Underwriting Syndicates: Lead Left, Gross Spread, Pot System
How IPO underwriting syndicates operate: lead left bookrunners, gross spread fee breakdowns, institutional pot allocations, and FINRA Rule 5131.
Bruno M.
Anthropic Files Form S-1 for Nasdaq IPO Under Ticker ANT
Anthropic has filed Form S-1 for a Nasdaq IPO under ticker ANT, revealing $16.3B in first-half 2026 revenue and $131.7B in liquid reserves.
Nvidia AI Software GPU Licensing Fees: How the Model Works
Nvidia’s AI software licensing model carries list prices up to $4,500 per GPU annually, creating high-margin recurring revenue alongside chip hardware.
Spinoffs vs. Split-Offs vs. Carve-Outs: Corporate Divestitures
Learn how spinoffs, split-offs, and carve-outs differ, including Section 355 tax-free rules, exchange offer math, and shareholder cost basis allocation.
Marvell Doubles Credit Facility to $3B With $2B Accordion
Marvell Technology doubled its revolving credit facility to $3 billion with Bank of America, adding a $2 billion accordion and M&A leverage step-up.
Lockheed Martin Posts Record $292B Backlog, Raises 2026 Outlook
Lockheed Martin reported Q3 2026 sales of $20.7B, up 11%, driven by a record $292B backlog and PAC-3 interceptor awards, raising full-year profit guidance.
Portfolio Rebalancing: Calendar vs. Threshold Bands Explained
Learn how portfolio rebalancing restores target asset allocation, controls risk drift, and minimizes taxes using calendar rules and tolerance bands.
TeraWulf Upsizes Credit Facility to $400M, Drops LC Sublimit
TeraWulf expanded its senior secured credit facility to $400 million with Morgan Stanley, adding a $150 million accordion and lifting letter of credit caps.
American Express Posts Record $20.1B Q3 Revenue, Raises 2026 Guidance
American Express posted record Q3 2026 revenue of $20.1B and raised full-year EPS guidance to $18.30–$18.60 on strong cardholder spending and credit quality.
Rights Offerings Explained: Subscription Ratios and TERP Math
Learn how rights offerings work, how subscription ratios and theoretical ex-rights price (TERP) protect shareholder value, and the cost of expiring unexercised.