资料显示，CRO是Cronos公链的原生代币，Cronos是加密交易所Crypto公司打造的区块链，专为网络之 间的速度、可扩展性和无缝连接而设计，使其成为未来美国数字经济的坚实基础。它实现低成本、高速 的智能合约部署以及与其他主要区块链生态系统的平滑集成，从而在金融、商业和公共基础设施中广泛 采用去中心化应用程序，而不会出现传统网络的拥塞或成本。 特朗普媒体与科技集团董事长兼首席执行官德文·努内斯（Devin Nunes）表示："金融市场每天都在变得 越来越数字化，各种规模和行业的公司都在通过建立数字资产金库来战略规划未来，这些资产以创造了 全面的价值主张并有望获得更大的效用的资产为基础。"我们继续看好加密货币，很高兴能与全球领先 的加密货币平台Crypto.com，以及约克维尔最成熟的投资者团体之一合作开展这一战略举措。"努内斯 说。 Crypto.com联合创始人兼首席执行官克里斯·马斯扎雷克（Kris Marszalek）则表示："该项目的规模和结 构将超过CRO目前的全部市值，额外承诺超过4亿美元的现金和另外50亿美元的信贷额度来收购额外的 CRO。与所有其他数字资产相比，这一点与各方的股份锁定和财 ...

Core Viewpoint - New Third Board companies can directly list on NASDAQ without needing to delist first, following the revised Securities Law Implementation Regulations in 2024, which recognizes the New Third Board as a national securities trading venue [1][6]. Group 1: Policy Environment - The 2024 revision of the Securities Law Implementation Regulations clarifies the New Third Board's status, allowing companies to retain their domestic listing while pursuing overseas financing [6]. - The China Securities Regulatory Commission (CSRC) has simplified the overseas listing filing process, with over 96 companies approved in 2024, including 51 for U.S. listings [3][6]. Group 2: Operational Pathways - New Third Board companies must complete the CSRC's overseas listing filing and meet NASDAQ's financial standards, such as a net profit of $750,000 or a valuation of $50 million [3]. - Companies can choose a traditional IPO route if they meet NASDAQ Global Market standards, as demonstrated by Dongyuan Logistics raising $8 million [7]. - The SPAC merger route has gained traction, allowing companies to go public quickly, with valuations typically increasing by 300%-500% [8]. Group 3: Market Effects - Dual-listed companies can create a beneficial cycle of "New Third Board financing + NASDAQ pricing," with a reported 62% year-on-year increase in R&D investment for companies listed on both markets [9]. - The differences in information disclosure between the two markets may lead to increased compliance costs [9].

Core Viewpoint - The article highlights promotional membership offers and educational courses related to investment banking and corporate finance, emphasizing significant discounts and a variety of learning opportunities for professionals in the field [2][4][6]. Membership Offers - Various membership options are available at discounted prices, including: - Annual Card: ¥4099, now ¥2799 - Semi-Annual Card: ¥2599, now ¥1799 - Honor Card: ¥1499, now ¥999 - Monthly Card: ¥699, now ¥599 [1]. Educational Courses - A range of courses is offered for free or at reduced prices, covering essential topics in investment banking and corporate finance, such as: - Mergers and Acquisitions Practicalities - Corporate Compliance Practices - Private Equity Fund Practices - AI Applications in Investment Banking [4][7][8]. - Specific courses include: - Mergers and Acquisitions with 140 case studies (4.9 hours) at ¥199.5 - Corporate Governance Compliance Issues (1.5 hours) at ¥84.5 - Financial Valuation Modeling from beginner to advanced (7.4 hours) at ¥149.5 [7][8]. Promotional Period - The promotional period for membership and courses runs from June 19 to June 26, with special pricing for two-year memberships at ¥3299 [2][8].

Core Viewpoint - The article discusses the opportunities and risks associated with reverse mergers in the U.S. stock market, emphasizing the strict regulations imposed by the SEC since 2020 and outlining the necessary steps for a successful reverse merger [2][4]. Group 1: Core Process of Reverse Mergers - The core process of reverse mergers includes selecting a compliant shell type, conducting due diligence, signing a reverse merger agreement, submitting SEC Form 8-K, and applying for a main board upgrade [2][3][4]. - Different types of shell companies include blank check companies, OTC shell companies, and SPACs, each with distinct characteristics and suitability [2][3]. Group 2: Key Operational Steps - The first step involves due diligence to confirm the shell company has no debts or lawsuits [3]. - The second step is to execute a reverse merger agreement, followed by the submission of Form 8-K to the SEC within 15 days after the acquisition [4]. - To list on NASDAQ or NYSE, companies must meet specific conditions, including a net asset of at least $5 million and a stock price of at least $4 [4]. Group 3: Core Risks of Reverse Mergers - New SEC regulations require shell companies to submit Form 10 immediately after listing, reducing the previous one-year grace period [5]. - The lock-up period for original shell shareholders has been extended from 6 months to 12 months under Rule 144 [5]. - There is a high risk of fraud, particularly in the OTC market, where approximately 40% of OTC shells have undisclosed related-party transactions or inflated assets [5][6]. Group 4: SPAC as a Mainstream Alternative - SPACs have become a mainstream method for reverse mergers, with a success rate exceeding 80% [7]. - The cost comparison between traditional reverse mergers and SPACs shows that SPACs involve hidden costs such as 20% equity incentives for sponsors [7]. - The operational flow of SPACs includes an IPO, target search within 24 months, and subsequent De-SPAC merger [7]. Group 5: Compliance Path Recommendations - Traditional reverse mergers are suitable for small businesses with annual revenues of less than $5 million, while SPAC mergers are recommended for medium to large enterprises [9][10]. - Key steps for SPAC mergers include selecting reputable SPAC sponsors, negotiating De-SPAC valuations, and signing PIPE financing agreements [9][10]. - Direct IPOs are highlighted as having the lowest regulatory risk and high brand premium, with a timeline of 6-9 months for completion [10][12].

Core Viewpoint - The increasing trend of domestic companies choosing to go public overseas, particularly through SPAC listings, is highlighted as a simple, fast, and efficient method for companies to access capital markets [1][9]. Group 1: What is SPAC? - SPAC, or Special Purpose Acquisition Company, is a shell company created to raise capital through an IPO for the purpose of acquiring a private company, thereby facilitating its public listing [2][5]. - SPACs are often referred to as "blank check companies" because they do not have any assets or operations at the time of their IPO [2][5]. Group 2: Characteristics of SPAC Listings - SPAC listings require a high level of professionalism from the founding team, as their expertise is crucial for identifying and acquiring a suitable target company within a specified timeframe [5][9]. - SPACs possess private equity investment characteristics, as investors primarily rely on the reputation and trust in the founding team rather than the company itself [6]. - SPACs serve a financing function, where funds raised during the IPO are held in a trust account until the completion of the acquisition [7][9]. - Unlike traditional "backdoor listings," SPACs are formed to raise capital first and then acquire a target company, which differentiates them from companies that acquire existing public companies to go public [8]. Group 3: Advantages of SPAC Listings - SPAC listings have a higher success rate and lower costs compared to traditional IPOs, as they do not require extensive historical performance data [10][11]. - Founders of SPACs can achieve significant returns due to the appreciation of the acquired company's value post-merger [11]. - Investor funds are safeguarded in a trust account before the acquisition, allowing for a refund if the deal does not go through [12]. - The process of going public is expedited for target companies, as they can access SPAC funds and gain public company status without paying a "shell price" [13]. Group 4: Risks Associated with SPAC Listings - There is a time constraint for completing the De-SPAC transaction, typically within 24 to 36 months, which can lead to potential liquidation if not met [14]. - The equity dilution risk exists for the target company's existing shareholders due to the issuance of shares to SPAC founders [15]. - SPACs may encourage short-term trading behavior among investors, which could detract from attracting long-term investment [16]. Group 5: Conclusion - SPACs have emerged as a favored method for companies to list overseas due to their regulatory leniency, speed, and cost-effectiveness, despite the need for careful consideration of the founding team's expertise and other financial details [17].