Alright, so I had prepared most of the newsletter on Monday, and then Tuesday came along and it appears that NASDAQ has put the low-float IPO game into an ice bath, so we’re unlikely to have any IPOs debut this week (wah, wah, wah-wah)… but let’s not over-react quite yet. What we’ve heard so far is that underwriters have been asked to provide the names and email addresses of the individuals to whom they are allocating shares, and the underwriters are struggling to provide such information due to the fact that they can’t allocate shares until they get NASDAQ approval to proceed with the IPO allocations.

I have received some insights from one broker who provided me with the following information based on a conversation he had with a representative from U.S. Initial Listings at NASDAQ (I’ve been asked to write this in my own language, so this is not a direct quote, but adheres to the material content he provided):

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Nasdaq is, indeed, in the process of making some new rules – so they are unlikely approve any listing application (except for SPAC listings) in the next 2-3 weeks. There is no specific time for the suspension, and no one knows exactly how long it will last. They don’t know, at this point, what new rules will be added, and any rules MAY require the SEC’s approval, which might add further delays. They did not provide specifics about what would constitute a “small offering”, but indicated that the suspension would primarily focus on these types of deals. NASDAQ will be watching the situation closely as they prepare new proposed rules, which could affect the offering terms of ensuing deals.

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So what can we take away from this? Well, for starters, we can likely pull our allocation requests and either sit on those funds or wait until we hear further updates on the situation.

We can also assume that the Chinese money-moving machine isn’t about to just sit back and wait to see if NASDAQ gives them the green light to resume their goals of transferring money out of China. I’m looking at recent IPOs, secondary offerings, SPACs, and other vehicles that may be potential backup plans for these objectives.

But perhaps the most likely scenario for these deals to find the light of day, is for them to simply list on the AMEX. Anyway, I’ll be providing updates on the situation as I hear anything tangible.

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