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Posted: August 8, 2007
NanoDynamics Postpones IPO
(Nanowerk News) NanoDynamics, Inc. today announced that it has elected to postpone the previously announced initial public offering of its common stock due to current market conditions. The company believes that current market conditions are not favorable to maximize shareholder value at this time, and plans to closely monitor the financial markets to evaluate options that are in the best interest of its shareholders.
The company did not say how long the offering will be postponed.
NanoDynamics makes solid-oxide fuel cells, water filters and other advanced materials related to nanotechnology. The company had announced earlier this summer it would offer 6.6 million common shares of its stock at a cost of $12 to $14 apiece. The goal was to raise $78.1 million, according to documents filed with the Securities and Exchange Commission.
In its S-1 filing in May, the company said it planned to use the IPO proceeds for capital equipment, to expand its manufacturing capabilities as well as for research and development and working capital.