Dominari Releases Letter to Shareholders and Clients

Rhea-AI Summary

Dominari Holdings (NASDAQ: DOMH) disclosed it received a March 8, 2026 letter from the U.S. House Select Committee requesting information on underwriting of Chinese IPOs and said it will cooperate.

The company said IPOs have been a small part of its business (<10% of investment banking revenue), with Chinese IPO activity ending in 2024 and Hong Kong IPO activity ending in mid-2025. Recent fundraising highlights cited: $345 million for New America Acquisition I Corp and past year secondary offerings of $40M and $48.5M for Unusual Machines.

Positive

• IPO revenue <10% of investment banking revenue since inception
• 90%+ of investment banking revenue from non-IPO activity
• Stopped Chinese IPO activity in 2024
• Stopped Hong Kong IPO activity in mid-2025
• Raised $345 million for New America Acquisition I Corp
• Facilitated $88.5 million in Unusual Machines secondary offerings

Negative

• Received congressional inquiry from House Select Committee on March 8, 2026
• Public scrutiny may follow despite limited IPO exposure
• Referenced historical underwriting activity that could prompt review

News Market Reaction – DOMH

-0.65%

1 alert

-0.65% News Effect

On the day this news was published, DOMH declined 0.65%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

IPO revenue share: Less than 10% of total revenue Non-IPO revenue share: More than 90% of revenue Chinese IPO activity end: 2024 +5 more

8 metrics

IPO revenue share Less than 10% of total revenue Investment banking revenue from IPOs since 2023 inception

Non-IPO revenue share More than 90% of revenue Investment banking revenue from non-IPO activity since inception

Chinese IPO activity end 2024 Dominari’s limited involvement in Chinese IPOs ceased

Hong Kong IPO activity end Mid-2025 Dominari’s activity in Hong Kong IPOs ceased

Capital raised YTD Over $1.4 billion Dominari Securities YTD capital raising cited from Oct 16, 2025 letter

New America Acquisition I $345 million Capital raised for New America Acquisition I Corp.

Unusual Machines offering 1 $40 million Secondary offering completed in May 2025

Unusual Machines offering 2 $48.5 million Secondary offering completed in July 2025

Market Reality Check

Price: $2.97 Vol: Volume 44,155 is below th...

low vol

$2.97 Last Close

Volume Volume 44,155 is below the 20-day average of 76,508, indicating muted trading ahead of this update. low

Technical Shares at $3.07 are trading below the 200-day MA of $5.01 and far below the $8.40 52-week high.

Peers on Argus

DOMH was down 0.65% while momentum names like BTCS and FLD were up 4.16% and 5.0...

2 Up

DOMH was down 0.65% while momentum names like BTCS and FLD were up 4.16% and 5.04%, suggesting this headline was more stock-specific than sector-driven.

Historical Context

5 past events · Latest: Dec 12 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 12	Dividend timing update	Neutral	-2.9%	Updated record and payment dates for previously announced special cash dividend.
Dec 11	Special cash dividend	Positive	+14.2%	Announced ~<b>$10M</b> special cash dividend (~<b>$0.44</b> per share) to holders.
Dec 08	Leadership & capital plan	Positive	-1.5%	Added ambassador to advisory board and withdrew <b>$2B</b> shelf citing strong liquidity.
Nov 11	Earnings and growth	Positive	+9.9%	Reported Q3 revenue surge, large gain from ABTC, strong balance sheet, dividends.
Oct 16	Capital raising activity	Positive	-5.0%	Disclosed over <b>$1.4B</b> raised YTD for U.S. companies across multiple structures.

Pattern Detected

News has produced mixed reactions: strong positives on some growth/dividend updates, but several constructive releases saw flat-to-negative next-day moves.

Recent Company History

Over the last six months, Dominari highlighted rapid growth and capital returns. A $10M special dividend and later date change saw volatile, mixed reactions. Earlier, management emphasized balance-sheet strength, withdrawal of a $2B shelf, and Q3 2025 revenue of $50.8M with net income of $125.2M. Capital markets activity surpassed $1.4B raised for U.S. issuers. Against that backdrop, today’s letter frames Chinese IPO underwriting as a small, discontinued revenue stream relative to the broader U.S.-focused investment banking strategy.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-08-28

The company filed a Form S-3 shelf registration dated August 28, 2025 covering multiple security types, but it is not yet effective and shows no recorded usage, indicating no takedowns had occurred under this shelf prior to this letter.

Market Pulse Summary

This announcement clarifies that Chinese IPO underwriting represented less than 10% of Dominari’s re...

Analysis

This announcement clarifies that Chinese IPO underwriting represented less than 10% of Dominari’s revenue since 2023 and that Chinese and Hong Kong IPO activity ended by 2024–2025. The letter highlights a strategic focus on U.S. issuers, citing over $1.4B raised and specific deals like the $345M New America Acquisition I transaction. In context of recent equity plan expansions and an unused S-3 shelf, investors may watch how any Committee inquiry progresses and how U.S.-focused deal flow trends in upcoming disclosures.

Key Terms

initial public offerings, ipos, placement agent

3 terms

initial public offerings financial

"requesting information regarding the underwriting of initial public offerings (IPOs)"

An initial public offering is the first time a private company sells shares to the general public so anyone can buy ownership stakes and those shares begin trading on a stock exchange. For investors it creates a new chance to buy into a company’s future growth but also brings uncertainty about price and performance, like joining a new club where you don’t yet know how popular or well-run it will become.

ipos financial

"regarding the underwriting of initial public offerings (IPOs) by Chinese companies"

IPOs are the first time a privately owned company offers its shares for sale to the general public, turning ownership stakes into tradable stock. For investors, an IPO is a chance to buy into a company early, but it also often brings greater price swings and uncertainty as the market decides what the business is worth — similar to watching a new product launch determine future demand and value.

placement agent financial

"Dominari served as exclusive placement agent for Unusual Machines Inc."

A placement agent is a professional or firm that helps organizations raise money from investors, such as individuals, institutions, or funds. They act like matchmakers, connecting those seeking investments with the right investors and guiding the process to ensure successful funding. For investors, they can provide access to exclusive opportunities and help navigate complex fundraising efforts.

AI-generated analysis. Not financial advice.

NEW YORK, March 16, 2026 /PRNewswire/ -- Dominari Holdings Inc. (NASDAQ: DOMH) today released the following letter to clients and shareholders:

Dear Dominari Clients and Shareholders,

As reported in certain media outlets, Dominari Securities LLC ("Dominari" or the "Company") recently received a letter dated March 8, 2026 from the U.S. House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party requesting information regarding the underwriting of initial public offerings (IPOs) by Chinese companies. Dominari takes this inquiry seriously and we intend to cooperate with the Committee. 

However, I wish to take this opportunity to advise our clients and shareholders that, since Dominari's inception in 2023, total investment banking revenue generated from IPOs has always been a very small portion of Dominari's overall revenue, constituting less than 10% of the total. Further, revenue generated from Chinese IPOs is a fraction of the total IPO revenue. By contrast, since inception, more than 90% of Dominari's total investment banking revenue was generated from non-IPO activity. Said differently, Dominari has never been a large participant in the IPO space and an even smaller participant in the Chinese IPO activity referenced in the March 8, 2026 letter.

To provide an additional frame of reference, Dominari's limited involvement in Chinese IPO activity ceased in 2024. Additionally, Dominari's activity in Hong Kong IPOs, ceased in mid-2025. From the Company's perspective, we chose to focus on American companies. Dominari is an American investment bank focused on building American companies, supporting American innovation, and helping to create American jobs. A focus that we have been executing on, as noted in several of our recent shareholder letters, such as our October 16, 2025 Letter "Dominari Securities Raises Over $1.4 Billion Year-to-Date in Support of American Innovation and Entrepreneurship" or our January 28, 2026, Letter to Shareholders where we referenced how Dominari successfully raised $345 million for New America Acquisition I Corp. Or, where Dominari served as exclusive placement agent for Unusual Machines Inc. on two separate secondary offerings during the past year. The first transaction, completed in May 2025, raised $40 million, followed by a second offering in July 2025 that raised $48.5 million. Unusual Machines is a great American drone company, and we are proud to support their vision. 

To conclude, we intend to cooperate with the Committee and to keeping our clients and shareholders informed. I thank you for your support and for being a Dominari shareholder.

Sincerely,

Anthony Hayes

CEO, Dominari Holdings Inc.

For additional information about Dominari Holdings Inc., please visit: https://www.dominariholdings.com/ 

About Dominari Holdings Inc.

The Company is a holding company that, through its various subsidiaries, is currently engaged in wealth management, investment banking, sales and trading and asset management. In addition to capital investment, Dominari Holdings provides management support to the executive teams of its subsidiaries, helping them to operate efficiently and reduce cost under a streamlined infrastructure. In addition to organic growth, the Company seeks opportunities outside of its current business to enhance shareholder value, including in the AI and Data Center sectors.

Dominari Securities LLC's Mission Statement:

Dominari Securities LLC, a principal subsidiary of Dominari Holdings Inc., is a dynamic, forward-thinking financial services company that seeks to create wealth for all stakeholders by capitalizing on emerging trends in the financial services sector and identifying early-stage future opportunities that are expected to generate a high rate of return for investors.

Securities Brokerage and Registered Investment Adviser Services are offered through Dominari Securities LLC, a Member of FINRA, MSRB and SIPC. Securities brokerage, investment adviser and other non-bank deposit investments are not FDIC insured and may lose some or all of the principal invested. You can check the background of Dominari Securities and its registered investment professionals and review its SEC Form CRS on FINRA's BrokerCheck site at https://brokercheck.finra.org. Information for Dominari Securities LLC and its registered investment professionals as well as its SEC Form CRS may also be found on FINRA's BrokerCheck site.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, which include but are not limited to the Risk Factors set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 relating to its business. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contacts:
Dominari Holdings Inc.
https://www.dominariholdings.com/

Investor Relations
Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/dominari-releases-letter-to-shareholders-and-clients-302714166.html

SOURCE Dominari Holdings Inc.

FAQ

What did Dominari (DOMH) say about the March 8, 2026 House committee letter?

Dominari said it received a March 8, 2026 letter and intends to cooperate. According to the company, the inquiry concerns underwriting of Chinese IPOs and Dominari will provide requested information to the committee.

How large is IPO revenue for Dominari (DOMH) relative to total investment banking revenue?

Direct answer: IPOs accounted for less than 10% of Dominari's investment banking revenue. According to the company, the vast majority of investment banking revenue (over 90%) came from non-IPO activities since inception.

When did Dominari (DOMH) stop participating in Chinese and Hong Kong IPOs?

Direct answer: Chinese IPO activity ceased in 2024 and Hong Kong IPO activity ceased in mid-2025. According to the company, it has since refocused efforts on American companies and domestic deals.

What fundraising transactions did Dominari (DOMH) cite in its March 16, 2026 letter?

Direct answer: The company cited raising $345 million for New America Acquisition I Corp and two Unusual Machines secondaries totaling $88.5 million. According to the company, these illustrate its recent U.S.-focused financing activity.

Does the March 16, 2026 letter say Dominari (DOMH) will cooperate with regulators?

Direct answer: Yes, Dominari stated it intends to cooperate with the House Select Committee. According to the company, it will provide information requested and keep clients and shareholders informed.

What does Dominari (DOMH) say about its business focus after 2024–mid-2025 changes?

Direct answer: Dominari emphasizes it is an American investment bank focused on U.S. companies and innovation. According to the company, it shifted away from Chinese and Hong Kong IPOs to prioritize American clients and deals.