | Pembroke, Bermuda |
| Country/Region of Operations | Global |
| Incorporation Jurisdiction | Bermuda |
| Ticker Symbol | VIK |
| Exchange | New York Stock Exchange (NYSE) |
| Offer Size | Unknown |
| Number of Shares offered | 53,000,000 ordinary shares (11,000,000 by company, 42,000,000 by selling shareholders) |
| Offer Price | $21.00 - $25.00 per ordinary share |
| Underwriters | BofA Securities J.P. Morgan UBS Investment Bank Wells Fargo Securities HSBC Morgan Stanley Rothschild & Co Stifel Drexel Hamilton Loop Capital Markets R. Seelaus & Co., LLC |
| Industry | Cruise Line |
| Sales/Revenue | $4,710,493,000 |
| Net Income/Loss | $(1,858,601,000) |
| Total Liabilities | $9,481,905,000 |
| Cash and Cash Equivalents | $1,513,713,000 |
| Use of Proceeds | Use a portion of net proceeds to satisfy tax withholding and remittance obligations related to RSU Net Settlement; Remaining net proceeds for general corporate purposes, including working capital, operating expenses and capital expenditures |
| Dividend Policy | We currently intend to retain any future earnings for use in the operation of our business and do not intend to declare or pay any cash dividends in the foreseeable future. |
| Risk Factors | - Changes in the general worldwide economic and political environment could reduce the demand for cruises - Adverse weather conditions or other natural disasters, including high or low river water levels, may require us to alter our itineraries or cancel existing cruises - Adverse incidents involving cruise ships may adversely affect our business, financial condition and results of operations - Disease outbreaks or pandemics have had, and in the future could have, a significant impact on the travel industry generally and on our business and results of operations - The threat of terrorist attacks, wars, acts of piracy and other events affecting the safety and security of travel can reduce the demand for cruises or require us to cancel existing bookings |
| Other | - Viking is the first and only travel company to be rated #1 for Rivers, #1 for Oceans and #1 for Expeditions by Condé Nast Traveler - Viking has a highly differentiated guest experience, with a focus on destination-focused and culturally immersive travel - Viking has a clear customer focus on curious, affluent travelers aged 55 and over, an attractive demographic that has been underserved - Viking has a robust direct marketing platform that drives early bookings and strong brand loyalty - Viking has a young, fuel-efficient fleet designed to meet future environmental regulations - Viking has a seasoned, proven management team committed to long-term shareholder value |
| Link to Filing | Filing |
ZEEKR Intelligent Technology Holding Ltd (F-1/A) - 04/25/2024
ZEEKR Intelligent Technology Holding Limited is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, it aspires to lead the electrification, intelligentization and innovation of the automobile industry. The company's current product portfolio primarily includes ZEEKR 001, ZEEKR 001 FR, ZEEKR 009, ZEEKR X and an upscale sedan model. ZEEKR Intelligent Technology has strong in-house technological capabilities focusing on electrification and intelligentization, and has established strategic partnerships with global industry leaders.
| Name | ZEEKR Intelligent Technology Holding Ltd |
|---|---|
| HQ Location | Ningbo, Zhejiang, People's Republic of China |
| Country/Region of Operations | China |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | ZK |
| Exchange | New York Stock Exchange |
| Offer Size | Unknown |
| Number of Shares offered | Unknown |
| Offer Price | Unknown |
| Underwriters | Goldman Sachs, Morgan Stanley, BofA Securities, CICC, BNP PARIBAS, BOCI, CMBC Capital Holdings Limited, HSBC, ICBC International, Santander, SPDB International Capital Limited |
| Industry | Motor Vehicles & Passenger Car Bodies |
| Sales/Revenue | US$7,277.9 million (2023) |
| Net Income/Loss | US$1,164.0 million |
| Use of Proceeds |
(i) the development of more advanced BEV technologies, as well as expansion of product portfolio; (ii) selling and marketing, and expansion of our service and charging network; and (iii) general corporate purposes, including working capital needs, to support our business operations and growth. |
| Dividend Policy | ZEEKR Intelligent Technology has not previously declared or paid any cash dividend or dividend in kind, and has no plan to declare or pay any dividends in the near future on its ordinary shares or the ADSs. |
| Risk Factors |
- The company's BEV business has a limited operating history and faces significant challenges as a new entrant into the industry - The company may not be able to achieve and sustain profitability - The company's research and development efforts may not yield expected results - The company's BEVs may contain defects and fail to offer a good mobility experience to meet customer expectations - China's BEV market is highly competitive, and demand for BEVs may be cyclical and volatile - The company is dependent on its suppliers, some of which are single-source suppliers - A severe or prolonged downturn in the PRC or global economy could materially and adversely affect the company's business - The company's business and prospects depend significantly on its ability to build the ZEEKR brand - Any dysfunction or outdated developments in SEA may negatively affect the production of the company's BEVs - Problems or delays in ramping and maintaining operations of the manufacturing facilities could negatively affect the production of the company's BEVs |
| Other |
- The company is a "controlled company" within the meaning of the applicable rules of the NYSE because Geely Automobile Holdings Limited will have a controlling ownership interest - The company faces various legal and operational risks and uncertainties as a company based in and primarily operating in China - The company is subject to the Holding Foreign Companies Accountable Act and the risk of being identified as a "Commission-Identified Issuer" - The company is required to fulfill the filing procedure with the CSRC in accordance with the Trial Measures for the overseas offering and listing |
| Link to Filing | Filing |
Inhibikase Therapeutics, Inc. (S-1/A) - 04/29/2024
Inhibikase Therapeutics, Inc. is a clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics to modify the course of Parkinson's disease, Parkinson's-related disorders and other diseases of the Abelson Tyrosine Kinases. The company's multi-therapeutic pipeline has a primary focus on neurodegeneration and its lead program utilizing Risvodetinib (IkT-148009) targets the treatment of Parkinson's disease inside and outside the brain as well as other diseases that arise from Abelson Tyrosine Kinases.
| Name | Inhibikase Therapeutics, Inc. |
|---|---|
| HQ Location | Atlanta, GA |
| Country/Region of Operations | United States |
| Incorporation Jurisdiction | Delaware |
| Ticker Symbol | IKT |
| Exchange | Nasdaq Capital Market |
| Offer Size | Unknown |
| Number of Shares offered | Up to 6,951,872 shares of common stock and accompanying common warrants to purchase up to 6,951,872 shares of common stock; up to 6,951,872 pre-funded warrants to purchase up to 6,951,872 shares of common stock and accompanying common warrants to purchase up to 6,951,872 shares of common stock; placement agent warrants to purchase up to 278,075 shares of common stock |
| Offer Price | Assumed combined public offering price of $1.87 per share and accompanying common warrant |
| Underwriters | Maxim Group LLC |
| Industry | Biotechnology |
| Sales/Revenue | Unknown |
| Net Income/Loss | Unknown |
| Total Liabilities | Unknown |
| Cash and Cash Equivalents | $9,165,179 |
| Use of Proceeds | To extend the 201 trial for Risvodetinib (IkT-148009) up to an additional 12 months, support expansion of biomarker program and ancillary studies required for Phase 3 entry, and other general corporate purposes |
| Dividend Policy | The firm does not intend to issue a dividend in the foreseeable future. |
| Risk Factors | - We are a clinical-stage drug development company with limited resources, a limited operating history and have no products approved for commercial sale, which may make it difficult to evaluate our current business and predict our future success and viability - There is substantial doubt regarding our ability to continue as a going concern and our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements - We will need to raise additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate our clinical trials or other operations - Drug development is a highly uncertain undertaking and involves a substantial degree of risk - We have no history of completing clinical trials for novel drug substances or commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability - Our clinical trials may reveal significant adverse events, toxicities or other side effects not seen in our preclinical studies and may result in a safety profile that could inhibit regulatory approval or market acceptance of any of our product candidates |
| Other | - The company has a multi-therapeutic pipeline with a primary focus on neurodegeneration, with its lead program utilizing Risvodetinib (IkT-148009) targeting the treatment of Parkinson's disease - The company plans to initiate a Phase 2 study for Risvodetinib (IkT-148009) in Multiple System Atrophy patients - The company is also developing IkT-001Pro, a prodrug of the anticancer agent imatinib mesylate, to treat Stable Phase Chronic Myelogenous Leukemia - The company has commercialization rights to all of its development programs and patent protection in the United States until 2033 for IkT-001Pro and 2036 for Risvodetinib (IkT-148009) |
| Link to Filing | Filing |
Oranco, Inc. (S-1/A) - 04/29/2024
Oranco, Inc. is engaged in the business of marketing, selling and distributing light aromatic flavor Chinese Baijiu with a moderate price range in China. The company's PRC Subsidiaries focused their business on the distribution and sale of Chinese Fenjiu Liquor, which is the premium brand name for light aromatic flavor Chinese Baijiu produced by Fenjiu Group. The company has now shifted to focusing on the sale of its own-branded products.
| Name | Oranco, Inc. |
|---|---|
| HQ Location | New York, NY |
| Country/Region of Operations | China |
| Incorporation Jurisdiction | Nevada |
| Ticker Symbol | ORNC |
| Exchange | Nasdaq |
| Offer Size | $7,500,000 |
| Number of Shares offered | 1,500,000 |
| Offer Price | $4.00 - $6.00 per share |
| Underwriters | US Tiger Securities, Inc. |
| Industry | Alcoholic Beverages |
| Sales/Revenue | $18,170,496 (Year ended June 30, 2023) |
| Net Income/Loss | $2,774,327 (Year ended June 30, 2023) |
| Total Liabilities | $16,002,721 (As of June 30, 2023) |
| Cash and Cash Equivalents | $12,568,560 (As of June 30, 2023) |
| Use of Proceeds | General corporate purposes, including working capital, operating expenses, capital expenditures, improvement of corporate facilities and other general and administrative matters. May also use a portion for acquisitions. |
| Dividend Policy | Oranco does not intend to pay dividends for the foreseeable future. |
| Risk Factors | - The lack of diversity of our business may exacerbate the volatilities we experience - The supply of our own brand Chinese Baijiu products relies on a few distilleries with a geographical concentration - If counterfeit products are sold under our brand names and trademarks, our reputation and financial results could be materially and adversely affected - We rely on several major distributors for distribution and sales of our products - We face intense competition and may lose market share and customers - The Group's partnership with Fenjiu Group has expired, which may have a negative impact on our profitability and operating results |
| Other | - Oranco is a holding company incorporated in Nevada, with substantially all of its operations conducted in China through its PRC subsidiaries - Oranco expects to be a "Controlled Company" within the meaning of the Nasdaq corporate governance standards because its CEO holds more than 50% of the voting power - Oranco's auditor, PKF Littlejohn LLP, is subject to PCAOB inspection and not headquartered in mainland China or Hong Kong - Oranco has complied with the filing requirements under the PRC's Trial Measures for Overseas Securities Offering and Listing by Domestic Enterprises |
| Link to Filing | Filing |
Proficient Auto Logistics, Inc. (S-1/A) - 04/29/2024
Proficient Auto Logistics, Inc. is a leading non-union, specialized freight company focused on providing auto transportation and logistics services. Formed in connection with this offering through the combination of five industry-leading operating companies, the company will operate one of the largest auto transportation fleets in North America, utilizing roughly 1,130 auto transport vehicles and trailers on a daily basis, including 615 company-owned transport vehicles and trailers, and employing 649 dedicated employees as of November 30, 2023. From 49 strategically located facilities across the United States, the company offers a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships around the country.
| Name | Proficient Auto Logistics, Inc. |
|---|---|
| HQ Location | Jacksonville, FL |
| Country/Region of Operations | United States |
| Incorporation Jurisdiction | DE |
| Ticker Symbol | PAL |
| Exchange | Nasdaq Global Market |
| Offer Size | Unknown |
| Number of Shares offered | 14,333,333 |
| Offer Price | $14.00 - $16.00 per share |
| Underwriters | Stifel Raymond James William Blair |
| Industry | Auto Transportation and Logistics |
| Sales/Revenue | $414,569,000 |
| Net Income/Loss | $15,002,000 |
| Total Liabilities | $130,916,365 |
| Cash and Cash Equivalents | $29,680,199 |
| Use of Proceeds | - Approximately $180.4 million will be used to pay the cash portion of the Combinations consideration payable to the equity holders of the Founding Companies - Approximately $3.0 million will be used to pay expenses incurred in connection with the Combinations - Remaining net proceeds will be used for general corporate purposes, which are expected to include working capital and future acquisitions |
| Dividend Policy | The company currently intends to retain all available funds and any future earnings to fund the development and growth of its business and to repay indebtedness and, therefore, does not anticipate paying any cash dividends in the foreseeable future. |
| Risk Factors | - The Combinations and this offering are dependent upon each other, and there is no guarantee the closing of the Combinations and this offering will occur - The company has not operated as a combined company and may not be able to successfully integrate the Founding Companies - Increased competition in the auto transportation and logistics industry could result in a loss of market share or reduced rates - The company is highly dependent on the automotive industry, and a decline in the industry could have a material adverse effect - The company is dependent on a small number of customers for a large portion of its revenue - The company's business depends upon compliance with numerous government regulations - Arrangements with independent contractors expose the company to risks - Unionization efforts or labor regulation changes could adversely impact the company - Attracting and retaining qualified driving associates is critical - Failure to maintain effective internal controls over financial reporting |
| Other | - The company's pro forma combined financial results cover periods during which it was not under common control or management and may not be indicative of future results - The company's Chief Executive Officer nominee has indicated interest in purchasing up to $3 million of shares in the offering |
| Link to Filing | Filing |
Waystar Holding Corp. (S-1/A) - 04/29/2024
Waystar provides healthcare organizations with mission-critical cloud software that simplifies healthcare payments. The company's enterprise-grade platform streamlines the complex and disparate processes healthcare provider clients must manage to be reimbursed correctly, while improving the payments experience for providers, patients, and payers. Waystar leverages AI as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, enriches data integrity, and reduces labor costs for providers.
| Name | Waystar Holding Corp. |
|---|---|
| HQ Location | Lehi, Utah |
| Country/Region of Operations | United States |
| Incorporation Jurisdiction | DE |
| Ticker Symbol | WAY |
| Exchange | Nasdaq |
| Offer Size | Unknown |
| Number of Shares offered | Unknown |
| Offer Price | Unknown |
| Underwriters | J.P. Morgan, Goldman Sachs & Co. LLC, Barclays, William Blair, Evercore ISI, BofA Securities, RBC Capital Markets, Deutsche Bank Securities, Canaccord Genuity, Raymond James |
| Industry | Healthcare IT |
| Sales/Revenue | $791,010,000 (2023) |
| Net Income/Loss | $(51,334,000) (2023) |
| Total Liabilities | $2,588,160,000 (as of 12/31/2023) |
| Cash and Cash Equivalents | $64,558,000 (as of 12/31/2023) |
| Use of Proceeds | Repay $__ million aggregate principal amount of indebtedness under the First Lien Credit Facility, with any remainder to be used for general corporate purposes |
| Dividend Policy | No current plans to pay dividends |
| Risk Factors | - Operation in a highly competitive industry - Ability to retain existing clients and attract new clients - Ability to successfully execute on business strategies to grow - Ability to accurately assess and integrate acquired businesses - Ability to establish and maintain strategic relationships - Growth and success of clients and overall healthcare transaction volumes - Consolidation in the healthcare industry |
| Other | - Provides mission-critical cloud software that simplifies healthcare payments - Enterprise-grade platform streamlines complex reimbursement processes for healthcare providers - Leverages AI and proprietary algorithms to automate workflows and drive continuous improvement - Serves approximately 30,000 clients representing 1 million providers across care settings - Highly diversified client base with top 10 clients accounting for only 11.3% of revenue - Business model designed for growth as clients expand and adopt more solutions - Demonstrated ability to drive recurring, predictable, and profitable growth - Net Revenue Retention Rate of 108.8% for the 12 months ended March 31, 2024 - Number of clients generating over $100,000 in revenue grew from 920 to 1,080 over the past 2 years - Facilitated over 5 billion healthcare payments transactions in 2023, spanning approximately 50% of U.S. patients |
| Link to Filing | Filing |
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