US IPO Pipeline SEC S-1 Filings — May 11, 2026

11-05-2026

PHX Minerals Inc., in its S-1 registration statement filed on May 11, 2026, reported Q1 2025 natural gas, oil, and NGL sales of $10,433,287, up 47% YoY from $7,090,208, driven by 87% growth in natural gas revenues to $6,649,860 while oil revenues grew modestly 5.5% to $2,986,706. Net income turned positive at $4,383,882 ($0.12 per diluted share) versus a $183,615 loss ($0.01 per share) in Q1 2024. The company had $19,750,000 outstanding under its $100,000,000 credit facility with a $50,000,000 borrowing base.

• · Effective interest rate on credit facility 7.54% as of March 31, 2025.
• · Credit facility maturity date September 1, 2028.
• · Change in estimate for prior-period performance obligations $204,141 in Q1 2025 (related to FY 2024 production).
• · Effective tax rate 23% in Q1 2025 versus (30%) benefit in Q1 2024.
• · Restricted stock units excluded from diluted EPS: 849,439 shares in Q1 2025.

11-05-2026

Odyssey Marine Exploration Inc. (OMEX) filed an S-4 registration statement outlining risks for its proposed merger with AOM, where AOM common stockholders (excluding treasury and dissenting shares) will receive approximately 52.9% of Odyssey common stock post-closing. Key risks include no adjustment to the fixed exchange ratio for Odyssey stock price fluctuations, potential $2.2 million termination fee payable by Odyssey if the merger fails under specified conditions, and challenges in realizing synergies due to integration difficulties, employee retention issues, and operational restrictions during the pendency period. The merger faces closing conditions and must be completed by October 8, 2026 (with possible extensions), or it may be terminated, adversely impacting stock prices and business operations.

• · Exchange ratio fixed and not adjusted for changes in Odyssey stock price, except for stock splits or similar events.
• · Merger closing conditions include no legal impediments, S-4 effectiveness, stockholder approvals, and Nasdaq listing of merger shares.
• · Merger Agreement restricts Odyssey and AOM operations pre-closing, limiting acquisitions and other actions.

11-05-2026

Virtuix Holdings Inc., a computer peripheral equipment company, filed an S-1 registration statement on May 11, 2026, for a direct listing. In FY2026 ended March 31, 2026, CEO Jan Goetgeluk's total compensation increased 79% YoY to $447,982 driven by salary, bonus, and incentive pay, while President David Allan's total compensation declined 25% YoY to $1,069,444 despite stock awards; Head of Marketing Lauren Premo's rose 80% YoY to $416,540. Base salaries for Goetgeluk and Allan increased to $350,000 effective in FY2026, with new employment agreements providing severance and equity incentives.

• · Employment agreements for Goetgeluk and Allan effective Sept 17, 2025, with 3-year term, $350,000 base salary, up to $140,000 annual bonus (earned $70,000 for FY2026 based on revenue), and target 60% base salary in annual RSUs.
• · David Allan entitled to cash bonus equal to aggregate exercise price upon exercise of 1,500,000 vested stock options.
• · RSUs for Allan vest in full on July 27, 2026; Premo's RSUs: 25% on Jan 27, 2027, remainder in 12 quarterly installments.
• · Company adopted code of business conduct and ethics; audit committee oversees financial statements.
• · Direct listing bonuses of $50,000 paid to Goetgeluk and Allan.

11-05-2026

Neptune Insurance Holdings Inc. filed an S-1 registration statement on May 11, 2026, for selling stockholders to offer 8,355,615 shares of Class A common stock, with the company not receiving any proceeds but planning to repurchase 835,561 shares from the underwriters contingent on closing. The offering includes an underwriters' option for an additional 1,253,342 shares, and Class A shares (NYSE: NP) closed at $29.92 on May 8, 2026. CEO Trevor Burgess holds approximately 84.0% of voting power pre-offering and 84.1% post-offering and repurchase, classifying the company as a controlled emerging growth company.

• · Principal executive offices: 400 6th Street S, Suite 2, St. Petersburg, Florida 33701
• · Company qualifies as an emerging growth company and controlled company under NYSE rules
• · Non-GAAP measures referenced include Adjusted EBITDA, Adjusted net income; KPIs include premium in force, policies in force, policy retention rate

11-05-2026

Sunshine Silver Mining & Refining Company, a Delaware-incorporated emerging growth company and owner/developer of the permitted Sunshine Mine, filed a preliminary S-1 registration statement with the SEC on May 11, 2026, to conduct an initial public offering of its common stock on the NYSE under the symbol 'SSMR', with no prior public market. The offering involves selling an unspecified number of shares at an estimated price range (to be determined), underwritten by Morgan Stanley, Scotiabank, BMO Capital Markets, and others, with underwriters having a 30-day over-allotment option. Post-IPO, Electrum Group LLC will control a significant portion of voting power, qualifying the company as a 'controlled company' exempt from certain NYSE governance requirements.

• · Filing effective as soon as practicable after SEC effectiveness; delivery of shares on or about [blank], 2026.
• · Financial statements referenced: audited for years ended December 31, 2025 and 2024; unaudited for three months ended March 31, 2026 and 2025.
• · Mineral Resource estimates effective February 24, 2026, per S-K 1300.
• · I.R.S. Employer Identification Number: 85-3794822.
• · Principal offices: 2209 Big Creek Rd, Kellogg, Idaho 83837.

11-05-2026

Public Storage filed an S-4 registration statement on May 11, 2026, related to its proposed mergers with National Storage Affiliates Trust (NSA) via wholly-owned merger subsidiaries, combining two major self-storage REITs. Public Storage owns interests in 3,176 facilities (229.8 million net rentable square feet) across 40 states and manages 370 third-party facilities (29.0 million sq ft), while NSA operates 1,061 properties (69.3 million rentable sq ft) in 37 states and Puerto Rico as of March 31, 2026. NSA's growth via PRO structure drove acquisitions of over 780 facilities for $5B from 2016-2021 and Core FFO per share from $1.12 to $2.26, but faced acquisition slowdowns and share price discounts in 2022-2023 before internalizing PRO management in July 2024.

• · Merger Sub I and Merger Sub II formed on March 12, 2026, solely for the mergers.
• · NSA completed PRO internalization on July 1, 2024, converting SPUs to regular OP units.
• · Public Storage holds 35% in Shurgard (333 facilities, 18 million sq ft in seven Western European countries).
• · NSA common shares trade on NYSE under 'NSA'; Series A and B preferred under 'NSApA' and 'NSApB'.

11-05-2026

AParadise Acquisition Corp. filed an S-1 registration statement on May 11, 2026, disclosing its financial position as of March 31, 2026, and comparative data for the three months ended March 31, 2026 and 2025, including details on redeemable and non-redeemable Class A and Class B ordinary shares. The filing references prior IPO activities on July 31, 2025, sponsor private placements, founder shares, and over-allotment options exercised on September 15, 2025, with no operational revenues typical for a SPAC but ongoing trust-related balances. No material period-over-period changes are quantifiable from the provided XBRL tags, indicating stable pre-business combination status.

• · Company incorporation date: November 9, 2022.
• · IPO date: July 31, 2025.
• · Over-allotment option date: September 15, 2025.
• · Business combination related activity noted on November 26, 2025 (e.g., BVIAcquirorUnits).

11-05-2026

This S-4 registration statement filed on May 11, 2026, outlines risks related to the business combination between Future Vision and MicroTouch Technology INC, forming New MT, a Cayman Islands exempted company planning to list on Nasdaq and transition to foreign private issuer status. Key risks include reduced reporting requirements, no annual shareholder meetings or director elections, exemptions from certain Nasdaq governance standards like majority independent board, and significant costs for public company compliance including Sarbanes-Oxley requirements. These factors may result in less shareholder protection, higher expenses impacting net income, management distraction, and potential operational challenges from growth and limited public company experience.

• · New MT permitted to follow Cayman Islands home country practices differing from Nasdaq standards, such as no majority independent board (except audit committee), no independent compensation/nominations committees, and no annual executive sessions with independent directors.
• · Combined company will be subject to Exchange Act reporting but less extensive/timely than U.S. domestic issuers; plans quarterly results via press releases and Form 6-K.
• · MicroTouch management has limited public company experience, potentially leading to ICFR/DCP deficiencies, fraud risks, and delayed filings.

11-05-2026

INNIO Holding GmbH filed a preliminary S-1 registration statement on May 11, 2026, for its initial public offering of common shares on the Nasdaq Global Select Market under the symbol 'INIO', with the company planning to convert from a German GmbH to INNIO N.V., a Dutch public company, prior to closing. The offering includes shares sold by the company and selling shareholders, including principal shareholder AI Alpine (Luxembourg) S.à r.l., which will retain control post-IPO, making INNIO a controlled company. No financial performance metrics or proceeds details are specified in the preliminary prospectus.

• · Filing date: May 11, 2026
• · Proposed listing: Nasdaq Global Select Market under symbol 'INIO'
• · Principal executive offices: Nymphenburger Strasse 5, 80335 Munich, Germany; 1101 W. St. Paul Ave., Waukesha, WI 53188
• · Agent for service: INNIO Holding Inc., Waukesha, WI
• · Underwriters include joint lead bookrunning managers: Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley
• · Post-IPO: Controlled company under Nasdaq rules due to principal shareholder ownership