Open menu

Nanotechnology General News

The latest news from academia, regulators
research labs and other things of interest

Posted: February 17, 2008

Nanotechnology Investing: $100m Nanodynamics IPO Fails

(Nanowerk News) In what appears to be further bad news for nanotechnology companies and their investors, Nanodynamics has filed a voluntary delisting notice for its planned IPO in Dubai. No reason for the abandonment of the Nanodynamics IPO was given in a statement to the exchange. But this was to have been the first listing of a US company on the DIFX and in a nanotechnology area that appears not to have appealed to local investors. Here is the short press release issued by the Dubai International Financial Exchange (DIFX):
Voluntary Delisting Notice
Further to DIFX Notice No. 02-08, dated February 14, Nanodynamics Inc. (the “Company”) has confirmed to DIFX its request that its ordinary shares (the “Ordinary Shares”) not commence trading on the DIFX. The Company has also requested the DIFX to voluntarily delist its Ordinary Shares from the Official List of Securities of the DIFX. The Company’s request is attached to this DIFX Market Notice.
The Company has undertaken to take all requisite steps to ensure that the monies received pursuant to its prospectus offering are refunded to its investors as disclosed in its final prospectus dated February 13, 2008, and that the issued Ordinary Shares will be dealt with appropriately.
The Company has made this request in the light of discussions with the Dubai Financial Services Authority and the DIFX.
The DIFX has considered the Company’s request and has agreed that effective immediately the Ordinary Shares of the Company shall be delisted from the Official List of Securities of the DIFX and thus from trading.
Security Symbol: NDMXS
Suspended Status: no order book actions can be performed; no order matching takes place whiles the security is suspended.
Source: DIFX Markets Authority