Overview

• Shares opened at $37.01, ran as high as $45.89, and closed at $32, up 14% from the $28 offer, putting the intraday valuation near $4.4 billion.
• The deal priced above the tightened range at $28 for $425 million as orders reportedly topped 20 times supply and proceeds were capped at that level.
• Nasdaq committed to a $50 million private placement, and underwriters led by Goldman Sachs and Citigroup received a 30‑day overallotment option.
• Regulatory filings show net losses of roughly $159 million in 2024 and $283 million in the first half of 2025, with more than $21 billion in assets on platform.
• An SEC lawsuit tied to a defunct lending program remains active with a status update due September 15, following a separate $5 million CFTC settlement in January.