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Does the product literally just scrape this data? Does it include the SPACs/direct listings/reverse mergers that seem to be increasingly popular?

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An SPAC is a public company already, so it would not be included here.

That is not correct. SPAC must adhere to basically the same road show process, albeit quicker and cheaper than a traditional company [0].

Also, if you go to the Nasdaq website [1] there is a specific section on 'upcoming IPOs' and another called 'fillings', including SPACs.

Second, the major brokerage firms have dedicated sections for IPOs and allow 'qualified' customers to join the IPO price.

Lastly, you can filter the SEC Edgar database for companies who filed their IPO prospectus (S-1) [2].

[0]https://www.winston.com/images/content/1/4/v2/142711/SPACs-O... [1] https://www.nasdaq.com/market-activity/ipos [2] https://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=&type=...

SPACs will do an IPO and will be included, i think OP meant SPAC's who acquire companies for which the acquired company now becomes public (these situations would not be included). Either way, see above links.

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