This week's projected IPOs include:
U Power
This business is listing with an offering of 2.5 million shares, which are expected to sell for between $6 and $8 each. It is joining the NASDAQ index under the ticker symbol ‘UCAR’.
What is U Power?
U Power is a vehicle-sourcing service provider in China. The company is aiming to become an EV market player primarily focused on its proprietary battery-swapping technology, which it calls its UOTTA technology.
This technology is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs.
Among the company’s activities is the brokering of vehicle sales between automobile wholesalers and buyers, including small and medium-sized vehicle dealers and individual customers primarily located in the lower-tier cities in China.
However, since 2020 the company has pivoted to prioritize the development of its battery-swapping technology. Through its research and development efforts, it is developing an intellectual property portfolio with 14 issued patents and 24 pending patent applications in China.
The business has also started cooperating with major automobile manufacturers to jointly develop UOTTA-powered EVs, by adapting selected EV models with UOTTA technology.
Who is Leading the UCAR IPO?
AMTD and WestPark Capital are leading U Power’s IPO.
UCAR IPO Use of Proceeds
U Power says it plans to use the net proceeds of this offering as the following:
40% for developing and marketing UOTTA-powered EVs.
30% for manufacturing and developing UOTTA-powered battery-swapping stations.
20% for developing and upgrading UOTTA technologies.
10% for working capital.
US GoldMining
This business is offering 1.54 million units, with each of these units consisting of one share of common stock and a warrant to purchase one share of common stock at an exercise price of $13.00 in the three years following its issue.
The anticipated price per unit is $10. The listing will see US GoldMining joining the NASDAQ index under the ticker symbol ‘USGO’.
What is US GoldMining?
As the name indicates, US GoldMining is largely concerned with gold mining in the US. The company’s sole project is the Whistler Project, a gold-copper exploration project located in the Yentna Mining District, approximately 150 km northwest of Anchorage, Alaska.
The company has no operating revenues and does not anticipate generating revenues for the foreseeable future.
While the company says its current focus is on exploring and advancing the Whistler Project, it says its longer-term strategy may include seeking out compelling acquisition opportunities.
The company is a subsidiary of GoldMining, a company listed on the Toronto Stock Exchange and NYSEAmerican exchange. GoldMining is a public mineral exploration company that was incorporated in 2009 and is focused on the acquisition and development of gold assets in the Americas.
Who is Leading the USGO IPO?
This listing’s joint book-running managers are BMO Capital Markets and H.C. Wainwright & Co, while Laurentian Bank Securities and Sprott are listed as co-managers.
USGO IPO Use of Proceeds
The company intends to use the proceeds from its offering as follows:
$6.22m for exploration and development activities on Whistler Project.
$3.24m for general and administrative expenses.
$2.28m for repayment of current liabilities.
$1.18m for permitting and reporting.
The remainder is for other general working capital purposes.
CytoMed Therapeutics
This business is seeking to join the NASDAQ under the ticker symbol ‘GDTC’ with an offering of 2,412,369 ordinary shares. The offering price of its ordinary shares is expected to be between $4 and $5 each.
What is CytoMed Therapeutics?
This Singapore-based business is a pre-clinical biopharmaceutical company focused on harnessing licensed proprietary technologies to create novel cell-based immunotherapies for the treatment of human cancers.
CytoMed says its pharmaceutical developments have been “inspired by the clinical success of existing CAR-T in treating haematological malignancies as well as the current clinical limitations and commercial challenges in extrapolating the CAR-T principle into the treatment of solid tumors”.
What is CAR-T? Simply put, it stands for chimeric antigen receptor T-cell therapy, which is a treatment used to alter a patient’s white blood cells to allow them to fight an existing cancer.
This has led the business to develop its three product candidates: CTM-N2D, iPSC-gdNKT and CTM-GDT. The former is CytoMed’s lead candidate and recent weeks have seen the business gain a Clinical Study Agreement for a trial of the treatment to be conducted by the National University Hospital Singapore to evaluate its safety in human subjects.
Who is Leading the GDTC IPO?
The Benchmark Company and Axiom Capital Management will be leading the company’s listing.
GDTC IPO Use of Proceeds
We intend to use the net proceeds of this offering in the following manner after we complete the remittance process:
$2m to advance the clinical development of CTM-N2D including the CTA application, the initiation of Phase I clinical trial, and up to the stage of commencing a Phase II clinical trial.
$2m to continue technology development of iPSC-gdNKT.
$1m to advance the clinical development of CTM-GDT including the CTX application, for a Phase I clinical trial in Malaysia.
The remainder is for the funding of other R&D activities, manufacturing expansion, working capital and general corporate purposes.
Golden Heaven Group Holdings
This business is listing 2 million ordinary shares with an expected price range of $4 to $5 each. The business is joining the NASDAQ index under the ticker symbol ‘GDHG’.
What Does Golden Heaven Group Do?
Through Chinese operating entities, Golden Heaven manages and operates six properties consisting of amusement parks, water parks and complementary recreational facilities.
Its parks occupy approximately 426,560 square meters and are easily accessible to an aggregate population of approximately 21 million people. Their offering includes both thrilling and family-friendly rides, water attractions, gourmet festivals, circus performances, and high-tech facilities.
As of the date of this prospectus, the parks collectively contain 139 rides and attractions.
Who is Leading the GDHG IPO?
The offering is being led by Revere Securities and R.F Lafferty & Co.
Use of GDHG IPO Proceeds
Golden Heaven says it plans to use the net proceeds of this offering as follows:
40% for expanding market share by constructing new amusement parks, as well as acquiring or investing in businesses engaged in amusement park development.
20% for upgrading existing amusement parks, software and systems.
10% for improving internal control.
10% for increasing brand recognition through marketing and promotional activities.
10% for working capital purposes.
5% for increasing employees’ compensation and benefits packages, as well as investment in job training.
The final 5% is earmarked for emergency funds to be used when needed.
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