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The IPO Buzz: Brain Cancer Biotech’s Small IPO and Reddit Watch

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Brain cancer biotech NeOnc Technologies Holdings Inc. (NTHI Proposed) is set to price its $75 million IPO during the week of March 11, 2024. But it’s coming at a time when the Reddit watch party has kicked into high gear. Reddit (RDDT Proposed), the social media platform famous for its r/Wall Street Bets forum, is close to filing terms for its long-awaited IPO – perhaps as soon as today – Monday, March 11, 2024 – according to Bloomberg, the Financial Times and a flurry of other financial news sources.

Bloomberg reported that Reddit and some of its shareholders are planning to raise up to almost $750 million in one of the biggest IPOs so far this year, citing “people familiar with the matter,” according to its story published online on Sunday afternoon (March 10, 2024). Reddit and its selling shareholders intend to sell 22 million shares for $31.00 to $34.00 each, according to these people, who did not want to be identified because the information was not yet public, Bloomberg said. About 1.76 million shares would be set aside for active Reddit users who opened accounts before Jan. 1, 2024 – and those shares would not be subject to a lock-up period – Bloomberg reported.

Reddit, founded in 2005, is not profitable. The San Francisco-based social media company reported a net loss of $90.8 million on revenue of $804 million for the year 2023, according to Reddit’s S-1 filing.

The Financial Times reported on Friday (March 8, 2024) that Reddit – a New York Stock Exchange listing – plans to start its IPO roadshow on Monday (March 11, 2024). Wall Street and Main Street, of course, are still waiting for Reddit to file its IPO terms in an S-1/A prospectus – and set the pricing date. That filing could come as soon as just before sunrise in New York today (Monday, March 11, 2024) after the U.S. Securities and Exchange Commission opens the blinds to let the sunshine in.

Targeting Brain Cancer

Meanwhile, NeOnc Technologies Holdings Inc. (NTHI Proposed), a Phase II clinical biotech targeting brain cancer, plans to price its small IPO on Tuesday night, March 12, 2024, to trade Wednesday, March 13, on the NASDAQ.

NeOnc Technologies, founded in 2008, is offering 6.0 million shares at $11.25 to $13.75 to raise $75.0 million, according to the prospectus.

Loop Capital Markets is the sole book-runner, with Maxim Group and Brookline Capital Markets acting as co-managers.

NeOnc Technologies, based in Westlake Village, California, is “devoted to developing new drugs with new delivery modes” to treat aggressive brain cancers, the prospectus says. These brain cancers include glioblastoma, a primary brain cancer, and secondary brain cancers that have metastasized and spread to the brain from other cancers throughout the body such as melanoma, breast cancer and lung cancer, the prospectus says.

NeOnc’s two leading drug product candidates are:

*NEO100 – a purified intranasal form of perillyl acid – in a Phase 1/II trial to treat patients with malignant skull-based meningioma.

*NEO212 – a covalently conjugated molecule combining the chemotherapeutic drug temozolomide with perillyl alcohol – in a Phase I/II clinical trial that began in the fourth quarter of 2023. In this trial, NEO212 is administered orally to patients with primary brain tumors (i.e., malignant gliomas) and secondary brain tumors (i.e., brain metastases derived from peripheral tumors such as tumors of the lung, breast, skin/melanoma, etc.)

Aquatic Drones, Pontoon Boats and ATVs 

The rest of this week’s IPO Calendar is made up of a flurry of small IPOs, including RanMarine Technology B.V. (RAN Proposed), an aquatic drone maker in The Netherlands, and Massimo Group (MAMO Proposed), a Dallas-based manufacturer of pontoon boats and ATVs, also known as “all terrain vehicles.”

Stay tuned.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on our website: IPOScoop.com )

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.


Source: https://www.iposcoop.com/the-ipo-buzz-brain-cancer-biotechs-small-ipo-and-reddit-watch/



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