Core Viewpoint - The prolonged U.S. government shutdown is significantly hindering companies hoping to go public by the end of the year, as the SEC's review of filings is stalled, leaving these companies with limited options to proceed with their IPOs [1][2]. Group 1: Impact on IPOs - Companies that applied for IPOs in September or October, such as Andersen Group, Medline, and Wealthfront, were likely aiming for a listing before Thanksgiving but are now facing delays due to the shutdown [1]. - The shutdown has lasted nearly two months, causing these companies to miss the opportunity to utilize the SEC's automatic effectiveness provisions, which would have allowed them to set issuance terms and start a 20-day countdown to automatic effectiveness [1]. - The ability of companies to adjust issuance terms based on market demand remains limited, leading to relatively high IPO discount rates [1]. Group 2: Market Reactions - The market has tested the resolve of some companies, with Navan's stock dropping by up to 36% since its IPO on October 30, while MapLight Therapeutics' stock has hovered around its IPO price [1]. - Beta Technologies experienced a decline on its first day of trading but saw some recovery afterward [1]. Group 3: Future Outlook - Companies confident that their IPO applications are complete may find the automatic effectiveness route beneficial, but they must ensure there are no significant misstatements or omissions [2]. - Companies that began preparing for an IPO earlier in 2025 may still have a chance to go public this year, but those awaiting substantial SEC feedback are likely to delay until next year, especially with the holidays approaching [2]. - If the government shutdown continues indefinitely, companies intending to use the automatic effectiveness route will likely see their IPO timelines pushed to after Thanksgiving, a period generally unfavorable for IPOs due to investor travel and holidays [2]. Group 4: SEC Review Process - Once the SEC reopens, a backlog of applications is expected, and the agency may not respond as quickly as usual to resubmissions [3].

"打飞的" 的愿景，正离我们越来越近。 最近这低空经济赛道有点小火啊。看看，又一家电动飞机独角兽获得融资，金额数亿——它就是沃兰特航空（总部上海）：做电动垂直起降飞行器，简称 eVTOL。 有读者马上要问了，你这铅笔道不前几天才报道过一家eVTOL公司：零重力，A+++轮融了3亿。现在又是"沃兰特航空"，二者有啥区别？ 区别大了。eVTOL的用途有很多，比如观光旅游的、城际载客的、培训飞行员的。沃兰特航空主攻的是客运，俗称空中巴士——技术路线上有差别，应 用场景有差异。 举个例子你就秒懂。沃兰特有一款主力产品叫VE25型，起飞载重量约2.5吨，可搭载1名驾驶员和 5 名乘客，载客量和出租车差不多，但速度更快，巡航 速度达235km/h。 从公开信息看，这个参数算是全球良好了——载重能力、客舱空间优秀。 预计未来5年，在全国一线城市，eVTOL可能小批量（约200架/年）的商业化运行，包括城际载客、观光旅游、应急救援等。这些新机会，创业者不要错 过。 - 01 - 沃兰特航空创始人叫董明，毕业于武汉理工大学，随后在中国航空工业集团工作，参与过ARJ21、C919、C929项目的研发。 2016年10月，Uber ...