#DirectIPOSeason2JerseyMikes

The subscription phase for Gate Direct IPO Access Season 2 has officially reached an important milestone. Demand for Jersey Mike's (JMKE) was so strong that the intended subscription quota filled ahead of schedule, prompting Gate to close the subscription channel early.

This early closure reflects strong market interest in the offering, but it does not mean the IPO process has ended. In fact, the most important stage is only beginning.

If you successfully submitted an intended subscription before the channel closed, your application remains valid. There is no need to resubmit or take any additional action. Your subscription will automatically proceed to the next phase of the event.

The next key date is July 29 at 10:00 (UTC+8), when Gate will begin calculating the final share allocation.

This is an important point because an intended subscription is not the same as a guaranteed allocation. The final number of shares each participant receives will depend on several factors, including:

• The final IPO offering size of Jersey Mike's.
• The number of shares allocated to Gate.
• The total number of eligible subscriptions received during the campaign.
• The official allocation rules announced by the platform.

In other words, even though the subscription quota has been filled, the final allocation results will only be confirmed after the IPO allocation process is completed.

Another feature that made this event attractive was the way users could participate. Eligible investors were able to subscribe using USDT or GUSD, making it possible to access a U.S. IPO without going through a traditional brokerage account. If shares are allocated successfully, they will be credited directly to the user's Gate Stock Account, and there is no lock-up period, allowing investors to manage their holdings freely after distribution.

For participants who do not receive an allocation, Gate has also outlined protection mechanisms under the event rules.

If shares are not allocated, the locked subscription funds will be returned to the user's account according to the campaign policy.

In addition, if Gate does not receive any IPO allocation, users who subscribed with USDT will be eligible for a 3.8% annualized interest subsidy on their locked subscription funds during the subscription period, subject to the campaign conditions. Users who subscribed with GUSD will continue earning the advertised 3.8% annualized yield during the subscription period regardless of the allocation outcome.

Looking back at the offering itself, the IPO attracted significant attention from the beginning.

The indicative IPO price was announced at $21–25 per share, with subscriptions accepted in USDT and GUSD. The campaign accepted subscriptions ranging from 100 to 500,000 USDT or GUSD, while the available allocation pool was divided equally between both currencies.

Jersey Mike's also attracted investor interest because it has grown into one of North America's best-known sandwich chains, operating more than 3,300 stores across the United States and Canada. Combined with its high-profile market positioning, the company became one of the most anticipated Direct IPO offerings after the successful launch of SpaceX in Season 1.

The fact that the intended subscription quota was filled before the official deadline shows how much demand retail investors have for opportunities that bridge traditional finance and digital assets.

Now the market's attention shifts to the allocation results.

Participants should closely follow Gate's upcoming announcements regarding final share allocation, distribution timing, and the official opening of trading once the IPO process is completed.

The subscription stage may have ended earlier than expected, but the outcome that every participant is waiting for—the final allocation—is still ahead.

#DirectIPOSeason2JerseyMikes #SummerCreationCamp @Gate_Square @GateSquare