NEW YORK (GenomeWeb News) – Fluidigm has decided to the pull the plug on its proposed initial public offering “due to the historic instability in the market,” the firm said today.
The South San Francisco-based company had expected to offer 5.3 million shares of common stock at a price of between $14 and $16 per share. It had expected to raise net proceeds of between $70.8 million and $81.9 million from the offering, which was to fund sales and marketing initiatives, R&D activities, and facilities and manufacturing expansion.
The IPO was expected to become effective last week, but was put on hold by the current financial crisis in the US.
Fluidigm President and CEO Gajus Worthington said in a statement that the company had “received a warm reception from the investment community … [but] pushing ahead with a deal in the current market was not in our best interest.”