===Net Power (NPWR) reported earnings on Mon 10 March 25 (b/o)

NET Power Inc. operates as a clean energy technology company. The company invents, develops, and licenses clean power generation technology.   

Sector: Industrials

Industry: Specialty Industrial Machinery

Full Time Employees: 43

Founded in 2010 

Headquartered in Durham, North Carolina

https://www.netpower.com

IPO: Jun 9, 2023 via merger with special purpose acquisition company (SPAC) Rice Acquisition Corp II (RAC II).

Hesai Group (HSAI) : 2-year performance

Hesai Technology engages in the development and manufacture of three-dimensional light detection and ranging (LiDAR) solutions. The Company’s LiDAR products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems (ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai's technology also empowers robotics applications such as last-mile delivery robots and logistics robots in restricted areas. 

• Sector: Consumer Cyclical
• Industry: Auto Parts
• Founded in 2014 
• Headquartered in Shanghai, China
• https://www.hesaitech.com

IPO: February 9, 2023; offered 10.0 million American Depositary Shares (“ADSs”), at US$19.00 per ADS, for a total offering size of US$190.0 million

Ticker: HSAI

 

 

 

Alpha Technology Group (ATGL) : 1-year performance

Alpha Technology Group Ltd. is a holding company, which engages in the provision of cloud-based IT solution service. 

• Sector: Technology
• Industry: Software - Infrastructure
• Full Time Employees: 23
• Founded by Leung Tsz Him on October 5, 2022 
• Headquartered in Hong Kong
• https://atgl.io/
• IPO: October 31, 2023
  
• Ticker: ATGL
  

Trio Petroleum (TPET) : 18-month performance

Trio Petroleum Corp. operates as an oil and gas exploration and development company. 

• Sector: Energy
• Industry: Oil & Gas E&P
• Full Time Employees: 7
• Incorporated in 2021 
• Headquartered in Bakersfield, California
• https://trio-petroleum.com

Srivaru Holding (SVMH) : 1-year performance

Srivaru Holding Ltd. engages in the provision of development of renewable energy for two-wheeled vehicles. 

• Sector: Consumer Cyclical
• Industry: Auto Manufacturers
• Founded on June 16, 2021
• Headquartered in George Town, Cayman Islands
• Full Time Employees: 45
• https://svmh.ai

 

U.S.-listed IPOs, annual deal count and value

The value of new U.S. stock listings has only ticked up modestly from 2022, when rapidly rising interest rates and COVID-related distortions in some industries depressed IPO activity.

As of December 31, 2024. Source: Bloomberg Finance L.P.

Nukkleus (NUKK) : 1-year performance

Nukkleus Inc., a financial technology company, provides blockchain-enabled technology solutions worldwide. It focuses on providing software and technology solutions for retail foreign exchange trading industry.

• Sector: Technology
• Industry: Software - Application
• Full Time Employees: 12
• Founded in 2013 
• Headquartered in Jersey City, New Jersey.
• https://www.nukk.com

IPO on December 26, 2023 through a SPAC merger with Brilliant Acquisition Corporation.

 

ParaZero Technologies (PRZO) : 18-month performance

ParaZero Technologies Ltd. is an Israeli company that develops drone-based systems for logistics support. The company's HALO Precision Airdrop System is designed to deliver supplies in challenging environments. The Israeli Defense Export Controls Agency (DECA) approved the HALO system, which is intended to revolutionize drone-based logistical support. 

• Sector: Industrials
• Industry: Aerospace & Defense
• Full Time Employees: 14
• Founded by Amir Tsaliah and Ran Krauss in 2013
• Headquartered in Kiryat Ono, Israel
• https://parazero.com

IPO on July 26, 2023:  1,950,000 ordinary shares at a price to the public of $4.00 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, were $7.8 million.

Surf Air Mobility (SRFM) began trading on the NYSE on Thur 27 Jul 23

• This was a direct listing on the NYSE.  Unlike an initial public offering, in a direct listing shares are not sold in advance. Shareholders are allowed to sell shares directly to the public and net any proceeds from the sale.
• Shares debuted on the New York Stock Exchange at $5 per share below its reference price of $20.
• Aug 19, 2024: reverse split of 1-for-7
• Oct 3, 2024: Palantir has recently invested nearly $1.6 million in Surf Air Mobility   

Sector(s): Industrials

Industry: Airlines

Full Time Employees: 786

https://www.surfair.com

Surf Air Mobility is a Los Angeles-based regional air mobility platform expanding the category of regional air travel to transform flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of flying and as the owner of the largest commuter airline in the U.S., Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets and bring electrified aircraft to market at scale. 

 

 

 

Asset Entities (ASST) : 18-month performance

Asset Entities Inc., a technology company, provides social media marketing and content delivery services across Discord, TikTok, and other social media platforms. It designs, develops, and manages servers for communities on Discord. 

• Sector: Communication Services
• Industry: Internet Content & Information
• Full Time Employees: 11
• Founded in 2020 
• Based in Dallas, Texas
• https://www.assetentities.com

Sharkninja (SN) : 1-year performance

SharkNinja offers the following categories of products: Cleaning Appliances, Cooking & Beverage, Food Preparation Appliances, and Other. Cleaning Appliances include corded & cordless vacuums, including handheld & robotic vacuums, as well as other floorcare products, such as steam mops and wet/dry cleaning floor products.

• Sector: Consumer Cyclical
• Industry: Furnishings, Fixtures & Appliances
• Full Time Employees: 3,300
• Founded by Mark Rosenzweig in 1997 
• Headquartered in Needham, Massachusetts
• https://www.sharkninja.com

Globavend Holdings (GVH) : 6-month performance

Globavend Holdings Ltd. is an e-commerce logistics provider offering end-to-end logistics solutions in Hong Kong, Australia, and New Zealand. The company's customers are primarily enterprise customers, e-commerce merchants, or operators of e-commerce platforms that offer business-to-consumer (B2C) transactions. It offers a one-stop solution, from pre-carriage parcel drop-off to parcel consolidation, air-freight forwarding, customs clearance, on-carriage parcel transportation, and delivery. 

Globavend serves Hong Kong, as well as four cities in Australia and in New Zealand, and its customers are primarily business-to-consumer e-commerce merchants.

• Sector: Industrials
• Industry: Integrated Freight & Logistics
• Full Time Employees: 7
• Founded by Yau Wai Yiu in 2016 
• Headquartered in Perth, Australia
• https://globavend.com

IPO: November 8, 2023; raised $6 million by offering 1.5 million shares at $4, the low end of the range of $4 to $5. The company offered 0.4 million fewer shares than anticipated.

==Maison Solutions (MSS) began trading on the Nasdaq on Thur 5 Oct 23

Maison Solutions Inc. is a fast-growing specialty grocery retailer offering traditional Asian food and merchandise to modern U.S. consumers, particularly to members of Asian-American communities.

• Headquarters: Monterey Park, CA
• Founded: 2019
• maisonsolutionsinc.com

Instacart (CART) began trading on the Nasdaq on Tue 19 Sept 23

Instacart, the grocery-delivery company that saw its business boom during the pandemic, priced its long-awaited IPO at $30 a share on Monday, , at the high end of the revised $28-30 expected range.

It will become the first notable venture-backed tech company to hit the U.S. public market since December 2021.

Instacart priced 22.0 mln share IPO at $30.00 per share

Opened for trading at $42, ended the day about 20% below its opening price of $42 (33.70 +3.70)

Ticker:  CART

The 11-year-old company, which delivers groceries from chains including Kroger, Costco and Wegmans, had to drop its stock price dramatically to make it appealing for public market investors. In early 2021, at the height of the Covid pandemic, Instacart raised money at a $39 billion valuation, or $125 a share, from prominent venture firms like Sequoia Capital and Andreessen Horowitz, along with big asset managers Fidelity and T. Rowe Price.

Instacart co-founder Apoorva Mehta owns shares worth over $800 million, and is selling a small portion of them in the IPO. Mehta has been executive chair since the company appointed ex-Facebook executive Fidji Simo as his successor as CEO in 2021. Mehta is resigning from the board in conjunction with the IPO, and Simo is assuming the role of chair.

==Calidi Biotherapeutics (CLDI) began trading on the NYSE on Wed 13 Sep 23

• Calidi Biotherapeutics, a San Diego-based biotech company, has gone public through a special purpose acquisition company (SPAC). The company has secured nearly $70 million in funding to develop its allogeneic stem cell therapies through 2025. Calidi is merging with First Light Acquisition Group (FLAG).
 

The stock was dropped 46% to $4.35 in early trading on Wednesday. The shares fell as much as 50% to a low of $4 when the market opened.

Calidi's trading debut followed the completion of its merger with the blank-check company First Light Acquisition.

The business combination made about $28 million in gross proceeds available to the clinical-stage biotechnology company, consisting of $25 million in a private capital raise, cash proceeds of about $1 million from First Light's trust account and about $2 million in private investments and non-redemption agreements.

Transaction expenses and debt repayments are estimated to be about $13 million, along with a $5 million working capital adjustment for expenses incurred prior to closing. The funds should be enough to sustain operations into 2025, Calidi said.

==VinFast Auto Ltd. (VFS) began trading on the Nasdaq on Thur 17 Aug 23

 

(source) 

New York – Ha Noi, August 15, 2023 – VinFast Auto Ltd. (“VinFast” or the “Company”) celebrated its listing and commencement of trading of its shares on the Nasdaq Global Select Market under the ticker symbol “VFS,” with an equity value of over US$23 billion.

VinFast’s public listing follows the completion of the business combination with Black Spade Acquisition Co (“Black Spade”) on August 14, 2023. VinFast celebrated this moment by ringing the opening bell at Nasdaq Stock LLC (“Nasdaq”) earlier today and became the largest Vietnamese company listed on the U.S. stock market by market capitalization.

The combined company will now operate as VinFast Auto Ltd. and continue to be led by Global CEO Le Thi Thu Thuy, or Madame Thuy Le, who is supported by an experienced, diverse, and entrepreneurial senior management team. Black Spade will provide ongoing business advisory input for the growth of the brand and assist with direct investor engagement.

Commenting on this significant milestone, Madame Thuy Le, Global CEO of VinFast Auto Ltd., said: “VinFast has accelerated the global electric vehicle (EV) revolution by making smart, safe, and environmentally friendly EVs accessible to everyone. Today’s successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development. Further, it is our hope that VinFast’s listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market.”

VinFast has delivered close to 19,000 EVs including the VF e34, VF 5, VF 8, and VF 9 models, as of June 30, 2023. It is also preparing for the upcoming launch of the VF 3, VF 6, and VF 7 models in the Vietnamese and global markets. VinFast looks forward to building upon its rapid expansion as the company rolls out next-generation EVs and solutions, and carries out its strategy of expanding its footprint globally.

The company has established a strong foothold in its Vietnamese home market by rolling out its own charging network spanning across 63 cities and provinces, and plans to expand it further in the coming years. VinFast has also established a company-owned retail and service network of over 122 VinFast stores worldwide.

Atlas Energy Solutions (AESI) began trading on the NYSE on Thur 9 Mar 23

Atlas Energy Solutions Inc. provides proppant and logistics services to the oil and natural gas industry within the Permian Basin of West Texas and New Mexico. The company was .

• Sector(s): Energy
• Industry: Oil & Gas Equipment & Services
• Full Time Employees: 371
• Founded in 2017 
• HQ in Austin, Texas
• https://atlas.energy

U Power (UCAR) began trading on the Nasdaq on Thur 20 Apr 23

 An electric vehicle (EV) battery-swapping technology company.

• HQ: Xuhui, Shanghai, China
• https://en.upower.com/

 

The company announced the pricing of its IPO earlier this morning, noting that 2.4 million shares would be sold at $6 apiece to raise nearly $15 million.

U Power, which also operates as Upincar and UNEX, started as a vehicle sourcing service provider in China, and brokers vehicle sales between wholesalers and buyers, which include dealerships and individuals in lower-tier cities. In 2020, it shifted its focus and also began developing its proprietary automated battery-swapping stations, under the UOTTA brand. In 2021, it partnered with auto manufacturers to adapt certain EV models to work with its UOTTA stations. In January 2022, it started operating a battery-swapping station, pursuant to a cooperation agreement with a local gas station operator in Quanzhou City.

The startup surged as high as $75 before closing at $43.18 after pricing its initial public offering at $6. It capped the best debut among companies to list in the US this year after blowing past the 255% boom seen for shares of Multi Ways Holdings Ltd.

U Power was halted at least 22 times Thursday after listing on the Nasdaq Capital Market. The company’s gross proceeds are expected to be about $14.5 million, before deducting underwriting discounts and commissions, and other offering expenses. WestPark Capital Inc. is the sole book running manager for the offering and Orientiert XYZ Securities Limited is a co-manager.

Intuitive Machines (LUNR) began trading on the Nasdaq on Tue 14 Feb 23

Commercial lunar lander company Intuitive Machines has completed its merger with Inflection Point Acquisition Corp., a special purpose acquisition company (SPAC) on Feb. 13, raising far less money than originally anticipated.

The company designs, manufactures, and operates space products and services in the United States.

It also offers aerospace engineering services to NASA and the aerospace industry. 

• Sector(s): Industrials
• Industry: Aerospace & Defense
• Founded in 2013 
• HQ in Houston, Texas
• https://www.intuitivemachines.com

The companies announced the merger in September 2022, long after the mania surrounding SPACs has cooled both in the space industry and the overall market. Inflection Point had $301 million of cash in trust, and the companies said they had arranged an additional $55 million in investment from the SPAC’s sponsors and a founder of Intuitive Machines, along with $50 million CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Company. In an investor presentation linked to the merger announcement, the companies anticipated having more than $330 million in cash after transaction expenses.

However, in the Feb. 13 announcement that the merger had closed, the companies announced only $55 million of “committed capital from an affiliate of its sponsor and company founders.” The companies did not mention any proceeds of the SPAC itself, which could have been depleted by redemptions, where SPAC shareholders request their money back rather than hold stock in the merged company.

Despite raising less money than anticipated, company executives said the deal will help Intuitive Machines continue development of a series of commercial lunar landers and related infrastructure, like communications satellites in lunar orbit.