On September 23, 2026, Amaero Inc. (ASX:3DA), headquartered in McDonald, Tennessee, USA, announced the postponement of its planned US initial public offering (IPO) due to unfavorable market conditions. The company had intended to issue approximately 7.4565 million shares at $7.06 per share, listing on the Nasdaq under the ticker AMRO, to raise about $52.6 million, with Stifel and Baird as joint bookrunners. It is now seeking to lift the trading halt. Amaero is a leading US producer of spherical refractory metal and titanium alloy powders, utilizing the EIGA (Electrode Induction Gas Atomization) process. It currently operates three atomization systems with an annual capacity of approximately 680 tons. A fourth EIGA system is expected to come online in June 2027, raising capacity to 920 tons. In the first half of fiscal year 2026, the company reported revenue of about $7.4 million (up from $1.2 million a year earlier) and a net loss of approximately $13.4 million. The postponement comes amid a surge in demand for refractory metal powders: global demand for spherical refractory powders for additive manufacturing is growing at about 23.6% annually, driven primarily by commercial space and hypersonic applications. The company's capacity expansion plan (to 920 tons by 2027) remains unaffected by the IPO delay and will proceed under the existing capital plan. Value to powder buyers: ① Amaero's refractory alloy powders such as C103 and spherical titanium alloy powders continue to be supplied normally on order; the IPO delay does not change its position as the largest US-based refractory powder producer. ② Buyers with long-term agreement needs should monitor the ramp-up schedule of its EIGA Premium line (fourth system in June 2027). ③ If the IPO is later revived, changes in financing scale could affect the pace of expansion; quarterly tracking of capacity and order disclosures is recommended.