This edition of my market recap covers the second quarter of 2025. For a review of November and December 2024 see HERE; for October 2024 see HERE; and for Q1 2025 see HERE.
Thirty-three small cap ($30,000,000 and under) IPOs priced in the second quarter of 2025 (20 in April, 5 in May and 8 in June) – a downtrend from Q1 2025. Below is a chart of relevant deal information for the second quarter IPOs.
| Exchange | Offer Amount | Domestic/Foreign Issuer | Banker(s) |
| Nasdaq Global | $30,000,000 | Foreign | Goldman Sachs (Asia) LLC, Citigroup, US Tiger Securities, CICC, Kingswood |
| Nasdaq Capital | $6,400,000 | Foreign | D. Boral Capital |
| Nasdaq Capital | $5,000,000 | Foreign | R.F. Lafferty & Co., Inc. |
| Nasdaq Capital | $7,200,000 | Foreign | Craft Capital Management |
| NYSE MKT | $10,075,000 | Foreign | Maxim Group, LLC |
| Nasdaq Capital | $6,000,000 | Foreign | Dominari Securities, LLC; Revere Securities LLC |
| Nasdaq Capital | $7,000,000 | Foreign | Craft Capital Management, LLC; Westpark Capital |
| Nasdaq Capital | $7,740,000 | Domestic | The Benchmark Company; Axiom Capital Management, Inc. |
| Nasdaq Capital | $7,000,000 | Domestic | Benjamin Securities, Inc. |
| Nasdaq Capital | $12,000,000 | Foreign | R.F. Lafferty & Co., Inc. |
| Nasdaq Capital | $8,400,000 | Foreign | Network 1 Financial Securities, Inc. |
| Nasdaq Capital | $8,000,000 | Foreign | Dominari Securities, LLC; Revere Securities LLC |
| Nasdaq Capital | $4,000,022 | Domestic |
D. Boral Capital, LLC |
| Nasdaq Capital | $15,000,000 | Foreign | AC Sunshine Securities LLC |
| Nasdaq Capital | $9,800,000 | Foreign | R.F. Lafferty & Co., Inc. |
| Nasdaq Capital | $8,000,000 | Foreign | Benjamin Securities, Inc.; R.F. Lafferty & Co., Inc. |
| Nasdaq Capital | $10,656,000 | Foreign | Dominari Securities, LLC; Revere Securities LLC |
| Nasdaq Capital | $10,125,000 | Foreign | American Trust Investment Services, Inc. |
| Nasdaq Capital | $17,500,000 | Foreign | Cathay Securities, Inc. |
| Nasdaq Capital | $5,600,000 | Foreign | The Benchmark Company, LLC; Axiom Capital Management, Inc. |
| Nasdaq Capital | $7,000,000 | Foreign | Cathay Securities, Inc. |
| Nasdaq Capital | $15,000,000 | Foreign | Alexander Capital, L.P.; Network 1 Financial Securities, Inc. |
| Nasdaq Capital | $15,000,000 | Foreign | R.F. Lafferty & Co., Inc. |
| NYSE MKT | $13,500,000 | Domestic | D. Boral Capital |
| Nasdaq Capital | $6,000,000 | Foreign | US Tiger Securities, Inc. |
| Nasdaq Capital | $5,000,000 | Foreign | US Tiger Securities, Inc. |
| Nasdaq Capital | $8,000,000 | Foreign | Dominari Securities, LLC; Revere Securities LLC |
| Nasdaq Capital | $5,500,000 | Foreign | Pacific Century Securities, LLC |
| Nasdaq Capital | $10,350,000 | Foreign | Craft Capital Management, LLC; Boustead Securities |
| NYSE MKT | $14,226,000 | Foreign | Prime Number Capital |
| Nasdaq Global | $20,000,003 | Foreign | Joseph Stone Capital, LLC |
| NYSE MKT | $13,000,000 | Foreign | Network 1 Financial Securities, Inc. |
| Nasdaq Capital | $10,000,000 | Domestic | Morgan Stanley; Goldman Sachs & Co., LLC; J.P. Morgan; Barclays; Evercore ISI; Canaccord Genuity; Needham & Company |
The Author
Laura Anthony, Esq.
Founding Partner
Anthony, Linder & Cacomanolis
A Corporate and Securities Law Firm
Securities attorney Laura Anthony and her experienced legal team provide ongoing corporate counsel to small and mid-size private companies, public companies as well as private companies going public on the Nasdaq, NYSE American or over-the-counter market, such as the OTCQB and OTCQX. For more than two decades Anthony, Linder & Cacomanolis, PLLC has served clients providing fast, personalized, cutting-edge legal service. The firm’s reputation and relationships provide invaluable resources to clients including introductions to investment bankers, broker-dealers, institutional investors and other strategic alliances. The firm’s focus includes, but is not limited to, compliance with the Securities Act of 1933 offer sale and registration requirements, including private placement transactions under Regulation D and Regulation S and PIPE Transactions, securities token offerings and initial coin offerings, Regulation A/A+ offerings, as well as registration statements on Forms S-1, S-3, S-8 and merger registrations on Form S-4; compliance with the Securities Exchange Act of 1934, including registration on Form 10, reporting on Forms 10-Q, 10-K and 8-K, and 14C Information and 14A Proxy Statements; all forms of going public transactions; mergers and acquisitions including both reverse mergers and forward mergers; applications to and compliance with the corporate governance requirements of securities exchanges including Nasdaq and NYSE American; general corporate; and general contract and business transactions. Ms. Anthony and her firm represent both target and acquiring companies in merger and acquisition transactions, including the preparation of transaction documents such as merger agreements, share exchange agreements, stock purchase agreements, asset purchase agreements and reorganization agreements. The ALC legal team assists Pubcos in complying with the requirements of federal and state securities laws and SROs such as FINRA for 15c2-11 applications, corporate name changes, reverse and forward splits and changes of domicile. Ms. Anthony is also the author of SecuritiesLawBlog.com, the small-cap and middle market’s top source for industry news, and the producer and host of LawCast.com, Corporate Finance in Focus. In addition to many other major metropolitan areas, the firm currently represents clients in New York, Los Angeles, Miami, Boca Raton, West Palm Beach, Atlanta, Phoenix, Scottsdale, Charlotte, Cincinnati, Cleveland, Washington, D.C., Denver, Tampa, Detroit and Dallas.
Ms. Anthony is a member of various professional organizations including the Crowdfunding Professional Association (CfPA), Palm Beach County Bar Association, the Florida Bar Association, the American Bar Association and the ABA committees on Federal Securities Regulations and Private Equity and Venture Capital. She is a supporter of several community charities including the American Red Cross for Palm Beach and Martin Counties, Susan Komen Foundation, Opportunity, Inc., New Hope Charities, the Society of the Four Arts, the Norton Museum of Art, Palm Beach County Zoo Society, the Kravis Center for the Performing Arts and several others.
Ms. Anthony is an honors graduate from Florida State University College of Law and has been practicing law since 1993.
Contact Anthony, Linder & Cacomanolis, PLLC. Inquiries of a technical nature are always encouraged.
Follow Anthony, Linder & Cacomanolis, PLLC on Facebook, LinkedIn, YouTube, Pinterest and Twitter.
Anthony, Linder & Cacomanolis, PLLC makes this general information available for educational purposes only. The information is general in nature and does not constitute legal advice. Furthermore, the use of this information, and the sending or receipt of this information, does not create or constitute an attorney-client relationship between us. Therefore, your communication with us via this information in any form will not be considered as privileged or confidential.
© Anthony, Linder & Cacomanolis, PLLC
