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August 8th, 2007
Blaming poor market conditions, NanoDynamics Inc. has postponed its initial public offering.
The Buffalo technology company 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.
The company said in Wednesday's announcement it would postpone the IPO, though it will continue to monitor financial markets closely to evaluate options in the best interest of its shareholders. According to the S-1 filing, over the past five years the company generated revenues of about $8.8 million, while incurring net losses of nearly $34 million.
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