The IPO Buzz: Light Fare in the Post-Thanksgiving Week

Adamas One (JEWL proposed), a synthetic diamond technology company, is one of just two companies planning to go public during this post-Thanksgiving week. Maybe the bankers and their clients are still recovering from the long holiday weekend.

Erayak Power Solution Group Inc.(RAYA proposed) is the other name on this week’s IPO Calendar.

Both deals – Adamas One and Erayak Power Solution Group – are set for pricing Wednesday night, Nov. 30, 2022, to trade Thursday, Dec. 1, 2022.

The entity issuing the stock in the Erayak Power Solution Group IPO is the Cayman Islands-incorporated holding company of a Chinese business that makes off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products for use in agricultural and industrial vehicles, recreational vehicles (RVs), electrical appliances and outdoor living products.

This lean IPO Calendar looks almost muscular compared with last week. No IPOs were priced in the week of Nov. 21, 2022. Thanksgiving week of 2022 goes down in the books as one in which the IPO cupboard was bare, in terms of priced deals.

Alexander Capital is the sole book-runner of Adamas One Corp.’s IPO: 7.17 million shares at $4.50 to $5.00 to raise $34.1 million, if priced at the $4.75 mid-point. The deal is a carry-over from last week.

Of the 7.17 million shares in the IPO, the company is offering 3.15 million shares and the selling stockholders are offering 4.02 million shares. Adamas One will not receive any proceeds from the sale of the selling stockholders’ shares.

Based in Scottsdale, Arizona, Adamas One uses its proprietary technology to produce high quality single crystal diamonds (synthetic diamonds) and diamond materials through a CVD process.

Adamas One is not profitable, according to the prospectus. The company reported a net loss of $6.4 million on revenue of $1.1 million for the nine months that ended June 30, 2022.

Erayak Power Solution Group Inc. (RAYA proposed) is also a micro-cap IPO – only 3.0 million shares at $4.00 each to raise $12.0 million.

Craft Capital Management and R.F. Lafferty & Co. are the joint book-runners.

Erayak Power Solution Group Inc. was formed in 2019 under the laws of the Cayman Islands. The company conducts business mostly through its wholly owned subsidiaries, Zhejiang Leiya and Wenzhou New Focus, in the People’s Republic of China (PRC).

Zhejiang Leiya, founded in 2009, has also established e-commerce channels in the retail chain. Erayak Power Solution Group, through its PRC subsidiaries, also offers its products in Japan, England, Germany, France, Spain, Switzerland, Sweden, the Netherlands, the U.S., Canada, Mexico, Australia, Dubai and nine other countries. 

More than 80 percent of the company’s revenue came from inverters for the fiscal years ended Dec. 31, 2021, and Dec. 31, 2020, the prospectus says.

Erayak Power Solution Group Inc. is profitable, according to the prospectus. For the fiscal year ended Dec. 31, 2021, Erayak reported net income of $3.39 million on revenue of $18.63 million, according to the prospectus.

One other small deal – an NYSE-American uplisting and a public offering of units (stock and warrants) by Curative Biotechnology Inc. (CUBT proposed) – is also on this week’s calendar. It’s set for pricing Thursday night, Dec. 1, 2022, to trade Friday, Dec. 2, 2022.

Stay tuned.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: then scroll down to IPO Message. 

Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.