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Shares of Shuttle Pharmaceuticals soared in their market debut on the Nasdaq, ending their first trading session up more than 370% during another slow week for initial public offerings. Trading shares of the drug researcher was halted multiple times due to volatility. Also moving higher following its IPO was hemp-based cigarette maker Hempacco, which gained as much as 600% on Tuesday.

Latest IPOs and Direct Listings

BioAffinity Technologies (BIAF) opened on Sept. 1 at $8.40. The company had priced its initial public offering of 1,282,600 units of securities at $6.125 per unit.

Each unit, which has no stand-alone rights and will not be certificated or issued as a stand-alone security, consists of one share of common stock, one tradeable warrant to purchase one share of common stock at an exercise price of $7.35 per share, and one non-tradeable warrant to purchase one share of common stock at an exercise price of $7.656 per share.

The company intends to use the net proceeds for the commercialization of its diagnostic called CyPath Lung, a non-invasive test for the early detection of lung cancer that has completed a clinical trial showing 92% sensitivity and 87% specificity in detecting lung cancer in individuals at high risk who have lung nodules less than 2 centimeters.

Shuttle Pharmaceuticals (SHPH) opened on Aug. 31 at $24.05. The discovery and development stage specialty pharmaceutical company, which is focused on improving the outcomes of cancer patients treated with radiation therapy while reducing side effects, had priced its initial public offering of 1,225,888 units of common stock and warrants at $8.125 per unit.

Hempacco (HPCO) opened on Aug. 30 at $38. The vertically integrated hemp manufacturing company had priced 1 million shares of common stock at a public offering price of $6.00 per share.

Performance

• BioAffinity ended the week at $7.05.
• Shuttle Pharmaceuticals finished Friday at $14.90.
• Hempacco ended the week at $5.64.

Recent IPOs to Watch

Forza X1 (FRZA), Reborn Coffee (REBN), Corphousing Group (CHG), Treasure Global (TGL), and Innovative Eyewear (LUCY) 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 Instacart, Bitdefender, and Group One.

Instacart, the grocery-delivery company that competes with offerings from Amazon (AMZN), Uber (UBER), and DoorDash (DASH), still expects to go public before year's end despite 2022 to date being "one of the slowest years for IPOs in more than a decade," The Wall Street Journal's Berber Jin, Corrie Driebusch, Jaewon Kang, and Preetika Rana reported.

Instacart confidentially filed for an initial public offering with the SEC earlier this year and is in the process of responding to comments from the SEC on its IPO documents, sources familiar with the matter told the reporters. Instacart, which had previously leaned toward going public via a direct listing, is now considering a traditional IPO so it could raise cash that could be used for future acquisitions, the sources said. 

Bitdefender Holding B.V., which identifies itself as "a global cybersecurity leader," announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities Exchange Commission for the proposed initial public offering of its securities in the United States.

"The timing, size, and price range for the proposed offering have yet to be determined. The initial public offering is subject to SEC and other regulatory review processes, as well as market and other conditions," the company said. Bitdefender did not disclose a proposed ticker symbol for its anticipated stock offering.

Group One, the company behind mixed martial arts brand One Championship, is considering a U.S. initial public offering after previously exploring a listing via a blank check company, Bloomberg's Manuel Baigorri, Olivia Poh, and Elffie Chew reported, citing people familiar with the matter. Group One is changing its legal domicile to the Cayman Islands from its current one in Singapore as a step towards a potential U.S. listing, the people said.

Other IPO News 

Chobani stated in a filing with the SEC that the company has determined not to pursue, at this time, the contemplated initial public offering. The company confirms that no securities have been sold pursuant to its previously filed registration statement.

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