Group 1: Public Policy Holding (PPHC) - Public Policy Holding debuted on Nasdaq, raising approximately $50.84 million by issuing 4.15 million shares at an initial price of $12.25 per share [1] - The stock opened at $12.19, slightly down by 0.49%, and closed at $11.28, reflecting a decline of 7.92%, with a total market capitalization of $32.2 million [1] - The company plans to use the raised funds for operational expenses and general corporate purposes, including potential acquisitions of new investment companies [1] - For the first nine months of 2025, Public Policy Holding reported revenues of $137 million and a net loss of $23.79 million [1] Group 2: SPACs - KRAKacquisition (KRAQU) raised $300 million and is focused on businesses within the digital asset ecosystem, including payment networks and blockchain infrastructure [2] - Space Asset Acquisition (SAAQU) raised $200 million and aims to concentrate on technology and defense-related businesses within the global space economy [3]

Group 1: IPO Market Overview - Last week, two companies and six SPACs completed IPO pricing, indicating a slow IPO market with only two traditional IPOs [1] - BitGo (BTGO) priced its IPO above the expected range, raising $213 million with a market cap of $2.24 billion, but saw a significant drop of 19% in its closing price [1] - EquipmentShare.com (EQPT) raised $747 million at a market cap of $6.72 billion, with a first-day return of 33% [1] Group 2: SPAC Activity - The remaining IPOs were all SPACs, with Helix Acquisition III (HLXC) and Archimedes Tech SPAC Partners III (ARCIU) expanding their issuance sizes [2] - Other newly listed SPACs included Legato Merger IV (LEGO.U), Aldabra 4 Liquidity (ALOVU), Praetorian Acquisition (PTORU), and X3 Acquisition (XCBEU) [2] Group 3: Upcoming IPOs - Four companies are set to go public in the upcoming week, including York Space Systems (YSS), which plans to raise $512 million with a market cap of $4 billion [5] - PicS (PICS) aims to raise $400 million with a market cap of $2.3 billion, providing digital financial services in Brazil [6] - Ethos Technologies (LIFE) plans to raise $200 million with a market cap of $1.31 billion, focusing on life insurance services [7] - Public Policy Holding Company (PPHC) intends to raise $58 million with a market cap of $418 million, offering government relations and consulting services [7]

Summary of Key Points Core Viewpoint - The article discusses recent IPO activities, highlighting eight new stocks that went public, including six SPACs, and outlines upcoming IPO plans for four companies in early 2026. Group 1: Recent IPOs - Eight new stocks were listed last week, with six being SPACs [1] - BitGo (BTGO) raised $223 million by issuing 11.82 million shares at $18 per share [1] - EquipmentShare (EQPT) raised $747 million by issuing 30.5 million shares at $24.5 per share [1] - Other SPACs raised amounts ranging from $150 million to $261 million [1] - Ten companies submitted IPO applications, including two from China [1] Group 2: Upcoming IPOs - Four companies plan to go public in January 2026 [1] - Public Policy Holding Company, Inc. plans to list on NASDAQ under the ticker PPHC, aiming to raise $55.82 million by issuing 4.15 million shares at $13.45 each [2][3] - Picpay Holdings Netherlands B.V. plans to list on NASDAQ under the ticker PICS, with a target of raising approximately $434 million by issuing 22.86 million shares at $16 to $19 each [4][6] - Yellowstone Midco Holdings II/York Space Systems Inc. plans to list on NYSE under the ticker YSS, aiming to raise about $544 million by issuing 16 million shares at $30 to $34 each [7][9] - Ethos Technologies Inc. plans to list on NASDAQ under the ticker LIFE, targeting approximately $211 million by issuing 10.53 million shares at $18 to $20 each [13]

Registration No. 333-290834 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 5 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Public Policy Holding Company, Inc. (Exact Name of Registrant as Specified in its Charter) (Primary Standard Industrial Delaware 8742 87-3557229 (I.R.S. Employer Identification Number) 800 North Capitol St. NW, Suite 800 Washington, D.C. 20002 (202) 688–0020 As filed with the Securities and Exchange Commission on January 23, 2 ...

As filed with the Securities and Exchange Commission on January 20, 2026. Registration No. 333-290834 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Public Policy Holding Company, Inc. (Exact Name of Registrant as Specified in its Charter) (Primary Standard Industrial Delaware 8742 87-3557229 (I.R.S. Employer Identification Number) 800 North Capitol St. NW, Suite 800 Washington, D.C. 20002 (202) 688– ...

As filed with the Securities and Exchange Commission on January 9, 2026. Registration No. 333-290834 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Public Policy Holding Company, Inc. (Exact Name of Registrant as Specified in its Charter) (Primary Standard Industrial Delaware 8742 87-3557229 (I.R.S. Employer Identification Number) 800 North Capitol St. NW, Suite 800 Washington, D.C. 20002 (202) 688–0 ...

Summary of Key Points from the Conference Call Industry and Company Involved - **Industry**: Venezuelan Bonds and Oil Market - **Company**: PDVSA (Petroleos de Venezuela SA) Core Insights and Arguments 1. **Impact of US Military Action**: The US military operation against Venezuela has led to the seizure of President Nicolás Maduro and his wife, which is expected to have a pronounced impact on Venezuelan bonds, particularly VENZ and PDVSA bonds, with potential price increases of up to 5 points due to higher likelihood of debt restructuring [2][10] 2. **Limited Spillover Effects**: The broader Latin American markets are expected to experience limited spillover effects from the situation in Venezuela, as the episode may favor countries aligned with the US, especially in an election-heavy year [2][11] 3. **Oil Price Dynamics**: The near-term impact on oil prices is expected to be limited, with potential production disruptions offset by the prospect of higher output if political conditions stabilize. The medium-term outlook skews bearish, with forecasts suggesting Brent prices may fall to the mid-US$50s [13][16] 4. **Gold Price Upside Risks**: Increased geopolitical uncertainty surrounding Venezuela is likely to bring upside risks to gold prices as a safe haven asset [17] 5. **US Policy Direction**: The US administration's actions align with its National Security Strategy, indicating a potential for further interventions in the Western Hemisphere and a focus on maintaining a dominant presence [8] 6. **Venezuelan Sovereign Credit Strategy**: The valuation of Venezuelan bonds reflects improved probabilities for debt restructuring and recovery values, particularly with US involvement in oil production [9][10] 7. **Political Uncertainty**: The concentration of economically significant policy choices in the executive branch is expected to lead to elevated political uncertainty and higher risk premia across markets [9] Other Important but Potentially Overlooked Content 1. **US Control of Oil Infrastructure**: The US plans to "fix" Venezuela's oil infrastructure and sell large amounts of oil abroad, indicating a strategy of sustained engagement and potential for increased future output [6] 2. **Investor Sentiment**: Many emerging market funds are still underweight on VENZ/PDVSA, suggesting cautious investor sentiment despite recent bond performance [10] 3. **Regional Political Alignments**: The rightward shift in Latin America may lead to some governments viewing Maduro's ousting as a positive development, which could further influence regional credit spreads [11][12] 4. **Production Capacity**: Venezuela has significant recoverable oil reserves (~241 billion barrels), but years of inefficiency and sanctions have severely limited production, which is currently at 0.9 mb/d [13][14] 5. **Potential for Increased Production**: If stability is achieved, production could potentially increase to ~2 mb/d within 1-2 years, contingent on government stability and sanctions [16] This summary encapsulates the critical insights and implications from the conference call regarding the Venezuelan situation and its broader impacts on the market and investor sentiment.

Summary of Key Points from the Earnings Call on Tariff Mitigation Strategies Industry Overview - The discussion revolves around the impact of tariffs on various sectors, particularly focusing on how companies are adapting to these challenges in the current economic environment. The effective tariff rate is expected to remain around 15% in the near term, with potential changes depending on the Supreme Court's decision regarding IEEPA tariffs [1][10]. Core Insights and Arguments 1. **Tariff Policy Uncertainty**: The Supreme Court's decision on IEEPA tariffs could significantly alter the tariff landscape, raising questions about future tariff policies and potential refunds of collected revenues [1][2][10]. 2. **Mitigation Strategies**: Companies are employing five key strategies to mitigate tariff impacts: - **Pricing Power**: Companies are increasingly passing costs onto consumers, with pricing power becoming the most mentioned strategy [3][4][16]. - **Supplier Negotiation**: Firms are negotiating with suppliers to share the burden of tariff costs, particularly those with high order volumes [16]. - **Redirecting Products**: Multinational companies are redirecting goods to markets without tariffs, such as moving products from China to Europe [16]. - **Stockpiling Inventory**: Companies are building inventory ahead of potential tariffs, although this strategy is less favored due to associated costs [16]. - **Diversifying Supply Chains**: Companies are reorganizing supply chains under strategies like China+1, nearshoring, or reshoring to reduce reliance on tariff-affected regions [16]. 3. **Sentiment Analysis**: Management teams in healthcare, industrials, and IT express the highest confidence in mitigating tariff risks, while consumer staples and communication services show lower sentiment scores [5][21]. 4. **Trends in Strategy Implementation**: There has been a decrease in mentions of tariff mitigation strategies, indicating a potential peak in tariff pressures and increased confidence in existing strategies [4][20]. Pricing power has overtaken supply chain diversification as the primary strategy mentioned by companies [20]. 5. **Sector-Specific Insights**: - **Industrials and Consumer Discretionary**: These sectors have the highest mentions of pricing power and are actively negotiating with suppliers [20][35]. - **Healthcare**: This sector has seen a significant decrease in mentions of mitigation strategies, indicating a shift in focus or confidence [27]. Additional Important Insights - **Impact of Inventory Levels**: Depleting inventory stockpiles in sectors like consumer discretionary and industrials may be driving companies to rely more on pricing power as a mitigation strategy [35][39]. - **Long-Term Strategy Shifts**: Some companies are shifting their focus from immediate supply chain diversification to long-term goals due to the high costs and complexities involved [33]. - **Illustrative Company Examples**: Various companies, such as Carrier Global, Newell Brands, and Whirlpool, have shared insights on their specific strategies and the impacts of tariffs on their operations [54][57][59]. Conclusion - The current economic environment presents ongoing challenges due to tariffs, but companies are adapting through a combination of pricing strategies, supplier negotiations, and supply chain diversification. The sentiment across sectors varies, with industrials and healthcare showing differing levels of confidence in their ability to manage tariff impacts.

Registration No. 333-290834 As filed with the Securities and Exchange Commission on November 12, 2025. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Public Policy Holding Company, Inc. (Exact Name of Registrant as Specified in its Charter) (Primary Standard Industrial Delaware 8742 87-3557229 (I.R.S. Employer Identification Number) 800 North Capitol St. NW, Suite 800 Washington, D.C. 20002 (202) 688 ...

As filed with the Securities and Exchange Commission on October 21, 2025. Registration No. 333-290834 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Public Policy Holding Company, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 8742 87-3557229 (I.R.S. Employer Identification Number) (Primary Standard Industrial Classification Code Number) 800 North Capitol St. NW, Suite 800 Washi ...