#DirectIPOSeason2JerseyMikes

JERSEY MIKE'S IPO ACCESS FILLS FASTER THAN EXPECTED

Strong investor demand has pushed Gate's Direct IPO Season 2 project featuring Jersey Mike's ($JMKE) into the spotlight. Originally scheduled to remain open until July 29, the intent subscription period closed ahead of schedule after demand significantly exceeded the available allocation. Reports indicate the IPO itself has attracted interest of approximately 10 times the available shares, highlighting the strong enthusiasm surrounding this listing.

The early closure reflects exceptional participation and marks another milestone for Gate's growing Direct IPO platform, which continues connecting digital asset users with opportunities in traditional capital markets.

WHY THE SUBSCRIPTION CLOSED EARLY

The subscription channel was designed to remain open for a longer period, but overwhelming demand resulted in an earlier closure.

Users who successfully completed their intent subscriptions before the closing time remain fully eligible and will automatically proceed to the allocation calculation stage after July 29 at 10:00 (UTC+8). No further action is required from existing participants.

For those who missed this subscription window, the opportunity has officially ended, while attention now shifts toward the allocation process.

HOW THE INTENT SUBSCRIPTION MODEL WORKS

One important feature of Gate's IPO Access program is that submitting an intent subscription does not guarantee receiving IPO shares.

Final distribution depends on the number of shares ultimately allocated to the platform and the overall subscription demand.

Participants may receive:

Full allocation

Partial allocation

No allocation

The allocation system follows a weighted calculation based on the participant's average locked balance throughout the subscription period. Earlier participation generally results in a higher average locked amount, increasing the participant's allocation weight during the final calculation.

This approach is designed to create a fairer allocation process when demand exceeds available supply.

BUILT-IN PROTECTION FOR PARTICIPANTS

Gate has also introduced a protection mechanism for subscribers.

If the platform ultimately receives no IPO allocation, users who subscribed with USDT will receive a 3.8% annualized interest subsidy on their subscription funds. The subsidy is calculated using hourly balance snapshots and will be credited together with the returned funds.

For participants using GUSD, subscription funds continue earning the standard 3.8% APR throughout the process. Since those funds already generate yield, no additional subsidy is provided.

This structure allows idle capital to continue generating value while participants wait for allocation results.

WHY JERSEY MIKE'S ATTRACTED SO MUCH ATTENTION

Jersey Mike's has evolved from a single sandwich shop established in 1956 into one of North America's fastest-growing restaurant brands, now operating more than 3,300 locations across the United States and Canada.

The company's reported 2025 financial performance includes:

Approximately $724 million in revenue

Around $55 million in net profit

Nearly $4.3 billion in system-wide sales

According to the IPO plan, the company aims to raise approximately $1.09 billion by offering 43.5 million shares priced between $21 and $25 per share, implying an estimated valuation close to $8 billion.

Trading is expected to begin on the New York Stock Exchange on July 30 under the ticker JMKE.

WHAT HAPPENS NEXT?

With the subscription phase now complete, participants move into the allocation stage beginning July 29.

The final number of shares each participant receives will depend on the platform's confirmed IPO allocation and the weighted allocation methodology. Once completed, successful participants will receive their allocated shares, while any unallocated funds will be returned according to the program rules.

For investors who were unable to participate this time, Gate has already confirmed that additional Direct IPO Access projects are currently being prepared, providing future opportunities to participate in upcoming public offerings.

FINAL TAKE

The early closure of the Jersey Mike's IPO Access subscription demonstrates the growing demand for investment products that bridge traditional equity markets with digital asset platforms. Oversubscription not only reflects confidence in the company's business model but also highlights increasing investor interest in simplified IPO participation.

As the allocation process begins, participants now await final distribution results, while the success of this project reinforces the expanding role of tokenized investment access within modern financial markets.

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@Gate_Square