Core Viewpoint - Trump Media is facing significant financial challenges, with low quarterly revenues and increasing operating expenses, leading to a concerning earnings pattern [2][4][10]. Financial Performance - Since its 2024 merger, Trump Media has reported low quarterly revenues with no growth, while operating expenses have increased [2][4]. - The company has issued $1 billion in convertible notes and is investing heavily in cryptocurrencies and other assets, which raises concerns about its financial strategy [5][8]. Stock Price Concerns - Trump Media's stock price has declined from previous highs but remains above $10, which is critical as many SPAC-merger companies have fallen below this threshold [3][7]. - Falling below $10 could lead to significant issues, including potential reverse stock splits, as many companies have resorted to this to maintain listing requirements [7][8]. Risk Factors - The recent selloff is attributed to three main issues: disappointing third-quarter results, a shift in financial strategy towards high-risk investments, and the structure of new debt that requires maintaining substantial collateral [4][5][6]. - The company's shift towards a highly leveraged, cryptocurrency-focused strategy may not align with shareholder expectations, leading to potential dissatisfaction among investors [8][10]. Brand and Political Influence - President Trump's brand has historically supported Trump Media's stock price, but recent declines in his political support and approval ratings may negatively impact the company's valuation [10][12][14]. - The correlation between Trump's political standing and Trump Media's stock price suggests that as his popularity wanes, so too may investor confidence in the company [10][13].

Core Logic and Regulatory Basis - The lock-up period is not unique to NASDAQ but is based on regulations from the SEC (such as Rule 144 and Rule 145) and NASDAQ's listing rules (like Listing Rule 5635) [2][3] - The primary purpose is to stabilize stock prices, prevent short-term selling pressure, and protect investor confidence by restricting resale of shares by certain parties [2] Main Applicable Entities and Lock-Up Duration - Affiliates (company insiders) face a 180-day lock-up period starting from the first day of trading, which is the strictest requirement [3][4] - Non-affiliate early investors have a 6-month holding period plus restrictions under Rule 144 [5][8] - Underwriters (investment banks involved in the IPO) have a 30-day lock-up period from the first day of trading, which is the shortest [9][11] Special Circumstances - SPAC sponsors typically have a lock-up period of 12-24 months, while shares released to public shareholders from the trust account have no lock-up period [12][13] - In direct listings, there is no underwriter lock-up period, but company insiders still adhere to the 180-day lock-up rule [12][13] Post-Lock-Up Resale Restrictions - Even after the lock-up period ends, both affiliates and non-affiliates must comply with SEC Rule 144, which includes a 6-month holding requirement and resale limitations [12] Consequences of Violating Lock-Up Period - NASDAQ may impose penalties such as trading suspension, public reprimand, or delisting for violations [12] - Legal liabilities may arise if violations lead to investor losses, potentially resulting in civil lawsuits [12] - A record of violations can damage the market reputation of the company and its insiders [12] Summary of Key Conclusions - Affiliates face a 180-day lock-up period, the strictest requirement [12] - Non-affiliate early investors must meet a 6-month holding period plus resale restrictions [12] - Underwriters have a 30-day lock-up period, the shortest [12] - Resale must comply with Rule 144 even after the lock-up period ends [12] - Special entities like SPAC sponsors have longer lock-up periods as defined by agreements [12]

Core Viewpoint - Nasdaq is proposing stricter listing rules for small companies, particularly targeting Chinese firms, which will significantly impact both businesses and investors seeking alternatives [1][4]. Group 1: Nasdaq's Proposed Changes - The new rules will raise the minimum public float requirement for IPOs from $5 million to $15 million, with a specific requirement of $25 million for new Chinese companies [4]. - Companies failing to meet continued listing standards will face immediate delisting rather than a lengthy appeals process [4]. - The proposed changes are expected to take months for approval by the U.S. Securities and Exchange Commission [4]. Group 2: Impact on Chinese Companies - Chinese companies have seen an average return of -55% in 2024, indicating issues with realistic pricing during IPOs [3]. - The average IPO fundraising for Chinese firms is projected to drop from $300 million in 2021 to $50 million in 2024, influenced by strained U.S.-China relations and increased scrutiny from Chinese regulators [3]. - Companies that cannot meet the new $25 million threshold may seek alternative routes, such as restructuring ownership or considering listings in other financial hubs like Singapore [5]. Group 3: Market Trends and Responses - The number of U.S. listed companies has decreased by 17% over the past three years, with a notable decline of about 50% since 1997 [3]. - Despite challenges, some Chinese IPOs have performed well, such as Ascentage Pharma, which has seen its stock price more than double since its Nasdaq debut [3]. - Smaller companies unable to meet the new requirements may still consider listing on the New York Stock Exchange (NYSE) or pursuing SPAC mergers as an alternative to traditional IPOs [5].

Group 1 - Bullish, supported by billionaire Peter Thiel, has increased its IPO offering size to 30 million shares, priced between $32 and $33 per share, aiming to raise $990 million with a target valuation of $4.8 billion [1] - Previously, Bullish planned to issue 20.3 million shares at a price range of $28 to $31 per share [1] - The company intends to list on the NYSE under the ticker "BLSH" [1] Group 2 - The increase in IPO applications from cryptocurrency companies follows the acceptance of the crypto industry by the Trump administration and the significant rise in stock price of Circle after its $1.2 billion IPO in June [1] - Bullish had previously announced plans to go public through a SPAC merger in 2021, which was valued at approximately $9 billion, but this merger was terminated in 2022 [1] Group 3 - Bullish has granted underwriters led by JPMorgan, Jefferies, and Citigroup a 30-day option to sell an additional 4.5 million shares [2] - BlackRock and ARK Investment Management, led by Cathie Wood, have expressed interest in purchasing up to $200 million worth of shares [2]