Nasdaq

Qualigen Therapeutics (QLGN) shareholders approved a strategic shift to AIxCrypto Holdings (AIXC) by Nov 20, 2025. Faraday Future will become the majority shareholder (≈55% direct, ≈63% incl. affiliates) and nominate most board members before this date. The company approved share issuance, an equity incentive plan, and Nasdaq rule waivers. A new AI/Web3 business model and board will be revealed at the Nasdaq ceremony. This marks a transition from biotechnology into a decentralized AI technology platform.

The U.S. equity market shows a divergence, with the Dow reaching a record high driven by established industries like banking and healthcare, while the Nasdaq declined due to tech sector sensitivity. Anthropic plans a $50 billion U.S. AI infrastructure investment. Uncertainty surrounds the potential absence of U.S. jobs and inflation data. Private equity firms face challenges with underperforming “zombie companies” difficult to sell.

Westin Acquisition Corp (WSTN) priced its $50 million IPO of 5,000,000 units at $10.00 per unit, each containing one Class A share and a right to 1/6 of a share. Trading on Nasdaq under WSTNU is expected to begin November 4, 2025, with closing anticipated November 5, 2025. Underwriters have a 45-day option to purchase up to 750,000 additional units. A.G.P./Alliance Global Partners is the sole book-running manager.

Visionary Holdings Inc. received a Nasdaq notification on August 5, 2025, for non-compliance with Listing Rule 5250(c)(1) due to a delayed Form 20-F filing. Visionary submitted a compliance plan on October 6, 2025, and is working with its auditor to expedite the filing. The company is committed to Nasdaq listing. Analysts note that reporting delays can raise investor concerns, while Visionary’s tech-focused model may contribute to audit complexities. The company must address the delay to maintain investor confidence and avoid potential delisting.

Harvard Ave Acquisition Corporation (HAVAU) closed its $145 million IPO, offering 14,500,000 units at $10.00 each. Units, trading on Nasdaq under HAVAU since October 23, 2025, consist of Class A ordinary shares and rights, expected to list as HAVA and HAVAR, respectively. The Cayman Islands-based SPAC, managed by D. Boral Capital, will pursue a business combination. Investors should note the risks inherent in SPACs, including target selection and regulatory scrutiny.

Miluna Acquisition Corp (MMTXU) priced its IPO of 6,000,000 units at $10.00 each, aiming to raise $60 million. Units, comprising one ordinary share and one warrant, are expected to begin trading on Nasdaq on October 23, 2025. The IPO is expected to close on October 24, 2025. D. Boral Capital LLC and ARC Group Securities LLC are joint book-running managers, with a 45-day over-allotment option. The company will seek a business combination, excluding targets primarily based in China.

On October 18, 2025, Nasdaq halted trading of Etoiles Capital Group Co., Ltd. (EFTY) pending further information from the company. This follows an earlier SEC suspension of EFTY trading from October 6-17, 2025. The last reported sale price was $15.02. Trading will remain halted until Etoiles Capital Group satisfies Nasdaq’s information request. The SEC previously suspended trading due to concerns about the accuracy of company information. Analysts are monitoring the situation, advising caution to investors.

Bitfarms (BITF) priced an upsized US$500M offering of 1.375% convertible senior notes due 2031, plus an initial purchaser option for US$88M. Closing is expected around October 21, 2025, contingent on standard conditions and TSX approval. The initial conversion rate is 145.6876 shares per US$1,000, ≈US$6.86 per share, a ~30% premium. Capped call transactions mitigate dilution, with an initial cap price of US$11.88 (~125% premium). Net proceeds will fund general corporate purposes and capped calls.

Nasdaq has halted trading of Smart Digital Group (SDM) due to a request for additional information. This follows a previous SEC suspension of SDM trading from September 29, 2025, to October 10, 2025. The last sale price was $1.85. The reasons for both the SEC suspension and Nasdaq halt are unclear, creating investor uncertainty. Trading will resume when Nasdaq deems the information provided by SDM sufficient. Analysts speculate on potential issues ranging from revenue recognition concerns to business model sustainability. Failure to respond adequately could lead to delisting.

Legence (LGN) successfully completed its IPO on September 12, 2025, offering 26 million Class A shares at $28 per share. Underwriters exercised part of their option, purchasing an additional 3.48 million shares. The IPO, led by Goldman Sachs and Jefferies, generated approximately $780.2 million in net proceeds. Legence plans to use these funds to repay term loan debt and for general corporate purposes, aiming for stable growth and long-term value creation.