Core Viewpoint - StubHub is facing legal challenges following its $758 million IPO due to allegations of failing to disclose significant financial risks to investors, particularly regarding cash flow issues [3][4][6]. Company Overview - StubHub is a leading player in the secondary ticket market, selling over 40 million tickets through more than 1 million unique sellers globally in 2024 [2]. - The company reported an annual revenue of approximately $1.77 billion for 2024, with gross merchandise sales (GMS) of about $8.7 billion [5]. Financial Performance - For Q3 2025, StubHub reported revenue of $468.1 million, with GMS for the quarter reaching $2.4348 billion, reflecting an 11% year-over-year increase [5]. - The company experienced a net loss of $1.294 billion in Q3 2025, primarily due to a one-time stock-based compensation charge related to the IPO [6]. - Free cash flow for Q3 2025 was negative $4.6 million, a decline from positive $10.6 million in the same quarter the previous year [8]. Legal Challenges - A class action complaint filed in federal court alleges that StubHub's registration statement was misleading and omitted critical information about its financial health [4][6]. - At least eight law firms are investigating StubHub's financial disclosures and the IPO process, indicating a broader scrutiny of the company's practices [7].

Core Points - SC II Acquisition Corp. successfully closed its initial public offering (IPO) of 17,250,000 units at a price of $10.00 per unit, generating gross proceeds of $172,500,000 [1] - The units began trading on the Nasdaq Global Market under the symbol "SCIIU" on November 26, 2025 [1] - Each unit consists of one Class A ordinary share and one right to receive one-fifth of a Class A ordinary share upon the completion of the initial business combination [1] Private Placement - Concurrently with the IPO, the Company closed a private placement of 255,000 units at $10.00 per unit, resulting in gross proceeds of $2,550,000 [2] - The private placement units are identical to those sold in the IPO, with certain limited exceptions [2] Company Overview - The Company is a blank check company formed to pursue mergers, amalgamations, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations [3] - It may target initial business combinations in any industry or geographical location [3] - The Company's sponsor is managed by Nukkleus Defense Technologies, Inc., a wholly-owned subsidiary of Nukkleus Inc, with Menny Shalom as the CEO [3] Offering Management - D. Boral Capital acted as the sole book-running manager for the offering [4] - Legal counsel for the Company was provided by Ellenoff Grossman & Schole LLP and Appleby (Cayman) Ltd., while Loeb & Loeb LLP served as legal counsel to the underwriters [4]

As filed with the Securities and Exchange Commission on November 26, 2025. Registration No. 333-290203 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ AMENDMENT NO. 1 TO | Cayman Islands | 6770 | 39-3579842 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classification Code Number) | Identification Number) | 1140 Avenue of the Americas, 9 th Floor, #5061 New York, NY 10 ...

Group 1 - Bill Ackman aims to raise $5 billion for his US-listed closed-end fund, with $2 billion coming from institutional investors [1] - The IPO of the closed-end fund will coincide with the IPO of Pershing Square Capital Management, offering investors free shares in the firm [2] - The firm plans to give away up to 10% of partners' shares as part of the dual listing, expected as early as Q1 [2][3] Group 2 - More details about the fund and its structure will be revealed in early December during a session for bank analysts [3] - Ackman previously sold a 10% stake in Pershing, valuing it at over $10 billion ahead of the planned IPO, initially expected by late 2025 [3] - Pershing Square's assets are primarily in Pershing Square Holdings Ltd., managing $19.3 billion and generating over 17% return this year [4] Group 3 - Ackman had previously aimed to list a similar fund, Pershing Square USA Ltd., targeting $25 billion but only raised about $2 billion before pulling the listing [5] - The closed-end fund structure posed challenges in raising money due to trading at a discount to underlying investments [5] - The new structure, which includes free shares in the firm, is intended to address these challenges [6]

Core Viewpoint - Zetwerk Pvt, an Indian contract manufacturer, is preparing for an initial public offering (IPO) that may raise up to $750 million, indicating strong interest in the Indian IPO market [1][2]. Company Overview - Zetwerk specializes in manufacturing fabricated metal products and serves clients across various sectors, including aerospace components, consumer electronics, and capital goods [4]. IPO Details - The company is likely to file a draft prospectus early next year through a confidential route, with the offering expected to include a mix of new and existing shares, primarily consisting of a fresh issue [2]. - The IPO is part of a broader trend in India's booming IPO market, where companies have raised approximately $19.5 billion so far this year, following a record $21 billion in 2024 [3]. Underwriters - Zetwerk has mandated several financial institutions, including Kotak Mahindra Capital Co., JM Financial Services Ltd., Avendus Capital Pvt., and the Indian units of HSBC Holdings Plc, Morgan Stanley, and Goldman Sachs Group Inc. to manage the share sale [1].

Group 1 - The article does not provide any specific information or data regarding companies or industries [1]

Group 1 - Upbit, a South Korean crypto exchange, is planning an initial public offering (IPO) on Nasdaq following its merger with Naver [1] - The merger between Upbit's parent company Dunamu and Naver's financial arm is expected to create a unified entity that integrates cryptocurrency and traditional finance [2] - This year has seen other notable crypto companies like Circle Internet Group, Bullish, and Gemini go public in the U.S., with Kraken anticipated to follow in 2026 [3]

Core Insights - Bitkub, Thailand's leading cryptocurrency exchange, is considering a $200 million IPO in Hong Kong by 2026, reflecting challenges in Thai capital markets and Hong Kong's rise as a digital asset hub [1][5] Company Strategy - Initially, Bitkub planned a domestic listing on the Stock Exchange of Thailand for 2025, as stated in a 2023 shareholder letter, and was in the process of hiring financial advisers for this purpose [2][3] - The company aims to become a pioneering Thai-nationality tech firm, emphasizing its commitment to democratizing value in Thailand [3] Market Conditions - Thailand's stock market has faced significant challenges, with the SET Index dropping nearly 30% in 2025, making it one of the worst-performing markets [4] - Thai listings have experienced a weighted average decline of over 12%, prompting Bitkub to explore international options [4][5] Company Performance - Bitkub, founded in 2018, remains the top centralized crypto exchange in Thailand, offering 237 coins and 240 trading pairs, with a 24-hour trading volume of $66.3 million [6] - The exchange's total assets exceed $800 million, and it holds a Trust Score of 7 out of 10 on CoinGecko [6] Industry Trends - Hong Kong's crypto market is thriving, with digital asset-related bank transactions reaching HKD 26.1 billion in the first half of 2025, a 233% increase from the previous year [8] - Bitkub's potential IPO would align it with other firms like HashKey Group, which is also pursuing a public listing in Hong Kong [7]

Core Viewpoint - Prudential Plc is planning to raise up to $300 million through a share placement in ICICI Prudential Asset Management Co. ahead of its initial public offering (IPO) in India [1][2]. Group 1: Share Placement and Investor Interest - The UK-based insurer has initiated discussions with potential investors, with around 15 institutions showing interest in the pre-IPO placement [2]. - A final decision regarding the share placement will be made once ICICI Prudential AMC obtains regulatory approval for the IPO [2]. Group 2: IPO Details and Market Impact - The IPO is projected to raise as much as $1.1 billion, valuing ICICI Prudential AMC at approximately $11 billion, making it the second-largest mutual fund manager in India by assets [3]. - If the IPO is completed this year, it could further enhance India's robust IPO market, which reached a record $21 billion last year [3]. Group 3: Regulatory Approval and Company Actions - Ongoing deliberations may lead to changes in the pre-IPO plans, and Prudential has filed its draft red herring prospectus on July 8, indicating plans to offer up to 17.65 million shares, representing a 10% stake in the joint venture [4].

As filed with the U.S. Securities and Exchange Commission on November 21, 2025. Registration No. 333-286408 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ AMENDMENT NO. 4 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________________ Twelve Seas Investment Company III (Exact name of registrant as specified in its charter) ____________________________ | Cayman Islands | 6770 | 86-2888466 | | --- | --- | --- | | (State or ...