{"id":22103,"date":"2026-09-15T03:47:42","date_gmt":"2026-09-14T18:47:42","guid":{"rendered":"https:\/\/tomorrowaccess.com\/?page_id=22103"},"modified":"2026-10-27T14:13:46","modified_gmt":"2026-10-27T05:13:46","slug":"weekly-2026-09-14","status":"publish","type":"page","link":"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/weekly-2026-09-14","title":{"rendered":"Holtec&#8217;s prospectus dropped a use of IPO proceeds, cash for two founder-affiliated entities, in the version that first carried a price range"},"content":{"rendered":"<style>html,body{max-width:100vw !important;overflow-x:hidden !important;}main,main>.entry-content,main>.wp-block-post-content,main>.wp-block-post-content.is-layout-constrained,main>.wp-block-post-content.is-layout-constrained>*,main .wp-block-group,main .wp-block-post-content{max-width:100% !important;padding-left:0 !important;padding-right:0 !important;margin-left:0 !important;margin-right:0 !important;}main#wp--skip-link--target{padding:0 !important;margin-top:0 !important;max-width:100% !important;}@media (max-width:720px){h1,h2,h3,p,li,td,th,div,a{word-break:normal !important;line-break:auto !important;overflow-wrap:anywhere !important;}}main .wp-block-post-content>.alignfull{margin-left:calc(-1*var(--wp--style--root--padding-left,20px)) !important;margin-right:calc(-1*var(--wp--style--root--padding-right,20px)) !important;max-width:none !important;width:auto !important;}<\/style>\n<div class=\"alignfull\" style=\"background:#fafafa;\">\n<div style=\"max-width:1000px;margin:0 auto;padding:80px 20px 90px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"text-decoration:none;color:inherit;display:block;\"><\/p>\n<div style=\"text-align:left;margin-bottom:40px;\">\n<div style=\"width:100%;height:5px;background:#1a1a1a;\"><\/div>\n<div style=\"margin-top:26px;font-family:'Hiragino Mincho ProN','Yu Mincho',YuMincho,serif;font-size:32px;font-weight:700;color:#1a1a1a;\">S-1 <span style=\"color:#daa241;\">Journal<\/span><\/div>\n<div style=\"display:flex;align-items:center;flex-wrap:wrap;gap:14px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;margin-bottom:26px;word-break:normal;line-break:strict;overflow-wrap:break-word;\"><span style=\"font-size:11px;letter-spacing:0.18em;color:#1a1a1a;font-weight:700;\">S-1 JOURNAL WEEKLY<\/span><span style=\"font-size:11px;color:#ccc;\">|<\/span><span style=\"font-size:12px;letter-spacing:0.04em;color:#666;font-weight:400;\">The Standing Watch: US IPOs, checked against the S-1<\/span><\/div>\n<div style=\"width:100%;height:1px;background:#daa241;\"><\/div>\n<\/div>\n<p><\/a><\/p>\n<h1 style=\"font-family:'Hiragino Mincho ProN','Yu Mincho',YuMincho,serif;font-size:clamp(26px,5vw,38px);font-weight:700;line-height:1.5;margin:0 0 14px;color:#1a1a1a;word-break:normal;line-break:strict;overflow-wrap:break-word;\">Holtec&#x27;s prospectus dropped a use of IPO proceeds, cash for two founder-affiliated entities, in the version that first carried a price range<\/h1>\n<p style=\"font-size:13px;color:#666;letter-spacing:0.04em;margin:0 0 44px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\">September 14, 2026 | prices as of the September 11 close<\/p>\n<h2 style=\"font-size:15px;font-weight:700;letter-spacing:0.12em;color:#daa241;border-top:1px solid #e6e6e6;padding-top:36px;margin:60px 0 18px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\">A line that disappears is only visible if you read the earlier version<\/h2>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">On September 8, Holtec Nuclear, which is still waiting to go public, filed an amended prospectus. It is the version where a price range of $15.00 to $18.00 per share appears for the first time.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">The July and August versions set out two uses for the money raised. (a) Distribute cash to two founder-affiliated entities. (b) Use it for general corporate purposes. The amounts in (a) were blank for both entities.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">The September 8 version has no (a). Only the general corporate purposes of (b) remain. And the same version carries an ordering that was in neither July nor August. If the company authorizes distributions in the future, then after the tax-related distributions have been satisfied, up to $555 million in aggregate goes first to those same two entities.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">The prospectus does not connect the two. &quot;Gone&quot; is a fact about wording absent from the September 8 version, not a statement that no money will reach the founder&#x27;s side. When we checked the SEC filing record on September 14, pricing had not happened, and neither had the listing.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">A line that had been blank was removed, still blank, in the version where the amounts go in. <b>Read only the September 8 version and all you can see is that nothing is there.<\/b><\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/holtec-pricing-2026?utm_source=weekly&amp;utm_medium=page&amp;utm_campaign=weekly04-en\" style=\"color:#daa241;\">Our check of Holtec&#x27;s amended prospectus<\/a><\/p>\n<h2 style=\"font-size:15px;font-weight:700;letter-spacing:0.12em;color:#daa241;border-top:1px solid #e6e6e6;padding-top:36px;margin:60px 0 18px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\">The completion of the buyouts was written in the 10-Q notes<\/h2>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">On September 9, the sandwich chain Jersey Mike&#x27;s Subs reported its first earnings since listing on July 30. The quarterly report (10-Q) it filed with the SEC the same day carries this sentence in its notes:<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">&quot;As of June 28, 2026, the buyouts of all area directors have been completed.&quot;<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">The area directors this note refers to are subcontractors the company had engaged under what it calls area development and service agreements.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">Area directors recruited franchise owners in a territory and supported them from opening through daily operations. According to the final prospectus for the offering, dated July 29, 2026, the role came in two kinds: corporate employees, called Corporate Area Directors, and independent operators, called Franchisee Area Directors, many of whom were, or had previously been, franchise owners. In most cases Franchisee Area Directors received payments equal to approximately 2% of the gross sales of the stores in their territory, paid by the company. Money tied to sales flowed out of the company.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">The prospectus also said the company was partway out of this model. It had &quot;substantially completed the transition&quot; to an internally staffed model, had begun buying out the remaining contractual rights, and would continue to do so.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">The buyouts cost $20 million in the second quarter (13 weeks) and $52 million in the first half (26 weeks). The prospectus had carried this line as a bracket before the numbers were final ($19 million to $21 million for the 13 weeks, $51 million to $53 million for the 26 weeks), and both actuals landed at the middle. The second quarter, though, had ended on June 28, and the prospectus is dated July 29.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\"><b>The sentence saying the buyouts were complete is not in the earnings release issued the same day.<\/b> It sits in the notes to the 10-Q.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/jersey-mikes-q2-2026?utm_source=weekly&amp;utm_medium=page&amp;utm_campaign=weekly04-en\" style=\"color:#daa241;\">Our check of Jersey Mike&#x27;s first earnings against its prospectus<\/a><\/p>\n<h2 style=\"font-size:15px;font-weight:700;letter-spacing:0.12em;color:#daa241;border-top:1px solid #e6e6e6;padding-top:36px;margin:60px 0 18px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\">The company&#x27;s reason for the decline lines up with a mechanism the prospectus had described<\/h2>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">On September 10, the apparel brand Reformation reported its first earnings since listing. Direct-to-consumer revenue, which includes the company&#x27;s own website and stores, grew 21.2%, and the company splits that growth in two. Active Customers, those who ordered at least once in the last rolling 12 months, rose 22.9%, and DTC Net Revenue per Customer fell 1.4%.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">The release gives this reason for the per-customer decline: it &quot;primarily reflects accelerated growth in new customers, who typically enter the brand at lower initial spend levels.&quot;<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">The final prospectus, dated July 29, 2026, had described, as a general mechanism, that acquiring new customers &quot;will have a dilutive impact on our total DTC Net Revenue per Customer in the year in which they are acquired,&quot; and &quot;New customers typically have a lower initial spend compared to our returning customers.&quot;<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">This is not a forecast that proved right. The prospectus carries no customer counts or per-customer figures for this quarter.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/reformation-q2-2026?utm_source=weekly&amp;utm_medium=page&amp;utm_campaign=weekly04-en\" style=\"color:#daa241;\">Our check of Reformation&#x27;s first earnings against its prospectus<\/a><\/p>\n<h2 style=\"font-size:15px;font-weight:700;letter-spacing:0.12em;color:#daa241;border-top:1px solid #e6e6e6;padding-top:36px;margin:60px 0 18px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\">The table only says what the number became<\/h2>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">On our scoreboard, $1,000 put into each of the eleven companies in the Recent listings group at its first-day closing price (for Freenome, the day its SPAC merger closed) comes to $10,851 as of the September 11 close. The same amount put into the S&amp;P 500 on each of those listing days would be $11,592. Nothing in that table shows that Jersey Mike&#x27;s finished its buyouts. It does not say why the numbers moved either.<\/p>\n<h2 style=\"font-size:15px;font-weight:700;letter-spacing:0.12em;color:#daa241;border-top:1px solid #e6e6e6;padding-top:36px;margin:60px 0 18px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\">What the prospectus wrote first was not the answer but the place to look<\/h2>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">In the filings from September 8 to 10, every line we checked had been written down earlier, in a prospectus, at all three companies. At Holtec it was use of proceeds item (a); at Jersey Mike&#x27;s, the area director buyouts; at Reformation, DTC revenue per customer.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">Some things stay open. Holtec&#x27;s prospectus does not say what the missing line means. We chose which lines to check, and three companies is a very small number. None of this shows that a prospectus always gets there first.<\/p>\n<p style=\"font-size:18px;line-height:1.7;margin:0 0 1.6em;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;word-break:normal;line-break:strict;overflow-wrap:break-word;\">Revenue and profit appear in the headline of an earnings release. <b>At these three companies, what told you which line to look at next was the prospectus.<\/b><\/p>\n<div style=\"background:#1a1a1a;padding:34px 30px;text-align:center;margin:60px 0 0;\">\n<p style=\"color:#ffffff;font-size:15px;font-weight:700;margin:0 0 6px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\">Get S-1 Journal Weekly in your inbox.<\/p>\n<p style=\"color:#999999;font-size:12px;margin:0 0 18px;font-family:'Helvetica Neue',Helvetica,Arial,'Hiragino Kaku Gothic ProN','\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3','Noto Sans JP','Yu Gothic',sans-serif;\">Free. 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