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Actuate Therapeutics is the latest biotech to join the Nasdaq, as it opened for trading at $9.88 on Tuesday.

Latest IPOs and Direct Listings

Actuate Therapeutics (ACTU) opened on Aug. 13 at $9.88. The clinical stage biopharmaceutical company, which is focused on developing therapies for the treatment of "high impact, difficult to treat cancers," had priced its initial public offering of 2.8 million shares at a price of $8.00 per share.

Recent SPAC IPOs

HCM II Acquisition (HOND) opened on Aug. 16 at $9.99. The blank check company's primary focus will be in "completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team."

SilverBox Corp IV (SBXD) opened on Aug. 16 at $10. The blank check company intends to focus its search on a target business in an industry "where it believes the expertise of its management team will provide it with a competitive advantage in completing a successful initial business combination."

Voyager Acquisition (VACH) opened on Aug. 9 at $10. The blank check company will seek to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

EQV Ventures Acquisition (EQV) opened on Aug. 7 at $9.95. The blank check company is sponsored by an affiliate of the EQV Group and formed for the purpose of entering into a business combination with one or more businesses, priced its initial public offering of 35 million units at a price of $10.00 per unit.

End of the Week Performance

• Actuate Therapeutics ended the trading week at $8.70.

Upcoming IPOs

Upcoming IPO and direct listings expected include the likes of Clario, YXT.com, Solera, ShipBob, and StubHub.

Clario, a provider of software to help drugmakers advance treatments through clinical trials, has filed confidentially for an initial public offering and is targeting a valuation of more than $10 billion, Bloomberg's Michelle F Davis, Dinesh Nair, and Ryan Gould reported earlier, citing people familiar with the matter.

YXT.com has filed with the SEC for an initial public offering of American depositary shares, or ADSs. The prospectus states: 

"We are a leader and disruptor of the digital corporate learning industry in China, a market with massive rigid-demand and a total size of RMB126.0 billion in 2023, according to Frost & Sullivan. We have innovated a SaaS model that integrates software and content, effectively assisting customers in the digital transformation of corporate learning. According to Frost & Sullivan, we are the largest digital corporate learning solution provider in China in terms of total revenue, subscription revenue and number of subscription customers in 2023. With our software, we help customers efficiently deploy cloud-based learning platforms at scale. We also offer a broad range of high-quality content, covering the entire corporate learning process of our customers."

Solera has filed for an initial public offering on the New York Stock Exchange. Goldman Sachs, Morgan Stanley, BofA, and Jefferies are among the lead underwriters. The company says it is a global provider of software-as-a-service solutions to the vehicle lifecycle ecosystem, providing asset intelligence.

For the 2024 fiscal year, 90% of its total revenues were recurring. In the 2024 fiscal year, Solera generated revenue of $2.4 billion, operating income of $591.7 million, operating cash flow of $203.9 million, a net loss of $486.3 million, adjusted EBITDA of $1.0 billion, and free cash flow of $93.5 million.

ShipBob has selected JPMorgan (JPM) to lead its planned listing, Bloomberg's Amy Or, Gillian Tan, and Ryan Gould reported earlier this year, citing people familiar with the situation. The Chicago-based e-commerce fulfillment service provider has also chosen Citigorup (C) as part of the syndicate, the authors said. An initial public offering could occur as soon as later this year and could value the company at $4 billion, the authors noted.

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