Articles by Michael Okonkwo
Jersey Mike's IPO Raises $1B, Majority Goes to Selling Shareholders
Jersey Mike's (JMKE) IPO priced at $23 per share, raising $1 billion. Existing holders receive 68% of proceeds, while the company uses nearly all net cash to pay down debt.
Ionic Digital Gains on Nasdaq Listing, $70 Supply Cap in Focus
Ionic Digital (IOND) shares climbed to $61.96 on its Nasdaq debut, up from a $50 open. A $70 transfer restriction on 7.55 million shares from June's private placement could cap supply.
CXMT IPO Turmoil Rattles Global Memory Chip Markets
CXMT's IPO caused sharp swings in memory chip stocks globally, with a constrained public float amplifying volatility. Major players like Micron and SK Hynix saw significant declines.
Jersey Mike's IPO Priced at $21-$25, Majority Proceeds to Shareholders
Jersey Mike's targets $21-$25 per share in its IPO, with existing shareholders selling 68.3% of the offering. The company plans to use net proceeds of $301 million for debt reduction.
SpaceX Short Interest at 32% Ahead of August Lockup Expiry
SpaceX stock has 32% short interest ahead of August 6 lockup expiration, which may release 911.5 million shares, potentially cutting short ratio to 13%.
Jersey Mike's IPO Primarily Benefits Existing Shareholders, Debt Reduction Minimal
Jersey Mike's upcoming IPO sees 68.3% of shares sold by existing holders, with net proceeds of ~$301M reducing debt by only 14.3%. Blackstone retains voting control.
SpaceX Shares Dip Below IPO Price on Lockup Release Fears
SpaceX shares dropped 1.3% below their $135 IPO price as investors brace for a lockup release that could boost the tradable float by 143%, amplifying short-squeeze risks.
Zhongji Innolight's $7B Hong Kong IPO Nears Regulatory Nod
Zhongji Innolight is set to launch a $7 billion Hong Kong IPO, pending regulatory approval, which could dilute existing shareholders by up to 6.4%.
SpaceX Faces $1.24 Trillion Valuation Hurdle Ahead of Starship Test
SpaceX must add $1.24 trillion in value to reach Evercore's $230 target, making Thursday's Starship test a critical checkpoint. Shares closed at $136.08.
Attovia Therapeutics Files IPO to Challenge Dupixent and Nemluvio
Attovia Therapeutics has filed for an IPO to raise capital for developing rival treatments to Sanofi and Regeneron's Dupixent and Galderma's Nemluvio.
SK Hynix Surges 12.8% in Nasdaq Debut, Premium Over Seoul Shares Widens
SK Hynix closed its first Nasdaq session at $168.01, a 12.8% gain from the offer price, and now trades at a 15.5% premium over its Seoul-listed equivalent.