Overview

• The IPO seeks to sell 25 million Class A shares at $10 and list on the NYSE under the ticker AEXA.
• The structure omits warrants, founder shares vest only if the stock hits at least $15, the sponsor will invest $1.75 million privately, and Banco Santander is leading the offering.
• A pointed disclosure says the deal is “most suitable for institutional investors,” adding there can be “no crying in the casino” for retail participants.
• Chamath Palihapitiya will serve as chairman and Social Capital partner Steven Trieu will be chief executive.
• The filing outlines a thesis that emphasizes DeFi’s integration with traditional finance and now describes mainstream acceptance of crypto and stablecoins as “inevitable.”