NEW YORK – Sequencing instrument and services firm SeqLL last week halted plans for an $8 million initial public offering.
In an April 24 filing with the US Securities and Exchange Commission, CFO John Kennedy requested withdrawal of SeqLL's Form S-1 registration statement, initially filed April 2019. The firm had planned to offer approximately 1.4 million shares of common stock at an IPO price between $5.40 and $6.40 per share. It would have traded on the Nasdaq under ticker symbol "SQL." WallachBeth Capital was the sole bookrunning manager for the offering.
Founded in 2013, the Woburn, Massachusetts-based firm is attempting to continue offering sequencing technology developed by Helicos BioSciences.
The firm disclosed to the SEC that its revenues were $779,068 for fiscal year 2018 and $257,117 for the first half of 2019. SeqLL had planned to use the IPO proceeds to expand its commercial operations and address a "lack of marketing" that had constrained sales, the firm said in its registration statement.