--- title: "The U.S. government shutdown impacts the U.S. stock IPO market: SEC review stagnates, year-end listing channels blocked" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/264361972.md" description: "The U.S. government shutdown has hindered the U.S. stock IPO market, with SEC reviews stalled and listing times pushed back until after Thanksgiving. Several companies, such as Andersen Group and Medline, face dim prospects for going public, missing the opportunity to utilize SEC remedial measures. Despite the SEC taking action, companies have limited ability to adjust issuance terms, and IPO discount rates remain high. The market has tested the resolve of some companies, with stock performances of Navan and MapLight Therapeutics being poor" datetime: "2025-11-05T07:06:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/264361972.md) - [en](https://longbridge.com/en/news/264361972.md) - [zh-HK](https://longbridge.com/zh-HK/news/264361972.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/264361972.md) | [English](https://longbridge.com/en/news/264361972.md) # The U.S. government shutdown impacts the U.S. stock IPO market: SEC review stagnates, year-end listing channels blocked According to the Zhitong Finance APP, the prolonged U.S. government shutdown is slowly suffocating the hopes of companies still hoping to go public by the end of the year, as the U.S. Securities and Exchange Commission (SEC) has halted its review of filings, leaving these companies with no workaround. Companies that applied for an initial public offering (IPO) in September or October, such as tax consulting firm Andersen Group, medical supplies provider Medline, and robo-advisory firm Wealthfront, were still likely to go public before Thanksgiving on November 27 until recently. With the shutdown now lasting nearly two months, these companies have almost missed the opportunity to utilize the SEC's remedy—namely, to finalize offering terms and initiate a 20-day automatic effectiveness countdown—thus allowing them to go public before the holidays. Given the mixed responses from companies determined to go public, those choosing to wait may be correct. Although the SEC has taken measures aimed at facilitating companies going public during the government shutdown, Steven Halperin, head of Moelis' public equity business, stated that companies' ability to adjust offering terms based on market demand remains limited, and the discount rate for IPOs is still relatively high. Halperin said, "This is a problem when executing these transactions; you really have to want to go public and not be too sensitive to valuation." The market has tested the resolve of some companies. Travel software company Navan (NAVN.US) has seen its stock plummet by as much as 36% since its listing on October 30, while biotech company MapLight Therapeutics (MPLT.US) has seen its stock price hover around the IPO price. Electric aircraft company Beta Technologies (BETA.US) opened lower on its first day of trading on Tuesday but later rebounded. Ilir Mujalovic, co-head of A&O Shearman's global equity capital markets and financial institutions business, stated that for companies confident that the SEC has essentially completed its review of their IPO applications, the automatic effectiveness path makes sense. He noted, "This approach only works when a company is confident that its registration statement is complete and accurate. You still need to ensure due diligence has been done and that there are no material misstatements or omissions." Mujalovic added that companies that began preparing for the IPO process as early as 2025 still have a chance to go public this year, but those still waiting for substantial feedback from the SEC are more likely to wait until next year, especially with the holidays approaching. Assuming the U.S. government shutdown continues indefinitely, any company originally planning to use the automatic effectiveness method will see its listing pushed back to the week after Thanksgiving. That week is typically not a good time for IPOs, as many investors are traveling or on vacation. This makes the first few weeks of December their last option—bankers usually do not recommend operating during this period, as investors are often reluctant to make significant investments with high volatility as the year-end approaches Some people hope that the U.S. government shutdown will eventually be resolved. Even so, due to the need for regulatory agencies to handle a large backlog of documents, the SEC's review process may still slowly return to normal. Mujalovic stated, "Once the SEC reopens, there will be a long queue, and once resubmitted, the SEC may not be able to respond as quickly as usual." ### 相關股票 - [Navan (NAVN.US)](https://longbridge.com/zh-HK/quote/NAVN.US.md) - [MapLight Therapeutics (MPLT.US)](https://longbridge.com/zh-HK/quote/MPLT.US.md) ## 相關資訊與研究 - [Navan Director Purchased Shares Worth Over $1.2M](https://longbridge.com/zh-HK/news/281172760.md) - [18:29 ETNavan (NAVN) Facing Securities Class Action Over IPO Disclosures; Investors Face April 24 Deadline - Hagens Berman](https://longbridge.com/zh-HK/news/281664211.md) - [Inspire Veterinary Partners Delays Annual SEC Filing](https://longbridge.com/zh-HK/news/281288118.md) - [AiXin Life Delays 2025 Annual SEC Filing](https://longbridge.com/zh-HK/news/281517666.md) - [Altria 2028 enterprise goals to deliver mid-single digits adjusted EPS CAGR - SEC filing](https://longbridge.com/zh-HK/news/281535055.md)