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Lindows/Linspire Pulls IPO! - 8/19/2004 3:50:59 PM   
LinuxMarshall

 

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Lindows has postponed its initial public offering, citing adverse market conditions.

Originally hoping to sell 4.4 million shares for between $9 and $11, the company withdrew the IPO following an August 11 price cut in the shares to $5 to $7.

"Lindows won't be forced into a cut-rate IPO by a fickle stock market," said Michael Robertson, Lindows chairman and CEO, in a statement. "We are fortunate to have cash in the bank, and we owe it to our stockholders to wait until market conditions and public company valuations improve before we proceed with a public offering."

The scrappy company was embroiled in legal battles with Microsoft , which sued the company for trademark infringement in the United States and abroad. The Linux purveyor finally settled with Microsoft in July.

In return for $20 million, Lindows agreed to change its name and assign all related Lindows-related domains that it owned to Microsoft.

Although the company changed its name to Linspire, it registered with the SEC to go public under the Lindows moniker.

The company did not withdraw its SEC registration, leaving the door open to going public later.


Source : InternetNews
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