==ON24 (ONTF) to be acquired by Cvent for $400 million in an all-cash deal

• Sector: Technology
• Industry: Software - Application
• Full Time Employees: 437
• Headquartered in San Francisco, California
• https://www.on24.com

 

ON24, Inc. has entered into a definitive agreement to be acquired by Cvent

• The agreement reflects an all-cash transaction for a total consideration of approximately $400 million.
  
• The proposed transaction brings together two complementary platforms serving enterprise marketers and event professionals. ON24's reliable and secure enterprise-grade webinar and digital engagement capabilities, first party engagement data, and AI-powered workflows complement Cvent's robust event technology offerings. With a full suite of solutions that power high-impact digital and in-person experiences, Cvent and ON24 are well positioned to support marketing, sales, customer success and event teams as buying journeys become more digital and complex.
  
• Under the terms of the agreement, ON24 shareholders will receive $8.10 per share in cash, representing a premium of approximately 62% over ON24's closing share price on November 10, 2025, the last trading day prior to ON24's disclosure that it had received several indications of interest regarding a potential transaction and a 51% premium to ON24's 90-day volume weighted average price.
• The proposed transaction, which has been unanimously approved by the ON24 Board of Directors, is expected to close in the first half of 2026, subject to approval by ON24 shareholders, the satisfaction of regulatory approvals, and other customary closing conditions. Upon completion of the transaction, ON24's common stock will no longer be publicly listed, and ON24 will become a privately held company.

Upcoming IPOs

  

Recent IPOs

 

Examples of companies that went public through SPAC mergers

Here are some notable examples of companies that went public through SPAC mergers, particularly from the peak years of 2020–2023 when SPACs were highly popular as an alternative to traditional IPOs:

• DraftKings (DKNG) — Merged in April 2020 with Diamond Eagle Acquisition Corp. One of the early success stories in online sports betting and gaming.
• Virgin Galactic (SPCE) — Merged in 2019 (trading began post-merger) with Social Capital Hedosophia Holdings. Richard Branson's space tourism company, often cited as a high-profile SPAC debut.
• Trump Media & Technology Group (DJT) — Merged in March 2024 with Digital World Acquisition Corp. Operator of Truth Social; gained significant attention due to its association with former President Donald Trump.
• Lucid Motors (LCID) — Merged in July 2021 with Churchill Capital Corp IV. Luxury electric vehicle manufacturer, positioned as a Tesla competitor.
• Opendoor (OPEN) — Merged in 2020 with Social Capital Hedosophia Holdings II. Real estate tech platform for buying and selling homes online.
• Clover Health (CLOV) — Merged in 2021 with Social Capital Hedosophia Holdings III. Medicare Advantage insurance provider using tech and data.
• Nikola (NKLA) — Merged in June 2020 with VectoIQ Acquisition Corp. Electric and hydrogen truck company (faced challenges post-merger).
• SoFi (SOFI) — Merged in June 2021 with Social Capital Hedosophia Holdings V. Fintech company offering banking, investing, and lending services.

SPAC mergers surged in 2020–2021, allowing companies to go public faster and with more valuation flexibility than traditional IPOs, though many post-merger stocks underperformed amid market shifts and higher redemptions.

Medtronic (MDT) spin-off MiniMed files for IPO

The company, which makes medical technology for diabetes patients, filed to go public with the Securities and Exchange Commission on Friday. It did not say how many shares it would offer or at what price.

 

• Medtronic will own at least 80.1% of the voting stock for MiniMed once the IPO is complete

The Medtronic Diabetes business (MiniMed) quarterly performance
Medtronic reported $721 million in revenue for the Diabetes business, growing 11.5% on a reported basis.

The company’s MiniMed 780G automated insulin delivery system and Simplera Sync sensor drove growth in international markets.

The company expects accelerated performance with the launch of Simplera Sync, plus the Instinct sensor developed in collaboration with Abbott. Martha said this partnership brings Abbott’s most advanced continuous glucose monitor (CGM) platform to Medtronic customers.

 

The MiniMed™ 780G system automatically  adjusts insulin delivery and corrects glucose levels every 5 minutes 24/7, requiring no finger pricks.
 

==Beneficient (BENF) : 2-year performance

•  The first day of trading for Beneficient (BENF) in 2023 was on June 7, 2023. On this day, Beneficient completed its business combination with Avalon Acquisition, Inc., and changed its name to Beneficient. 

New board chairman appointment fueled 26.29% intraday surge.

The appointment of Peter T. Cangany Jr., a seasoned financial executive and former EY partner with over 40 years in accounting and audit leadership, as chairman effective December 15, 2025, was announced on December 17. This move replaced the late Thomas O. Hicks and signaled strengthened governance amid the company's efforts to stabilize operations. Traders reacted positively in early trading on December 18, extending momentum from the prior day's 19% gain, which followed the 1-for-8 reverse stock split implemented on December 15 to regain Nasdaq compliance. Volume spiked modestly, reflecting retail interest in the leadership refresh as a step toward resolving prior compliance and reporting issues.

About Beneficient

Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds – with solutions that could help them unlock the value in their alternative assets. Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

www.trustben.com

==Climb Bio (CLYM) : 4-year performance

 

RA Capital exchange agreement ignited multi-day rally extending into 27% gain today.

• The stock's sharp rise stems from a December 11, 2025, exchange agreement with RA Capital Management, where the investor swapped 20.44 million common shares for pre-funded warrants exercisable at a nominal price, signaling strong backing without immediate dilution. This filing, reported via SEC Form 8-K, triggered a 30.43% jump on December 12, with momentum building over subsequent days amid high volume exceeding 8 million shares. Today's movement amplifies this, as traders react to the deal's implications for sustained funding through 2027 and upcoming 2026 clinical readouts for budoprutug and CLYM116 in immune diseases, per recent analyst coverage. No new filings emerged today, but the prior event's positive sentiment persists.

Ambitions Enterprise Management (AHMA) : 6-week performance

Ambitions Enterprise Management Co. LLC operates as a travel agency. It provides event planning and management services. The firm also offers transportation, accommodations, meals, and guided tours or activities under convenient packages. 

• Sector: Consumer Cyclical
• Industry: Travel Services
• Full Time Employees: 43
• Founded  in 2023 
• HQ in Dubai, the United Arab Emirates

The stock experienced a significant decline during regular trading hours on December 5, 2025, amid heightened volatility typical for a recent IPO. Trading was halted briefly around 9:55 AM ET due to rapid price swings, resuming shortly after, which exacerbated the downward move. This follows a pattern of sharp fluctuations, including a 12.23% drop on December 4 and prior surges tied to subsidiary appointments for global events announced late last week. No new announcements or external events appear to have triggered the move, pointing to profit-taking and thin liquidity in this UAE-based MICE firm's shares. Volume spiked to over 1 million shares, amplifying the intraday plunge based on available reports.

=========

As a UAE-based MICE (meetings, incentives, conferences, and exhibitions) and tourism services provider, the Company serves a global client base by delivering expert event management and seamless, one-stop travel solutions. Guided by an experienced management team and supported by partnerships across the tourism and hospitality industries in the Middle East, Europe, Africa, and the Americas, the Company executes large-scale events for clients from diverse sectors. Additionally, the Company manages bespoke travel experiences, providing a one-stop guided tour service that streamlines travel across the UAE and its neighboring countries, as well as to other global destinations.

For more information, please visit https://ir.ambitions.ae 

American Bitcoin (ABTC) : 3-month performance

American Bitcoin Corp. is a bitcoin accumulation platform company.

September 3, 2025: first day of trading on the Nasdaq, following a merger with Gryphon Digital Mining. The stock experienced significant volatility, opening around $8, surging to a high of $14.52, and ultimately closing at $8.04, up 16.5% for the day. 

• Parent organization: Hut 8 Corp. (NASDAQ:HUT)
• Founders: Eric Trump, Donald Trump Jr.
• Founded: March 2025
• Headquarters: Miami, Florida
• Incorporated: Delaware
• www.americanbtc.com

Bearish Put Activity:

• ABTC Weekly Dec05 1.5 puts are seeing interest with the underlying stock down 38% (volume: 9.0K, open int: 50, implied vol: ~211%, prev day implied vol: 97%). Co is expected to report earnings mid-February.

American Bitcoin Corp (ABTC) shares plunge over 50% Tuesday with multiple trading halts as Eric Trump cites pre-merger private placement share unlock driving heavy volume and steep selloff.

 

 

 

 

 

About American Bitcoin

American Bitcoin is a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin reserve development. The company combines Hut 8's proven mining operations, cost-efficient infrastructure development capabilities, and disciplined approach to capital allocation with Eric Trump's commercial acumen, capital markets expertise, and commitment to the advancement of decentralized financial systems. For more information, visit www.americanbtc.com.

Ero Copper (ERO) +17%

Ero Copper Corp. engages in the exploration, development, and production of mining projects in Brazil. 

Its flagship asset includes Caraíba operations that comprise the production and sale of copper concentrates located in northeastern Bahia State, Brazil, as well as gold and silver produced and sold as by-products. 

• Sector: Basic Materials
• Industry: Copper
• Full Time Employees: 3,690
• Incorporated in 2016 
• Headquartered in Vancouver, Canada
• https://erocopper.com

Cidara Therapeutics (CDTX) to be acquired by Merck (MRK) for $9.2B or $221.50 per share

Cidara Therapeutics to be acquired by Merck (MRK) for $221.50 per share in cash

• Merck (MRK) agreed to acquire Cidara Therapeutics (CDTX) for $221.50/share in cash, valuing the transaction at ~$9.2B, as part of its strategy to broaden its infectious disease pipeline.
• Deal centers on CD388, a long-acting, strain-agnostic antiviral in Phase 3 (ANCHOR) for preventing influenza in high-risk individuals; the candidate has Breakthrough Therapy and Fast Track designations and showed strong efficacy in the Phase 2b NAVIGATE trial.
• CD388 combines a neuraminidase inhibitor with a proprietary Fc-antibody fragment, aiming to provide a durable prevention option beyond vaccines and traditional antivirals.
  
• Boards of both companies have approved the transaction; closing is expected in Q1 2026, pending a successful tender offer, HSR clearance, and customary conditions.

  

 

The company was formerly known as K2 Therapeutics, Inc. and changed its name to Cidara Therapeutics, Inc. in July 2014. 

• Sector: Healthcare
• Industry: Biotechnology
• Full Time Employees: 38
• Incorporated in 2012 
• Based in San Diego, California
• https://www.cidara.com

Leifras (LFS) began trading on the Nasdaq on Thur 9 Oct 25

Headquartered in Tokyo, Leifras is a sports and social business company dedicated to youth sports and community engagement. 

 

The Company primarily provides services related to the organization and operations of sports schools and sports events for children. As of December 31, 2024, Leifras was recognized as one of Japan's largest operators of children's sports schools in terms of both membership and facilities by Tokyo Shoko Research. 

• Headquarters: Japan
• Founded: August 27, 2001
• https://leifras.co.jp/

Scholar Rock (SRRK) reported Q3 earnings on Fri 14 Nov 25 (b/o)

Scholar Rock Holding Corp. is a biopharmaceutical company.

• Sector: Healthcare
• Industry: Biotechnology
• Full Time Employees: 128
• Founded by Timothy A. Springer and Leonard I. Zon in  2012
• Headquartered in Cambridge, Massachusetts.
• https://www.scholarrock.com

 

The company announced the results of its earnings performance in the third quarter of the year, where it widened its net loss by 58 percent to $102 million from $64.5 million in the same period last year, pulled down by a 60 percent higher operating loss of $103.5 million versus $64.78 million year-on-year.

Scholar Rock investor sentiment was boosted by the progress of its drug candidate for spinal muscular atrophy (SMA).

In an updated report, Scholar Rock Holding Corp. (NASDAQ:SRRK) said that it completed “constructive and collaborative” in-person meeting with the Food and Drug Administration last Wednesday, November 12, for its biologics license application of apitegromab.

Scholar Rock Holding Corp.  said BLA resubmission and US launch is anticipated by next year.

Additionally, it said that it targets to secure the approval of the European Medicines Agency (EMA) to sell apitegromab to Europe by mid 2026.

Figure Technology Solutions (FIGR) reported Q3 earnings on Thur 13 Nov 25 (a/h)

• Strong Q3 2025 earnings beat, with net income tripling year-over-year, fueled the 21.62% intraday gain

 

Figure Technology Solutions released its Q3 2025 results after market close on November 13, revealing earnings per share of $0.34, surpassing analyst estimates, alongside revenue of $156.37 million driven by robust growth in its tokenized consumer loan marketplace. Net income soared nearly 227% to approximately $90 million, while adjusted EBITDA climbed 75% to $86 million, highlighting the success of its blockchain-based lending platform amid expanding partnerships and marketplace volumes. The earnings call on November 14 at market open amplified positive forward guidance on SMB lending and tokenization initiatives, prompting investor enthusiasm and high trading volume that propelled the sharp price advance during regular hours.

Relay Therapeutics (RLAY) reported Q3 earnings on Thur 6 Nov 25 (a/h)

Relay Therapeutics is a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease.

• It reported third quarter 2025 financial results today, including a net loss of $74.1 million, and announced the appointment of Lonnel Coats and Habib Dable to its Board of Directors.

** charts before earnings **

 

** after earnings **

Intellia Therapeutics (NTLA) reported Q3 earnings on Thur 6 Nov 25 (a/h)

Intellia Therapeutics announced third quarter 2025 financial results and provided updates on its MAGNITUDE and MAGNITUDE-2 Phase 3 trials, including the recent patient death and ongoing FDA clinical hold, with a conference call scheduled for today at 6:00 p.m. ET.

 

** before earnings **

** after earnings **

 

===Novo Nordisk (NVO) launches bidding war with Pfizer (PFE) for US obesity biotech Metsera (MTSR)

Novo Nordisk makes $6.5 billion acquisition offer for Metsera (MTSR), declared superior to Pfizer's prior bid by Metsera's board and potentially triggering a bidding war for the obesity drug developer.

• Pfizer has 4 days to respond to this bid
• Mon 11/3: Pfizer files second lawsuit to block Novo Nordisk's Metsera acquisition with counter bid deadline tomorrow, and is set to report earnings where management will address key strategic questions.

Oct 30, 2025 : Pfizer Addresses Proposal for Metsera

NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) is aware of the reckless and unprecedented proposal by Novo Nordisk A/S (NYSE: NVO) to acquire Metsera, Inc. (NASDAQ: MTSR). It is an attempt by a company with a dominant market position to suppress competition in violation of law by taking over an emerging American challenger. It is also structured in a way to circumvent antitrust laws and carries substantial regulatory and executional risk. The proposal is illusory and cannot qualify as a superior proposal under Pfizer’s agreement with Metsera, and Pfizer is prepared to pursue all legal avenues to enforce its rights under its agreement.

***

Metsera (MTSR) shares jumped nearly 19% premarket on Thursday after Bloomberg reported that Danish drugmaker Novo Nordisk (NVO) has made a higher offer for the obesity startup, aiming to outmatch Pfizer’s (PFE) previously agreed deal and strengthen its dominance in the fast-growing weight-loss drug market.

Novo, which had made an earlier offer before Metsera’s $4.9 billion agreement with Pfizer, has now returned with an improved proposal in both value and structure, the report said, citing sources. The companies are in advanced discussions, and a potential agreement could be reached as soon as Thursday, though no final decision has been made.

Pfizer’s deal, announced in September, included $47.50 per share upfront and up to $22.50 per share in milestone payments. A Metsera deal would deal a setback to Pfizer (PFE), which is struggling with declining Covid vaccine sales and looming patent expirations after its own obesity pill failed due to safety issues.

Novo Nordisk (NVO), though leading in weight loss, is also under pressure to develop next-generation treatments after its CagriSema drug underperformed, as it seeks to stay ahead of Eli Lilly (LLY).

Metsera’s (MTSR) shares have nearly tripled this year to $52.21, valuing the company at about $5.5 billion. Pfizer (PFE) shares were little changed, while Novo Nordisk (NVO) slipped 1.5% in Copenhagen.

The firm is developing next-generation obesity treatments, including a long-acting amylin analogue that could require less frequent dosing than the market-leading drugs from Novo Nordisk’s (NVO) and Eli Lilly’s (LLY). Amylin-based drugs are seen as a gentler alternative to GLP-1 treatments like Wegovy and Zepbound, which often cause nausea and vomiting.

Grupo Aeroméxico's IPO

Overview of Grupo Aeroméxico's IPO

Grupo Aeroméxico, S.A.B. de C.V., Mexico's flagship airline and the country's only full-service carrier offering long-haul wide-body flights, is preparing for a dual listing on the New York Stock Exchange (NYSE) and the Mexican Stock Exchange (Bolsa Mexicana de Valores, BMV). This marks the airline's return to public markets after delisting in 2022 following its emergence from Chapter 11 bankruptcy protection amid the COVID-19 crisis. The IPO process began with an initial SEC filing in May 2024, followed by a registration statement in September 2025, and terms were unveiled in mid-October 2025.
The offering is backed by major investors, including Apollo Global Management (a key shareholder post-restructuring) and Delta Air Lines (which holds a 20% stake and has agreed to a four-year lockup on its shares). Aeroméxico, founded in 1934 and a co-founder of the SkyTeam alliance, operates flights to every major Mexican city and 52 international destinations across 22 countries, with a focus on high-demand leisure routes like Cancun and Puerto Vallarta.Key IPO Details

Aspect	Details
Ticker Symbol	AERO (NYSE for American Depositary Shares/ADS; BMV for ordinary shares)
Shares Offered	- U.S.: 11.73 million ADS (each representing 10 ordinary shares) - Company: 7.39 million ADS (primary) - Selling shareholders: 4.33 million ADS (secondary) - Mexico: 7 million new shares + 20.46 million from selling shareholders
Price Range	$18–$20 per ADS
Expected Proceeds	- U.S. IPO: $223–$234 million (midpoint: $222.8 million) - Total with private placement: Up to $314 million (includes $25 million from PAR Investment Partners at a 5% discount to IPO price)
Valuation Target	Up to $2.92 billion (fully diluted)
Underwriters	Joint book-runners: Barclays, Morgan Stanley, J.P. Morgan, Evercore ISI Other book-runners: Apollo Global Securities, Citigroup, Deutsche Bank Securities, Goldman Sachs, BNP Paribas, BTG Pactual, Santander
Expected Timeline	- Roadshow: Late October 2025 - Pricing: Potentially week of October 28, 2025 - Trading start: Shortly after pricing (exact date TBD)
Use of Proceeds	Primarily for general corporate purposes, including debt repayment and fleet expansion; secondary shares benefit selling shareholders

Financial Highlights (Trailing 12 Months Ended June 30, 2025)Aeroméxico reported strong post-restructuring performance, driven by robust demand in the Mexico-U.S. transborder market and leisure travel:

• Revenue: $5.42 billion
• Net Income: $360.8 million
• Market Share: 36.3% of total passengers to/from/within Mexico (per Mexico's Federal Aviation Agency)
• Fleet: Operates ~140 aircraft, with plans for growth in wide-body international routes.

Market Context and RisksThis IPO follows LATAM Airlines' $456 million NYSE relisting in July 2024, signaling recovery in Latin American aviation. Mexico's 2.8% GDP growth in 2025 and rising tourism support demand, but investors should note risks like fuel price volatility, geopolitical tensions affecting travel, and currency fluctuations (peso vs. USD). The dual U.S.-Mexico structure aims to attract global capital while relisting locally.