Blockchain Company Earlyworks Debuts On Nasdaq

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Japanese blockchain company Earlyworks made its debut this week on Nasdaq after pricing a $6 million initial public offering. Despite early excitement, the stock fell below its IPO price upon its start of trading.


Latest IPOs and Direct Listings

ParaZero (PRZO) opened on July 27 at $4.09. The company had priced its initial public offering of 1.95 million ordinary shares at a price to the public of $4.00 per share. ParaZero is an aerospace company that is focused on drone safety systems and engaged in the business of designing, developing, and providing "what we believe are best-in-class autonomous parachute safety systems for commercial drones, also known as unmanned aerial systems," or UAS, the company states.

The net proceeds from the initial public offering are expected to be used for research and development of new technologies as well as existing products, marketing and sales efforts in new territories, to discharge certain indebtedness, for working capital and general corporate purposes, and possible future acquisitions, the company stated.

Surf Air Mobility (SRFM) opened on July 27 at $5.00 per share in a direct listing. Surf Air Mobility, a regional air travel company "aiming to sustainably connect the world's communities," previously announced that a reference price of $20.00 per share of common stock had been established by the New York Stock Exchange for the expected listing.

Warrantee (WRNT) opened on July 25 at $4.80. The company priced 2.4 million shares at $4.00. Warrantee is a Japanese marketing and market research technology company that says it "helps corporate sponsors unlock value through targeted marketing campaigns while providing its corporate sponsors' potential customers who participate in its campaigns with extended warranty coverage on durables or certain healthcare benefits sponsored by its corporate sponsors."

Earlyworks (ELWS) opened on July 25 at $3.50. The company had priced 1.2 million shares at $5.00. Earlyworks is a Japanese company operating its proprietary private blockchain technology, the Grid Ledger System, or GLS, to leverage blockchain technology in various applications in a wide range of industries.

"The company aims to increase the number of use cases of GLS and offer a general-purpose SDK for external engineers to improve GLS. The company's mission is to keep updating GLS and make it an infrastructure in the coming Web3/metaverse-like data society," Earlyworks has said.

Janover (JNVR) opened on July 25 at $4. The company had priced 1.41 million shares at $4.00, at the low end of the $4.00-$6.00 range. Janover operates a B2B fintech marketplace connecting commercial property borrowers and lenders.


SPAC IPOs This Week

Haymaker Acquisition 4 (HYAC) opened on July 26 at $10.12. The blank check company intends to acquire and operate a business in the consumer and consumer-related products and services industries.

Keen Vision Acquisition (KVAC) opened on July 25 at $10.10. The blank check company intends to focus on sourcing opportunities that are in biotechnology, consumer goods or agriculture, evaluated based on sustainability and environmental, social, and corporate governance imperatives.


Performance

  • ParaZero ended the week at $2.50.
  • Surf Air Mobility closed the week at $2.55.
  • Warrantee finished Friday at $2.19.
  • Earlyworks ended the week at $2.20.
  • Janover finished Friday at $2.17.


Recent IPOs to Watch

Prestige Wealth (PWM) is among the various 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 Hand in Hand Metaverse Marriage, Northann, Simpple, Pixie Dust, SoftBank's Arm, Alibaba's Freshippo, and Zeekr.

Hand in Hand Metaverse Marriage Technnology Co. has filed with the SEC for an initial public offering of ordinary shares. The company has applied to list its ordinary shares on the Nasdaq Capital Market under the symbol "HAND." In its prospectus in the filing, the company states: 

"Hand in Hand Metaverse Marriage Technology Co., Ltd is a brand company focusing on providing high-quality dating and dating services for the new generation and middle-aged and elderly single groups with clear marriage and dating plans, and accurately matching individual needs with a powerful digital system.

"The company focuses on service innovation in the marriage and love market, and uses standardized, standardized, technological and large-scale landing operations to help offline stores quickly enhance brand power and influence. At the same time, the online platform creates a personalized 'meta-universe Al matchmaker' to analyze user data preferences; Use powerful web3 environment big data to match accurate and suitable potential objects for users.

"The offline layout of thousands of cities and thousands of stores, providing marriage consultation, dating advice, etc., to meet personalized needs, create a real, safe and efficient global marriage industry, set social, marriage, travel, education in one of the happy ecology."

Northann has filed with the SEC for an initial public offering of 3 million shares of common stock on a firm commitment basis. "We expect that the initial public offering price will be between $3.00 and $5.00 per share. Prior to this offering, there has been no public market for our common stock. We intend to list our common stock on the NYSE American under the symbol 'NCL,'" the filing stated.

Simpple filed an initial public offering of 1.625 million ordinary shares. The estimated initial public offering price is expected to be between $4.00-$5.00 per share. The company has applied to list its shares on the Nasdaq Capital Market under the symbol "SPPL."

Pixie Dust filed an initial public offering of its common shares, represented by American Depositary Shares. Each such share represents one common share, and the company is offering 2 million of these shares.

Pixie Dust currently expects the initial public offering price to be between $9.00-$10.00 per American Depositary Share. Prior to this offering, there has been no public market for Pixie Dust common shares or American Depositary Shares. Pixie Dust intends to apply to list the shares on the Nasdaq Capital Market under the symbol "PXDT."

SoftBank Group (SFTBY), which said in March it planned to list chip maker Arm Ltd in the U.S. stock market, has filed with regulators confidentially for a US stock market listing, people familiar with the matter told Reuters' Anirban Sen and Echo Wang earlier this year. Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8 billion and $10 billion, setting the stage for this year's largest initial public offering, the sources said.

SoftBank has been targeting a listing for Arm, which competes with Intel and others, since its deal to sell the semi chip designer to Nvidia for $40 billion collapsed last year because of objections from antitrust regulators, the report noted.

Freshippo, the Alibaba (BABA) grocery chain known for selling cooked lobsters and grouper freshly chosen from fish-tanks in the store, has started preparations for a Hong Kong initial public offering, Bloomberg's Pei Li and Manuel Baigorri reported earlier, citing people familiar with the matter.

Zeekr, the upscale unit of Chinese EV maker Geely Automobile (GELYF), has confidentially filed for a US initial public offering that values the company at more than $10 billion, reported Julie Zhu and Scott Murdoch for Reuters, citing people familiar with the matter. "The plans come as the brand, which competes with Tesla and Chinese peer Nio, sets its sights on marketing its 001 crossover" in Europe for 2023, the article stated.

Instacart has been priming for a public market debut, but a potential IPO of the food and grocery delivery company may be delayed by a slowdown in growth as Instacart saw its gross order volume grow between 5% and 10% compared to the same period last year in the first quarter, down from the 16% growth rate seen for all of 2022, people briefed on the matter told The Information's Cory Weinberg earlier this year. Instacart competes in the same space as public companies that include Uber and DoorDash.


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