The IPO Buzz: Magic Empire Global Soars in its Early August Debut

Magic Empire Global Ltd. (MEGL) opened at $50.00 – up $46.00 from its $4.00 IPO price – for a gain of 1,150 percent in its first trade on the NASDAQ at 10:57 a.m. EDT this morning (Friday, Aug. 5, 2022). Volume was 12,702 shares, NASDAQ records showed. The small-cap IPO raised $20.0 million with the pricing of just 5 million shares on Thursday night, Aug. 4, 2022. (Editor’s Note: This column, published Friday morning, was updated later with closing prices.)

The stock of Magic Empire Global shot higher – jumping to $90.00 – up $86.00 from its IPO price – for a gain of 2,150 percent in afternoon trading.

Magic Empire Global’s stock closed at $97.00 – up $93.00 from its IPO price – up a whopping 2,325 percent on its first day of trading on the NASDAQ. Volume was 545,371 shares.

Network 1 Financial Securities was the sole book-runner. 

Magic Empire Global Ltd., incorporated in the British Virgin Islands, is the holding company of Giraffe Capital Limited, also known as GCL, a Hong Kong-based financial services firm. The stock in the IPO was offered by the holding company – and not by the Hong Kong financial advisory and investment banking firm.

The Magic Empire Global IPO attracted a lot of investor interest. Allocations were described as exceptionally small. 

In the first week of August, bankers raised $228.5 million from five deals – two IPOs, two SPAC IPOs and a tiny public offering/NYSE American uplisting.

The other IPO – Bruush Oral Care (BRSH/BRSHW) – priced its unit offering on Tuesday night, Aug. 2, 2022, at $4.16 – sharply below its range – and sold 3.7 million units to raise $15.5 million. Aegis Capital Corp. was the sole book-runner for the Canadian sonic-powered toothbrush company’s IPO.

SPACs Back in Town

Pono Capital Two, Inc. (PTWOU) was also on the IPO watch list Friday morning. This SPAC IPO was priced Thursday night, Aug. 4, in line with the terms in its prospectus: 10 million units at $10.00 each to raise $100.0 million. EF Hutton was the sole book-runner. 

Pono Capital Two is focused on Japan. The Honolulu-based SPAC intends to acquire a disruptive tech business in Japan.

The initial public offering of Pono Capital Two officially opened for trading on the NASDAQ at 10:45 a.m. EDT on Friday, Aug. 5, 2022. The stock edged up 2 cents to open at $10.02 on volume of 669,226 shares, NASDAQ records showed.

Shares of Pono Capital Two closed at $10.03, up 3 cents from their IPO price, to book a 0.3 percent gain on their first day of trading; volume was 7,139,251 shares.

Pono Capital Two’s pricing – along with the pricing on Wednesday night, Aug. 3, 2022, of the IPO of Mobiv Acquisition Corp. (MOBVU) – ended the drought of SPAC deals that occurred in July.

Mobiv Acquisition Corp.’s SPAC IPO was also priced (on Wednesday night) in sync with the terms in its prospectus – 8.7 million units at $10.00 each to raise $$87.0 million. EF Hutton was also the sole book-runner of Mobiv’s SPAC IPO.

This week, Mobiv Acquisition Corp. and Pono Capital Two, Inc. became the 71st and the 72nd SPAC IPOs priced so far this year.

Based in Wilmington, Delaware, Mobiv Acquisition is focused on tech companies in the EV (electric vehicle) and “smart” mobility industry. 

On the uplisting front: 1847 Holdings LLC (EFSH) priced its small public offering of stock – in connection with its NYSE American uplisting from the OTCQB – on Tuesday night, Aug. 2, 2022, at $4.20, the low end of its range, on 1.43 million shares to raise $6.0 million. Craft Capital Management and R.F. Lafferty were the co-managers for both the public offering and the NYSE American uplisting.

Worth noting: 1847 Holdings LLC’s offering consisted of only stock offered to the public. A close reading of the final prospectus dated Aug. 2, 2022, showed that the public offering does not include warrants. The prospectus said the company has agreed to issue warrants to the representatives of the underwriters or their designees at the closing of this offering. (Please see the cover of the prospectus and details under the subhead Representative’s Warrants – Page 175 of the 424B4 filing with the SEC.)

1847 Holdings acquires and runs small businesses, which it defines as those with an individual enterprise value of less than $50 million.

Next week’s IPO Calendar also looks light. Just a handful of deals are scheduled for pricing so far in the week of Aug. 8, 2022.

Meanwhile, at the U.S. Securities and Exchange Commission’s filing window, the deals came in at a steady pace throughout the week.

Stay tuned.

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

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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.