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February 17th, 2008
NanoDynamics pulls out of IPO on DIFX
The first US-based company to list on the Dubai International Financial Exchange on Sunday pulled the plug on its listing after one day.
NanoDynamics launched a request to voluntarily de-list its ordinary shares from the official list of securities, adding that "special circumstances have recently arisen which warrant these steps".
The move by the alternative energy firm was announced in an official request to the DIFX on Friday.
"There have been significant changes to the placing agreement as described in the company's final prospectus dated February 13, 2008, from that submitted as part of its listing application to the DIFX," NanoDynamics said in its request.
According to Daman Investments, co-lead manager on the IPO, there are no plans for an IPO on DIFX by NanoDynamics at this time.
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