By John Filar Atwood
The IPO market saw more withdrawals last week than in any other week for at least the last decade. Fifteen more companies filed Forms RW, bringing the 2022 total to 54. That is already more than were filed in all of 2021 (47). Eleven of the withdrawals were by blank check (SIC 6770) companies. SIC 6770 now accounts for 77 percent of the year’s IPO withdrawals (42 of 54). Only two companies completed their IPOs last week. Akanda raised $16 million for its medical cannabis products business. It was the second U.K.-headquartered company to go public in the U.S. this year. Fifteen U.K. companies completed offerings in the U.S. last year. Goldenstone Acquisition also began public trading last week, becoming the seventh blank check new issuer of March.
New registrants. The week’s activity included seven new registrations. London is home to new registrants Virax Biolabs Group and ClimateRock. Through subsidiaries in Hong Kong, China, Singapore, and the British Virgin Islands, Virax offers diagnostic test kits and equipment for the management of viral diseases. ClimateRock is a blank check company that intends to pursue a target in the sustainable energy industry. China’s Planet Image International filed plans for a $34 million offering in the U.S. The company sells laser printer toner cartridges in China, Europe, and the U.S. Planet Image will remain under the control of its founder following the IPO. Sharps Technology, a medical device company that manufactures safety syringes, also registered. Prior to its IPO, Sharps will reincorporate from Wyoming to Nevada and will complete a reverse stock split of its common shares. The company is developing its first automated assembly line in collaboration with Safeguard Medical (Hungary) under an asset purchase agreement. SIC 6770 saw new registrations by Israel Acquisitions, VIKASA SPAC Series I Acquisition, and Aura FAT Projects Acquisition. Israel Acquisitions plans to target Israeli technology companies, while VIKASA will seek energy companies facilitating the transition to decarbonization and sustainability. Singapore-headquartered Aura FAT Projects will pursue Southeast Asian businesses in the blockchain, cryptocurrency, digital ledger, and fintech sectors.
Withdrawals. Fifteen companies withdrew their IPO registration statements last week, 11 of which were blank check companies. Hexion Holding also withdrew because it has entered into an acquisition agreement with affiliates of American Securities. The provider of adhesives and lumber treatments never amended its September 29th initial public registration. Peru’s Auna, which had been in public registration since September 2020, pulled its IPO plans. The company filed only one amendment in August 2021. Cyprus-headquartered Camposol Holding and Netherlands-based hear.com also filed Forms RW. Both companies initially registered on April 19, 2021.
The information reported here is gathered using IPO Vital Signs, a Wolters Kluwer Regulatory U.S. database that includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets. IPO Vital Signs does not track closed-end funds, best efforts or non-underwritten deals, or IPO offerings for amounts less than $5 million.