Group 1 - Six IPOs debuted this week, indicating a robust market activity for initial public offerings [2] - Seven SPACs listed during the same period, reflecting continued interest in special purpose acquisition companies [2] - Eight IPOs submitted initial filings, including several sizable issuers, suggesting a potential increase in market entries [2] Group 2 - Five SPACs also submitted initial filings, indicating ongoing interest in this investment vehicle [2] - A newly-formed REIT named Fermi is pursuing dual listing in the US and London, highlighting cross-border investment strategies [2]

Opendoor hired Kaz Nejatian from Shopify, leading to a massive stock surge. It could be hard to sustain the advance.Just a short while ago, Opendoor (OPEN -0.50%) was on the verge of being delisted by the Nasdaq stock exchange. It was planning on conducting a reverse stock split to avoid that fate. And then everything changed, including Kaz Nejatian joining the company as the new CEO.But have things really changed enough yet? A major decline and a big uptick for Opendoor's stockIf you look at the entire pri ...

来源：智通财经APP 专注于能源及能源基础设施领域的特殊目的收购公司（SPAC）Karbon Capital Partners于周四向美国证 券交易委员会(SEC)提交申请，计划通过 IPO 募集最多3亿美元资金。 该公司计划以每单位10.00美元的价格发行3000万单位，募集3亿美元。每个单位包含一股普通股和三分 之一份认股权证，每份认股权证的行权价格为11.50美元。 该SPAC由首席执行官兼董事托马斯·卡拉姆(EQT董事长)及首席财务官兼董事杰弗里·扎伊科夫斯基(摩根 大通前北美股权资本市场主管)共同领导。拟任董事长约瑟夫·曼钦三世(西弗吉尼亚州前联邦参议员)将 加入团队。该SPAC旨在收购与数据中心、液化天然气及其相关生态系统的能源需求相关的成长型企 业。 该公司成立于2025年，计划在纳斯达克上市，股票代码为KBONU。花旗集团担任该交易的独家账簿管 理人。 ...

该SPAC由首席执行官兼董事托马斯·卡拉姆(EQT董事长)及首席财务官兼董事杰弗里·扎伊科夫斯基(摩根 大通前北美股权资本市场主管)共同领导。拟任董事长约瑟夫·曼钦三世(西弗吉尼亚州前联邦参议员)将 加入团队。该SPAC旨在收购与数据中心、液化天然气及其相关生态系统的能源需求相关的成长型企 业。 该公司成立于2025年，计划在纳斯达克上市，股票代码为KBONU。花旗集团担任该交易的独家账簿管 理人。 智通财经APP获悉，专注于能源及能源基础设施领域的特殊目的收购公司（SPAC）Karbon Capital Partners于周四向美国证券交易委员会(SEC)提交申请，计划通过 IPO 募集最多3亿美元资金。 该公司计划以每单位10.00美元的价格发行3000万单位，募集3亿美元。每个单位包含一股普通股和三分 之一份认股权证，每份认股权证的行权价格为11.50美元。 ...

美国上市｜SPAC｜美股SPAC｜IPO｜专业赴美上市服务机构 SPAC是什么呢？SPAC叫做特殊目的收购公司，是能够让企业"借壳上市"的上市快道车。2024年全年，美股SPAC市场共有57家，SPAC IPO募集金额为97亿 美金。 数据显示，上半年SPAC共上市52家，较去年同期增加40家；募集资金为94亿美元，同比大幅上升338.60%。但细分领域呈现多元化趋势，新兴行业如新能 源、汽车科技、跨境供应链加速渗透，为SPAC上市的热点领域。 由此来看，SPAC在股票市场炙手可热，下面华谊信带大家了解一下SPAC是如何运和交易的。 1、发起人持有的上市SPAC现金 财务发起人通过IPO筹集的现金池，用于收购一家正常运营公司。 2、规定时间内完成并购 通常在24个月内完成并购。 3、目标运营公司 4、公开上市的"被并购"公司 公开被并购公司的基本情况，经过SPAC股东的批准，完成并购，然后正常交易。 大多数SPAC都符合小型或微型公司的条件。然而，在这些企业的第一阶段并没有经营业务，而是拥有信托资产，是一个纯现金的壳公司，赚取类似债券的 回报。 SPAC 以类似于债券的风险回报概况开始，并随着时间的推移过渡到 ...

由中方高管主导的空白支票公司(SPAC)Creative Future Acquisition周一向美国证券交易委员会(SEC)提交 申请，拟通过IPO筹集至多6000万美元资金。 该公司计划以每单位10美元的价格发行600万单位，筹集6000万美元。每个单位包括一股普通股，以及 获得十分之一股普通股的权利。 这家SPAC由首席执行官兼董事长Zhiru Lin领导，他现任Yeliya Health Technology董事长；首席财务官由 Xingyu Dan担任，他现任Zhejiang Tengshi Intelligent Driving Technology的首席财务官。该SPAC计划收购 目标为中端市场企业、由经验丰富管理团队领导的公司、具有收入和收益增长潜力的企业，以及具有强 劲自由现金流潜力的公司。 该公司成立于2025年，计划在纳斯达克上市，股票代码为CFACU。Craft Capital Management是本交易的 唯一簿记管理人。 ...

9月19日，中国证监会公示《境外发行上市备案补充材料要求(2025年9月12日—2025年9月18日)》，证 监会国际司共公示5家企业公示出具补充材料要求。其中要求贵之言医药(秘交转公开)补充说明公司提 交申请前12个月内股份变动的价格等。 据报道，2024年10月22日，特殊目的收购公司(SPAC)DT Cloud Acquisition Corporation正式与位于上海 的生物医药研发企业Maius签署了最终业务合并协议。根据协议，合并完成后，Maius将成为新成立的上 市实体——Maius Pharmaceutical Group Co., Ltd.(简称Pubco)的全资子公司，整体估值达到2.5亿美元。这 标志着Maius即将实现其在纳斯达克公开上市的战略目标。 证监会请贵之言医药就以下事项补充说明，请律师核查并出具明确的法律意见： Maius Pharmaceutical Technology(贵之言医药)成立于2015年，总部位于中国上海，是一家专注于创新制 剂和靶向小分子化学药物研发的生物制药公司。公司研发聚焦于抗癌、免疫系统疾病及抗感染领域，拥 有多项小分子化学药物及多肽类候选药物。同时 ...

Microcap fintech BNPL player Ovanti (ASX:OVT), currently a penny stock (which saw no change in price Wednesday and very low volumes), has revived its nearly 12-month-long plans to list on the Nasdaq, informing the market it continues to speak with multiple Special Purpose Acquisition Company (SPAC) operators.Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.SPACs are an American phenomenon that can be some ...

Core Viewpoint - Special Purpose Acquisition Companies (SPACs) have emerged as a significant financial tool, capturing over 60% of the U.S. IPO market share and raising more than $220 billion during the 2020-2021 period. Despite regulatory tightening in 2022 leading to a decline in market enthusiasm, SPACs continue to be active and serve as an important supplement to traditional IPOs [3]. Group 1: SPAC Definition and Market Evolution - SPAC stands for Special Purpose Acquisition Company, a financial instrument designed for company listings. It originated in the U.S. in the 1990s and gained traction after becoming legalized post-2005. SPACs operate as "pure cash" shell companies with the sole purpose of acquiring one or more target companies, primarily non-listed firms [5][6]. - The advantages of SPACs compared to traditional IPOs are encapsulated in the "three reductions and one increase": reduced time costs, lower compliance thresholds, diminished market volatility impact, and increased financing certainty. This new pathway to public markets offers previously unknown quality companies unprecedented opportunities [6]. Group 2: Mechanisms and Challenges of SPACs - SPACs face several challenges, including stricter regulatory requirements for information disclosure and conflicts of interest between shareholders and sponsors. The initial funding and IPO costs are primarily sourced from the sponsors, who typically hold about 20% of the issued shares post-IPO. If a merger is not completed, the raised funds are returned to investors, but sponsors can profit regardless of post-merger stock performance [8]. - The case of Churchill Capital III acquiring Multiplan illustrates the potential misalignment of interests, where shareholders suffered significant losses post-merger while the sponsor profited due to their low-cost shares. This raises concerns about SPACs being perceived as tools for wealth transfer rather than value creation [8]. Group 3: Value Analysis of SPACs - Research focuses on the dual characteristics of SPACs, which possess both value-creating capabilities and agency cost issues. A structural model is constructed to analyze the incentive mechanisms and market impacts of SPACs, particularly during the de-SPAC process [10][11]. - The model assumes that SPACs can create value through mergers, but this value creation is influenced by agency costs and information frictions between sponsors and shareholders. Shareholders rely on the sponsor's reputation and transaction terms to infer expected returns, impacting their decisions on whether to redeem shares [11].

Group 1 - The core viewpoint of the article highlights that despite the competitive IPO market, private companies are continuously evaluating their options for going public, with guidance provided by Deloitte on IPO accounting, SEC requirements, and other financial steps in the IPO preparation process [1][3][13] Group 2 - 2021 was a record year for IPOs and SPACs, but the market has remained subdued due to various challenges such as market volatility, geopolitical conflicts, interest rate hikes, inflation, and supply chain issues [3] - Private companies are considering various methods for going public, including traditional IPOs, non-traditional IPOs (like SPAC mergers), and other financing alternatives such as direct listings [3] - Companies must submit a registration statement to the SEC before publicly offering securities, with the submission process depending on the nature of the offering [3][4] Group 3 - Confidential submissions allow companies to conceal sensitive information from clients or competitors during the later stages of the IPO process, with initial confidential filings needing to be publicly submitted at least 15 days before a roadshow or the effective date of the registration statement [4] - The SEC typically completes a preliminary review of the registration statement within 27 calendar days, and companies may receive multiple rounds of comments from SEC staff [4] Group 4 - Companies must determine which financial statements are required for the registration statement, with small reporting companies and emerging growth companies allowed to submit only two years of audited financial statements, while others must submit three years [6] - Financial statements must meet certain timeliness requirements, with a general limit of 134 days between the submission date and the most recent balance sheet date [6] Group 5 - Public companies must adhere to different accounting standards compared to private companies, with public entities required to adopt new accounting standards earlier [7] - Companies undergoing an IPO must submit financial statements that comply with public entity accounting standards and SEC disclosure requirements [7][8] Group 6 - Auditors for companies going public must follow PCAOB auditing standards and may need to perform additional procedures, with audit reports referencing both AICPA and PCAOB standards [11] - After the registration statement becomes effective, companies must file periodic reports (10-Q and 10-K) and comply with various SEC regulations regarding executive compensation, cybersecurity, and climate disclosures [12] Group 7 - SPAC transactions have seen significant growth but have also slowed down, with management needing to understand the differences between traditional IPOs and SPAC transactions, especially in light of new SEC disclosure rules effective July 1, 2024 [13]