The Fed is in focus this week. One SPAC was priced Monday night (Sept. 19, 2022) to trade today. Wall Street’s attention, though, is on the Federal Reserve and its fight to curb inflation. The FOMC’s two-day meeting began today (Tuesday, Sept. 20, 2022). Most Wall Street pros expect the Fed to raise the key interest rate by 75 basis points this week. The Fed’s announcement is expected tomorrow (Wednesday, Sept. 21, 2022) at 2 p.m. EDT followed by Fed Chairman Jerome Powell’s news conference at 2:30 p.m. EDT.
On the IPO front, the week began with the pricing of Global Star Acquisition Corp. (GLSTU). The SPAC IPO raised $80 million by pricing 8 million units at $10.00 each. Financial technology (FinTech) and real estate technology (PropTech) businesses are this SPAC’s intended targets. Its geographic focus is two-fold – the Nordic region and the Asia Pacific (APAC) region, especially the South Pacific.
Global Star Acquisition Corp.’s stock opened at 10:51 a.m. EDT today (Tuesday, Sept. 20, 2022) at $9.98, down 2 cents from its $10.00 IPO price, in its NASDAQ debut. The SPAC’s stock closed its first day of trading at $9.97, down 3 cents from its IPO price, amid a slide in the overall U.S. stock market.
EF Hutton was the sole book-runner of Global Star Acquisition’s SPAC IPO.
Tonight’s pricing lineup – a micro-cap biotech IPO, Jupiter Neurosciences, Inc. (JUNS proposed), and a SPAC IPO, Translational Development Acquisition Corp. (TDACU) – did not get done. Both deals were postponed.
The rest of this week’s IPO Calendar consists of five small-cap deals – two biotech IPOs, a small IPO from a disruptive laser tech company, and two small IPOs with Chinese roots (Cayman Island holding companies of Chinese businesses). For details, please see our: IPO Calendar (Editor’s Note: This column was updated after the close on Tuesday, Sept. 20, 2022.)
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: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com 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 IPOScoop.com. 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.