IPO – Page 2 – Financial Treason & Crime

Rhian Hunt, 02 December 2020

Food delivery IPO DoorDash, rival to Grubhub (NYSE:GRUB) and other restaurant delivery services, attracted its first major analyst rating even before its shares are actually trading on the stock exchange. The news site Benzinga reported yesterday that investment banking, wealth management, and financial analysis firm D.A. Davidson rated the company as a buy and gave its stock a speculative price target of $93 per share.

Davidson analyst Tom White laid out a bull case for DoorDash based on several metrics, including its 2020 U.S. delivery market share of 50%. That is up from a 36% share at the year’s beginning and 17% two years ago. White also points out that the company still has lots of room for growth, providing service to just 6% of America’s population and handling 3% of off-premise restaurant sales (18 million customers and $8 billion in gross order value, respectively). The $93 price target represents a sixfold multiple of DoorDash’s enterprise-value-to-sales (EV/sales) ratio.
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12/01/202002/22/2021

Article: DoorDash: great unit economics, but many unanswered questions

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DoorDash: great unit economics, but many unanswered questions

Daniel McCarthy, 01 December 2020

A lot of people have a lot of different opinions about DoorDash in light of their pre-IPO S-1 filing. Many reporters and pundits are concerned about profitability in the restaurant meal delivery category as a whole, wondering whether any of these firms could ever sustainably turn a profit. Many others are more optimistic, pointing to some of the (many) customer-related disclosures that DASH scattered throughout its S-1. And of course, all of this uncertainty is only further compounded by COVID, which was and has continued to be a big shot in the arm for everyone in the category, but introduces yet more uncertainty about how the world will look post-pandemic.

Given my own academic research with Elliot Oblander and Kivan Polimis into the industry, which I will hopefully be able to link to over the next couple of months (if you’re interested, shoot me an email and I’ll make sure send it to you as soon as it breaks!), and given the volume of disclosures that DoorDash provided in the S-1, I took a closer look at the company to uncover what its underlying unit economic condition currently looks like, how COVID has impacted it, and what their “normalized” economics may be after stripping out pandemic-driven behavioral changes.
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11/17/202002/22/2021

Article: 4 Things to Know From DoorDash’s IPO Filing

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4 Things to Know From DoorDash’s IPO Filing

Evan Niu, 17 November 2020

DoorDash has at long last filed the public version of its S-1 Registration Statement with the SEC, nearly nine months after submitting a confidential version to the SEC. The leading food delivery platform has opened its books for prospective investors ahead of going public through an IPO. The upcoming debut comes as Grubhub (NYSE: GRUB) is preparing to be acquired by Just Eat Takeaway. The company plans to list on the New York Stock Exchange under the symbol “DASH.”
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11/16/202002/22/2021

Article: DoorDash delivers an IPO filing

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DoorDash delivers an IPO filing

Robinhood Snacks, 16 November 2020

Drooling all over the S-1… DoorDash released its IPO paperwork on Friday, and didn’t hold back with the high-res food pics (so many poke bowls). Companies that are going public have to file a prospectus with the SEC so investors can get informed. Here’s what DoorDash delivered:

#1 food deliverer in the US: DoorDash has an enviable 50% share of the market. Uber Eats has 26%, Grubhub has 16%, and Postmates (which Uber’s buying) has 7%.
Sales more than tripled to $1.9B from January to September compared to the same period in 2019. 18M customers, 1M Dashers, and 390K merchants now use DoorDash’s platform.
It’s still not profitable. Buuuut: DoorDash significantly cut its net loss from $533M in the 2019 period to $149M in 2020.
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11/13/202002/22/2021

Article: DoorDash files for IPO, shows surging revenue during pandemic

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DoorDash files for IPO, shows surging revenue during pandemic

Emily Bary and Levi Sumagaysay, 13 November 2020

DoorDash Inc., the leading food-delivery app in the nation, filed paperwork Friday morning for an initial public offering, giving investors a first glimpse into its fast revenue growth amid the pandemic — and its continued losses.

The COVID-19 pandemic has been a boon to delivery businesses as people have had to stay home and in many cases outsource their shopping or food pickup. The company’s filing with the Securities and Exchange Commission shows just how big of a boost it has received. DoorDash’s revenue rose to $1.92 billion through the first nine months of the year, a 227% increase from the year-ago period, according to the company’s filing.

The San Francisco-based company, which said in a prospectus that its mission is “to grow and empower local economies,” intends to trade on the New York Stock Exchange under the ticker “DASH.”
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11/02/202004/06/2021

Article: 180 Life Sciences Corp. (ATNF) FORM 424B4

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180 Life Sciences Corp. (ATNF) FORM 424B4

Seeking Alpha, 02 November2021

This prospectus relates to the proposed resale or other disposition from time to time of an aggregate of 9,108,836 shares of the common stock, par value $0.0001 per share, of KBL Merger Corp. IV, a Delaware corporation, by the selling stockholders identified in this prospectus, of which: (i) 750,000 shares of common stock are held by certain of the selling stockholders identified in this prospectus that are party to either the June SPA or the September SPA; (ii) 1,388,890 shares of common stock are issuable to one of the selling stockholders identified in this prospectus that is a party to the June SPA upon the conversion of $3,666,666.66 of our Series A Convertible Preferred Stock (“Series A Stock”) and all accrued and unpaid dividends on such Series A Stock based on a conversion price (after giving effect to certain potential anti-dilution adjustments) of $2.64 per share; (iii) 2,592,195 shares of common stock are issuable to certain of the selling stockholders identified in this prospectus that are party to either the June SPA or the September SPA upon the conversion of $4,713,077.39 aggregate principal amount of our secured convertible 10% original issue discount promissory notes (the “Investor Notes”), plus accrued and unpaid interest thereon, based upon a floor conversion price of $2.00 per share; (iv) 198,751 shares of common stock are issuable to our Sponsor upon the conversion of an unsecured convertible promissory note in the aggregate principal amount of $795,003 (the “Convertible Sponsor Note”); (v) 1,968,750 shares of common stock are founder shares that are held by our Sponsor;

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04/07/202004/06/2021

Article: 180 Life Sciences Corp. (ATNF) FORM 10-K

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180 Life Sciences Corp. (ATNF) FORM 10-K

Seeking Alpha, 07 April 2020

“180” are to 180 Life Sciences Corp. (formerly CannBioRx Life Sciences Corp.);

“Business Combination” are to the transactions contemplated by the Business Combination Agreement;

“Business Combination Agreement” are to the Business Combination Agreement, dated as of July 25, 2019 (as the same may be amended), by and among us, KBL Merger Sub, the 180 Parties and the Stockholder Representative, pursuant to which KBL Merger Sub will merge with and into 180 with 180 surviving the merger and continuing as our wholly-owned subsidiary, and in consideration thereof, the stockholders of 180 shall, at the option of the holder, receive either shares of our common stock or their existing Exchangeable Shares will become exchangeable into shares of our common stock;

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08/12/201904/10/2021

Article: Form 6-K Inmode Ltd.

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Form 6-K Inmode Ltd.

TOPPAN MERRILL, 12 August 2019

On August 12, 2019, InMode Ltd., an Israeli company (the “Company”) closed its previously announced initial public offering (the “IPO”) in which the Company offered 5,000,000 ordinary shares. The aggregate gross proceeds, before deducting underwriting discounts and commissions and other offering expenses, to InMode from the offering were approximately $70.0 million. In connection with the sale of the ordinary shares on August 12, 2019, on August 7, 2019, the Company entered into an underwriting agreement (the “Underwriting Agreement”) by and among the Company, Barclays Capital Inc. and UBS Securities LLC, acting as representative of the several underwriters named on Schedule I thereto (the “Underwriters”), pursuant to which the Company agreed to issue and sell the ordinary shares to the Underwriters. A copy of the executed Underwriting Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference.

On August 12, 2019, the Company issued a press release announcing the closing of the IPO. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On July 29, 2019, the Company filed the form Amended and Restated Articles of Association. On August 7, 2019, they became effective. A copy of the Amended and Restated Articles of Association is attached hereto as Exhibit 3.1 and is incorporated by reference.

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11/14/020202/22/2021

Article: DoorDash IPO filing shows huge growth and lots of risk

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DoorDash IPO filing shows huge growth and lots of risk

Dara Kerr, Carrie Mihalcik, 14 November 2020

Food delivery service DoorDash on Friday filed paperwork with the US Securities and Exchange Commission for an initial public offering. The S-1 filing, more than 200 pages long, shows that the company reported $1.9 billion in revenue for the nine months that ended Sept. 30, up from $587 million during the same period last year.

The company also reported a net loss of $149 million in the first nine months of this year, which is less than the $533 million net loss it reported during the same time in 2019.
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