Shares of Rail Vision opened for trading below their initial public offering price and continued to slide from there on Thursday, while battery-maker Expion360 fared better in its debut on Friday. This marked another slow week for IPOs in the U.S. after a record 2021 with 397 initial public offerings that raised around $142B.


LATEST IPOS AND DIRECT LISTINGS:

Rail Vision (RVSN) opened on March 31 at $3.14 per share. The development stage technology company that is "seeking to revolutionize railway safety and the data-related market" had priced its initial public offering of 3,787,241 units at a combined public offering price of $4.13 per unit, each consisting of one ordinary share and one warrant to purchase one ordinary share, with an initial exercise price of $4.13 per share.  Aegis Capital acted as the sole book-running manager for the offering.

Expion360 (XPON) opened on April 1 at $7.90 after having priced 2.15M shares at $7.00. Alexander Capital acted as sole book running manager for the offering. Expion360 is a producer of premium lithium batteries and accessories for recreation vehicles, outdoor, marine, residential, and industrial markets that sources, assembles and white-labels components and finished products.

PERFORMANCE:

• Expion360 ended its first day of trading at $7.93.
• Rail Vision finished Friday at $2.72.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Solta Medical (SLTA), Bitdefender, Phoenix Motor (PEV), FreeCast (CAST), and Samba TV (SMBA).

Bausch Health Companies (BHC) announced that its wholly owned subsidiary, Solta Medical, has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of Solta's common shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Solta has applied to list its common shares on the Nasdaq Global Select Market under the symbol (SLTA). Bausch Health has completed all internal procedural steps and is fully prepared to launch both the Solta and Bausch + Lomb Corporation IPOs, subject to receipt of regulatory, stock exchange and other approvals.

Samba TV has filed with the SEC for an initial public offering of shares of Class A common stock. The company has applied to list its Class A common stock on the New York Stock Exchange under the symbol (SMBA). In its prospectus, Samba TV stated in part, "We are transforming internet Connected TVs - CTVs - into a platform for our customers, which are comprised of brands, agencies, content programmers, publishers and measurement and advertising vendors, to build attentive, engaged audiences. Our AI-driven content identification software is embedded in CTVs sold by leading original equipment manufacturer - OEM - brands across the globe. Through our software, we form direct relationships with millions of viewers, who provide us consent to collect their viewership data... We are active in six countries today, with ambitions to expand into the more than 100 countries where CTVs integrated with our technology are sold."

Bitdefender Holding B.V., which identifies itself as "a global cybersecurity leader," announced that it has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities Exchange Commission for the proposed initial public offering of its securities in the United States. "The timing, size and price range for the proposed offering have yet to be determined. The initial public offering is subject to SEC and other regulatory review processes, as well as market and other conditions," the company said. Bitdefender did not disclose a proposed ticker symbol for its anticipated stock offering.

Phoenix Motor filed for an initial public offering on the Nasdaq under symbol (PEV).  Upon the closing of the offering, Phoenix Motor will be a "controlled company" within the meaning of the corporate governance standards because more than 50% of the voting power of its outstanding common stock will be beneficially owned by SPI Energy (SPI). Phoenix Motor currently designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles and markets and sells electric vehicle chargers for the commercial and residential markets. The company delivered its first commercial electric vehicle in 2014. It develops and integrates an electric drivetrain into the Ford Econoline Chassis, specifically on the Ford (F) E-450.

FreeCast has filed with the SEC for an initial public offering of common stock and has applied to list its common stock on the Nasdaq Capital Market, or Nasdaq, under the symbol (CAST). FreeCast is an entertainment-based content discovery, aggregation and management company that provides SmartGuide digital interactive technology for consumers to organize numerous sources of online media similar to a traditional on-screen television, or TV, guide.   

Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, analyst commentary and upcoming IPOs.