Here are this week's expected IPOs!
BullFrog AI Holdings
This business is listing 1,317,647 units, with each of these consisting of one common stock and one warrant to purchase a share of common stock at an as-yet unknown exercise price before expiry five years from issuance.
The company anticipates that its IPO price will be $6.375 per unit. Its stock will be listed on the NASDAQ under the BFAI ticker.
What Does BullFrog AI Do?
BullFrog AI uses artificial intelligence and machine learning to advance medicines for both internal and external projects. The company says one of the key drivers behind its approach is the fact that most new therapeutics fail at some point in their development, with high costs being a primary reason for this.
As such, the company's mission is to increase the probability of success and decrease the time and cost involved in developing therapeutics.
BullFrog says its platform technology, named bfLEAP, is an analytical Ai and machine learning platform which is able to surmount the challenges of scalability and flexibility currently hindering researchers and clinicians by providing a more precise, multi-dimensional understanding of their data.
The business says it is deploying bfLEAP for use at several critical stages of development for internal programs and through strategic partnerships and collaborations with the intention of streamlining data analytics in therapeutics development, decreasing development costs and impacting the lives of patients that may otherwise not receive the therapies they need.
Who is Leading the BFAI IPO?
The company's IPO is being headed by Viewtrade Securities and Wallachbeth Capital.
Use of BFAI IPO Proceeds
BullFrog says it intends to use the net proceeds for investing in research and development (25%), the repayment of debt (10%) and the remainder for working capital and general corporate purposes.
Snail will launch on the NASDAQ under the ticker SNAL. This company is offering 3 million shares of its class A common stock, with an expected public offering price of between $4.00 and $6.00 per share.
The rights of the holders of Class A common stock and Class B common stock will be identical, except with respect to voting, conversion and transfer restrictions applicable to the Class B common stock.
Each share of Class A will be entitled to one vote, while each share of Class B will be entitled to ten votes and will be convertible into one share of Class A automatically upon transfer, subject to certain exceptions.
Following this offering, the issued and outstanding Class B common stock will represent approximately 96.9% of the combined voting power of the company's outstanding common stock, assuming no exercise of the underwriters' option to purchase additional shares. Mr. Hai Shi, Snail's founder and chairman, will beneficially own 96.9% of the combined voting power of Snail's outstanding common stock.
What Does Snail Do?
Snail is an independent videogame developer and publisher best-known for its ARK: Survival Evolved title, which has been one of the 25 best-selling PC games on the popular Steam gaming platform for four of the last six years.
The game has been installed on 76.9 million consoles and PCs, including 38.4 million installs from free promotions, as of June 30. In the six months ended June 30, the game averaged a total of 395,150 daily active users on the Steam and Epic platforms.
The company has a focus on multiplayer gaming, having started life as the developer of massively multiplayer online role-playing (MMORPG) game Age of Wushu. Today, the business publishes games under several specialized brands through its two publishing labels, Snail Games USA and Wandering Wizard.
Who is Leading the SNAL IPO?
This listing is being headed by US Tiger Securities and EF Hutton, a division of Benchmark Investments.
Use of SNAL IPO Proceeds
Snail says it intends to use the net proceeds from this offering for general corporate purposes, which may include funding future products or technologies, maintaining liquidity and funding our working capital solutions.
Additionally, the company says it may also use a portion of the net proceeds to acquire, in-license or make investments in businesses, products, offerings and technologies.
This company is offering 5.9 million shares at an expected price of between $16 and $18 per share. As such, the business is expected to raise as much as $100m from its initial public offering.
Acrivon is joining the NASDAQ index under the ACRV ticker.
What Does Acrivon Therapeutics Do?
This business is a clinical-stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proprietary proteomics-based patient responder identification platform.
Acrivon says it uses its proprietary precision medicine platform, Acrivon Predictive Precision Proteomics (AP3), to develop a pipeline of oncology drug candidates. It says the AP3 platform enables the creation of drug-specific proprietary OncoSignature companion diagnostics that are used to identify the patients most likely to benefit from its drug candidates.
The business is currently advancing its lead candidate, ACR-368 in a potentially registrational Phase 2 trial across multiple tumor types, which the AP3 platform predicts will have a high proportion of patient responders based on OncoSignature-predicted sensitivity.
Who is Leading the ACRV IPO?
The IPO is being helmed by Morgan Stanley, Jefferies, Cowen and Piper Sandler.
Use of ACRV IPO Proceeds
As of June 30, 2022, the company had cash and cash equivalents of $83.9m. ACRV says it intends to use the net proceeds from this offering, together with its existing cash and cash equivalents, as follows:
An unspecified amount to fund ongoing and planned clinical development, including advancing lead drug candidate ACR-368 through initial Phase 2 clinical readouts, as well as initiating Phase 2 trials in patients with HPV+ tumors.
Entering an IND-enabling stage for at least one of its preclinical programs and funding continued development of its AP3 platform.
The remainder is for research and development activities, working capital and other general corporate purposes.