Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Click Holdings Limited (CLIK) is up 81% at $11.17 [3] - Avidity Biosciences, Inc. (RNA) is up 43% at $70.72 [3] - Dyne Therapeutics, Inc. (DYN) is up 37% at $23.58 [3] - Zenas BioPharma, Inc. (ZBIO) is up 21% at $29.00 [3] - ProPetro Holding Corp. (PUMP) is up 18% at $7.47 [3] - PepGen Inc. (PEPG) is up 17% at $5.35 [3] - Unusual Machines, Inc. (UMAC) is up 15% at $14.85 [3] - Semler Scientific, Inc. (SMLR) is up 14% at $27.32 [3] - ETHZilla Corporation (ETHZ) is up 13% at $20.51 [3] - Relmada Therapeutics, Inc. (RLMD) is up 13% at $2.38 [3] Premarket Losers - Smart Logistics Global Limited (SLGB) is down 37% at $3.21 [4] - MaxsMaking Inc. (MAMK) is down 22% at $4.08 [4] - Prenetics Global Limited (PRE) is down 14% at $14.40 [4] - United States Antimony Corporation (UAMY) is down 14% at $10.22 [4] - NeurAxis, Inc. (NRXS) is down 12% at $3.01 [4] - Obook Holdings Inc. (OWLS) is down 9% at $11.39 [4] - Qualigen Therapeutics, Inc. (QLGN) is down 9% at $3.30 [4] - Critical Metals Corp. (CRML) is down 8% at $13.70 [4] - Neuphoria Therapeutics Inc. (NEUP) is down 8% at $5.73 [4] - Beam Therapeutics Inc. (BEAM) is down 7% at $25.86 [4]

Core Insights - OBOOK Holdings Inc. has achieved a significant regulatory milestone by securing new Money Transmitter Licenses (MTLs) in Washington, Kansas, and North Carolina, expanding its operational coverage to 40 U.S. states [1][2][8] - The company aims to build a fully regulated stablecoin infrastructure to support global commerce, enhancing its compliance and scalability in cross-border payments through its OwlPay platform [2][4] Regulatory Expansion - The acquisition of the Washington State license marks a culmination of several years of effort, reinforcing the company's regulatory presence [2][3] - OBOOK is actively pursuing additional MTLs in the remaining U.S. states and is upgrading its licensing in the EU and Japan to enhance its global regulatory framework [3][4] Strategic Positioning - The company is positioned to enable cross-border interoperability for stablecoin payments, supported by a robust compliance framework that adheres to KYC/AML standards [4] - OBOOK's mission includes providing businesses with reliable data management and leading the digital transformation of operations through its hybrid payment solution, OwlPay [5]

Core Viewpoint - OWLTING Travel Service Inc. (OBOOK Holdings Inc.) officially listed on NASDAQ under the ticker "OWLS" on October 16, 2025, utilizing a direct listing approach, highlighting its focus on blockchain technology in business operations [1] Group 1: Initial Performance - The company's stock opened at $68 and peaked at $90 on its first trading day, reflecting a surge of over 32%, indicating strong market interest in its unique business model and technological capabilities [2] - The stock closed at $55.55, resulting in a total market capitalization of $4.909 billion, establishing a solid foundation for future market performance [2] Group 2: Core Advantages - Since its establishment in 2010, the company has focused on blockchain technology as its business cornerstone, aiming to create a one-stop payment and industry SaaS ecosystem for cross-border commerce [4] - The company operates across three main sectors: e-commerce, hospitality, and online travel, integrating stablecoin and fiat currency payments to facilitate global transactions [4] - The company has established a forward-looking global structure, with a holding entity in the Cayman Islands since 2011 and a subsidiary in Hong Kong since 2018, supported by multiple financial and payment licenses in the US, EU, and Japan [4] Group 3: Business Matrix - The company's growth is driven by two main engines: "scene deepening" and "technology implementation," forming a clear business matrix [6] - In the hospitality and tourism sector, the company has developed a complete ecosystem from backend management to frontend booking, utilizing blockchain technology to prevent double bookings [7] - The OwlPay payment and fintech core engine, launched in 2023, has become a key growth driver, offering various services including payment solutions and wallet services that support both fiat and USDC stablecoin [8] Group 4: Financial Performance - Financial data indicates that the company is in an active expansion phase, with revenue projected to grow from $6.4 million in 2023 to $7.57 million in 2024, demonstrating steady growth [10] - The net loss is expected to widen from $6.78 million to $10.27 million, primarily due to ongoing high-intensity investments in technology development and global market expansion [10] - To ensure a smooth and compliant listing process, the company has assembled a top-tier professional intermediary team, including KPMG for auditing and legal firms for Cayman and US legal matters [10]

Core Points - OBOOK Holdings Inc. successfully completed a direct listing of its Class A common shares on the Nasdaq Global Market under the ticker symbol "OWLS" [2][3] - The shares opened at $68.00, reflecting a 580% increase from the reference price of $10.00, and closed at $55.55, marking a 450% increase from the reference price, resulting in a market capitalization of approximately $4.9 billion [3][4] Company Overview - OBOOK is a blockchain technology company operating as the OwlTing Group, headquartered in Taiwan with subsidiaries in multiple countries including the United States, Japan, and Singapore [8] - The company aims to leverage blockchain technology to enhance data management and transform global payment systems through regulated stablecoin infrastructure [4][8] - OBOOK introduced OwlPay, a hybrid payment solution, to support businesses in the expanding stablecoin economy [8] Market Position - OBOOK is recognized as Asia's first fintech company to achieve a direct listing on Nasdaq with its Class A common shares, highlighting its role in the region's technology and financial innovation landscape [4] - According to CB Insights' Stablecoin Market Map, OwlTing was ranked among the top 2 global players in the "Enterprise & B2B" category in 2025 [8]

Group 1: OBOOK Holdings - OBOOK Holdings, a Taiwanese commercial technology company, directly listed on NASDAQ on October 16, 2023 [1] - The company operates a blockchain service platform and registered 4.7 million shares for existing shareholders to sell, without raising new capital [1] - OBOOK provides business solutions across various industries through its e-commerce, hotel, and payment products, operating under the OwlTing Group name [1] - The stock is traded under the ticker symbol OWLS, and D. Boral Capital serves as the financial advisor for the listing [1] Group 2: Aptera Motors - Aptera Motors, a developer of solar electric vehicles, also directly listed on NASDAQ on October 16, 2023 [2] - The company registered approximately 32 million shares for existing shareholders to sell, without raising new capital [2] - Aptera Motors focuses on developing and manufacturing efficient solar electric vehicles, specifically a three-wheeled two-seater model named Aptera, which has not yet begun production or generated revenue [3] - The stock is traded under the ticker symbol SEV, with Northland Securities acting as the financial advisor for the listing [3]

Company Performance - UTime Limited (NASDAQ:WTO) experienced a significant price drop of 87.59% to $0.15, with trading volume increasing to 28,956,057 from an average of 212,537, and its market cap reduced to $735,216 [1][6] - Nabors Energy Transition Corp. II Warrant (NASDAQ:NETDW) saw its price fall by 72.04% to $0.07, resulting in a modest market cap of $9,619,393 [2][6] - OBOOK Holdings Inc. Class A Common Shares (NASDAQ:OWLS) experienced a 57.35% decrease in share price to $29, with a significant drop from its year-high of $90 [3][6] - Republic Power Group Limited Class A Ordinary Shares (NASDAQ:RPGL) saw a 57.32% decline in share price to $1.75, with a market cap of $85,905,000 [4][6] - enGene Holdings Inc. Warrants (NASDAQ:ENGNW) experienced a 49.67% price decrease to $1.82, reducing its market cap to $93,174,858.14 [5][6] Market Trends - The market has shown volatility, particularly in sectors such as biotechnology, energy transition, blockchain technology, and consumer electronics, as evidenced by the significant price changes across multiple companies [5][6]

Core Viewpoint - Obook Holdings (OWLS.US) debuted on the US stock market with an opening drop of nearly 20%, hitting a circuit breaker, with an IPO price set at $68 [1] Company Overview - Obook Holdings focuses on the research and application of underlying blockchain technology [1] - The company has been actively building infrastructure for stablecoins in recent years [1] - Obook aims to create a "compliance-first" ecosystem for stablecoins [1] Strategic Positioning - The company plans to leverage multiple financial and blockchain-related licenses obtained in the US, EU, and Japan to strengthen its strategic position in the global stablecoin competitive landscape [1]

Core Viewpoint - Obook Holdings (OWLS.US) debuted on the US stock market with an opening drop of nearly 20%, hitting a trading halt, with an IPO price set at $68 [1] Company Overview - Obook Holdings focuses on the research and application of underlying blockchain technology [1] - The company has been actively developing stablecoin infrastructure in recent years [1] - Obook aims to create a "compliance-first" stablecoin ecosystem [1] Strategic Positioning - The company plans to leverage multiple financial and blockchain-related licenses obtained in the US, EU, and Japan [1] - This strategy is intended to strengthen its competitive position in the global stablecoin landscape [1]

Core Insights - Taiwanese fintech firm OwlTing has received approval for a direct listing on Nasdaq, marking a significant milestone for the stablecoin and blockchain industry in Taiwan [1][4][8] Company Overview - OwlTing is opting for a direct listing to avoid share dilution, reflecting confidence in its market valuation and long-term strategy [4][8] - Founded by Darren Wang, OwlTing initially focused on food traceability and hospitality before shifting towards digital payment infrastructure [4] Product and Market Position - The company's flagship product, OwlPay, launched in 2023, allows global businesses to make payments in stablecoins like USDC or in fiat currency, gaining traction for its faster and lower-cost settlement solutions [5] - The firm emphasizes solving real-world problems with compliance and transparency at its core, with plans for international expansion while maintaining a compliance-first approach [5] Financial Performance - OwlTing's 2024 prospectus indicates revenue of $7.6 million, an 18.3% year-over-year increase, alongside a net loss of $10.3 million, up from $6.8 million in 2023 [6] - Despite the losses, the listing signals strong investor interest in blockchain-driven payment solutions that connect traditional finance with digital assets [6] Industry Implications - OwlTing's Nasdaq debut could set a precedent for other Asian Web3 firms looking to access U.S. capital markets through direct listings [6][8]

Table of Contents As filed with the U.S. Securities and Exchange Commission on September 24, 2025 Registration No. 333-290018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OBOOK Holdings Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 7372 N/A (Primary Standard Industrial Classification Code Number) (IRS Employ ...