Group 1 - Two IPOs and one SPAC debuted this week, indicating a continued interest in public offerings [2] - Four IPOs and seven SPACs submitted initial filings, suggesting a robust pipeline for future market activity [2] - Central Bancompany (CBC), based in Missouri, priced its Nasdaq uplisting at the low end of the range to raise $373 million [2]

Group 1 - The U.S. IPO market saw two small IPOs and three SPACs listed last week, with five IPOs and four SPACs filing initial applications [1][2] - Off The Hook YS (OTH) priced its reduced IPO at the lower end of the range, raising $15 million with a market cap of $95 million, but its stock fell by 8% [1] - Phaos Technology (POAS) also priced its IPO at the lower end, raising $14 million with a market cap of $114 million, and its stock remained flat [1] Group 2 - Three SPACs completed pricing last week: Alussa Energy Acquisition II (ALUB.U) raised $250 million targeting energy and power infrastructure, Evolution Global Acquisition (EVOXU) raised $210 million focusing on critical minerals, and Blueport Acquisition (BPACU) raised $50 million [2] - Five companies filed for IPOs last week, including Klook (KLK) seeking $400 million, Grayscale (GRAY) aiming for $100 million, and Reed's (REED) targeting $10 million [2][4] Group 3 - Upcoming IPOs include Central Bancompany (CBC) planning to raise $400 million with a market cap of $5.365 billion, and Gloo Holdings (GLOO) aiming for $100 million with a market cap of $801 million [5][7] - Regentis Biomaterials (RGNT) plans to raise $11 million with a market cap of $62 million, focusing on a hydrogel implant for knee cartilage pain [6][7]

Company Overview - Einride, a Swedish autonomous trucking company, is set to go public in the U.S. through a merger with Legato Merger Corp III, valuing the company at $1.8 billion [1] - Founded in 2016, Einride has $65 million of contracted annual recurring revenue (ARR), with approximately $45 million currently deployed [4] Financial Strategy - Einride aims to raise up to $100 million in private investment in public equity to accelerate growth, supported by an additional $100 million raised in October from investors including EQT Ventures [3] - The company has around $800 million of ARR equivalent in scaling plans with its customers [4] Market Context - The listing follows a trend of electric vehicle startups going public during the pandemic-era SPAC boom, driven by demand for clean-energy vehicles and government incentives [1] - Autonomous trucking firms are focusing on automating shipping and logistics to meet the increasing demand for faster freight deliveries while managing tariff pressures [2] Ownership Structure - After the merger, existing shareholders, including EQT and Ericsson, are expected to retain approximately 83% of the equity, with the current management team continuing to lead the company [4]

us now for his read and so much more in an exclusive interview is Caner Fitzgerald chairman Brandon Lutnik. He is at the Caner Crypto and AI Energy Infrastructure Conference in Miami. And Brandon, it's great to have you on.Welcome. >> Thank you so much for having me. >> So multi-day conference.You're basically sitting at the intersection of cryptocurrencies and AI infrastructure and energy and everything it's going to take to build out all of this compute. What are your takeaways from the conference. uh fro ...

Core Insights - Animoca Brands, a Hong Kong-based blockchain developer, plans to go public on Nasdaq through a reverse merger with Singapore-based fintech company Currenc [1][2] - This listing is significant as Animoca focuses on altcoins rather than exchanges or stablecoins, distinguishing it from other recent crypto offerings [2] - The merger will create the world's first publicly-listed diversified digital assets conglomerate, with Animoca shareholders owning 95% of the new entity [3] Company Overview - Animoca Brands has invested in over 600 blockchain companies, with notable past investments including the failed metaverse platform Sandbox [2] - The company has prior experience in public markets, having been listed on the Australian Securities Exchange before being delisted in 2020 due to compliance issues [6] Market Context - The reverse merger aligns with a trend where crypto companies prefer SPACs or reverse mergers to enter the stock market [4] - The altcoin market is currently facing challenges, having fallen $800 billion short of historical cycles, while retail investors in South Korea are turning to crypto-linked equities [6] - Despite the downturn, certain altcoins like Solana and Binance Coin have reached all-time highs in the past year [7]

Group 1 - The S&P 500 has gained 35% since its lows in April, indicating optimism for continued market rally into 2026 [1] - Executives are cautioning about a potential equity market drop of more than 10% in the next 12 to 24 months, which is described as normal market behavior [2] Group 2 - Royalty Management Holding Corp. (RMCO) moved up 51 spots to 30th place on Barchart's top 100 stocks to buy list [3] - Estrella Immunopharma (ESLA) also rose 51 spots to 18th place, both being penny stocks trading below $5 [3] Group 3 - Royalty Management went public on November 6, 2023, through a combination with American Acquisition Opportunity Inc., a SPAC that raised $100 million in March 2021 [4] - The SPAC focused its search on companies with land and resource holdings, with its management team linked to American Resources Corporation (AREC) [5] Group 4 - AREC stock has increased by 953% from its low of 38 cents in April, attracting investors to Royalty Management and RMCO stock [6] - The SPAC extended its timeline to effect a combination from March 2022 to September 2022, announcing the combination with Royalty Management on June 28, 2022 [6]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $84.2 million, with adjusted pre-tax income of $16.4 million, representing 19.4% of total revenue [6][12] - Year-to-date total revenue through September 30, 2025, was $172.8 million, with adjusted pre-tax income of $23.2 million, representing 13.4% of total revenue [6][12] - Net income attributable to shareholders for Q3 was $4.6 million, or $2.58 per fully diluted share, compared to $1.4 million or $0.81 per share in the prior quarter [13] Business Line Data and Key Metrics Changes - Cohen & Company Capital Markets (CCM) generated $133 million in revenue for the first nine months of 2025, up from $22.7 million in the full year of 2021 [8] - CCM accounted for 77% of total company revenue for the first nine months of 2025, up from 15% in 2021 [8] - New issue and advisory revenue for Q3 was $228 million, primarily driven by SPAC M&A activity and IPO transactions [14] Market Data and Key Metrics Changes - CCM has underwritten 18 SPAC IPOs year-to-date, with a gross pipeline of possible transactions valued at $300 million [9][10] - The company raised over $12 billion with crypto clients, placing CCM in the top three firms on Wall Street in the digital asset space [8] Company Strategy and Development Direction - The company aims to be the advisor of choice in the growth and frontier technology sectors, including blockchain, fintech, and rare earth metals [9] - The focus on SPACs and digital assets is expected to continue, with plans to enhance liquidity through an equity trading team [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating more than $50 million in revenue for Q4 2025 and over $220 million for the full year [11] - The declining interest rate environment has positively impacted trading revenue, which was up 26% in Q3 from the previous quarter [10] Other Important Information - Compensation and benefits expense for Q3 was $53.7 million, representing 64% of revenue [17] - The company declared a quarterly dividend of $0.25 per share, payable on December 3, 2025 [19] Q&A Session Summary - There were no questions during the Q&A session, and management concluded the call without further inquiries [23][25]

Company Overview - Xanadu Quantum Technologies will go public on the Nasdaq through a merger with Crane Harbor Acquisition Corp in a $3.6 billion deal, expecting to raise nearly $500 million from the SPAC deal, including a $275 million private investment in public equity [1] - Morgan Stanley acted as financial advisor for Xanadu, while JonesTrading served as the capital markets advisor for Crane Harbor [5] Industry Insights - Quantum computing technology has advanced from theoretical promise to practical commercial applications, with significant interest from major tech companies like IBM, Microsoft, and Google, which recently announced a breakthrough algorithm [2] - JPMorgan Chase has included quantum computing in a broader $1.5 trillion initiative, indicating the growing importance of this technology in the financial sector [2] - Qubits, the fundamental units of quantum computing, can perform complex calculations in minutes that would take classical supercomputers thousands of years, highlighting their potential for breakthroughs in medicine and materials science [3] - Despite their potential, quantum computers are prone to errors that can hinder their effectiveness, leading to ongoing debates about their feasibility within the tech industry [3] Market Trends - A number of quantum computing companies have pursued public listings through SPAC mergers to avoid lengthy IPO processes, with Infleqtion recently agreeing to a $1.8 billion SPAC deal [4] - SPACs are shell companies that raise capital through IPOs to merge with private companies, facilitating their entry into public markets [4]

SPACs - SPACs are experiencing a revival [1] - The report provides information about blank-check companies [1]

Company Overview - Securitize plans to go public via SPAC merger with Cantor Fitzgerald's CEPT [1] - Securitize expects to raise up to $469 million in gross proceeds [1] - Securitize is the only full-stack tokenization platform fully registered with the SEC [1] Funding & Investment - The deal includes a $225 million PIPE from new and existing institutional investors [1] - $244 million is from CEPT's trust account, assuming no redemptions [1] Market Position - Securitize reports over $4.5 billion in tokenized assets [1] - Securitize has a 20.8% market share [1]