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UPDATE: CombiMatrix Withdraws IPO Plan; May Still List on Nasdaq

NEW YORK, March 26 - CombiMatrix has withdrawn its planned initial public offering on Monday, but a previously announced move that would give the firm its own Nasdaq listing is still on.

The IPO, filed in November 2000 with a maximum offering amount of $100 million, would have been led by Salomon Smith Barney and JP Morgan & Co. News of the withdrawal first appeared on IPO.com.

 

Last week, Acacia Research said it was poised to divide its stock into two new classes--one each for CombiMatrix and Acacia Technologies, the firm's media technology business.

 

Acacia's board of directors last Wednesday gave the green light to the company's plan to dissect its common stock, and shareholders of the Newport Beach, Calif.-based company are slated to vote on the plan in their meeting on May 14.

Under that deal, holders of Acacia Research stock will receive shares of each new class in exchange for the shares they now hold. If the shareholders approve the move, crisp new shares of CombiMatrix will be traded on the Nasdaq stock exchange under the symbol CMBX.

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