NEW YORK (Reuters) – Calvert Street Cap Corp, an investment company, withdrew its application for an initial public offering because of market conditions, according to a regulatory filing on Tuesday.
Calvert Street, which focuses on providing debt and equity financing to small to mid-sized companies, had initially filed for a $65 million IPO in November 2007 but instead becomes the 87th company in the United States to cancel its IPO in 2008.
In the past week alone, six companies have canceled their IPOs, leaving 136 companies in the pipeline.
The underwriters of the offering were to have been Ferris, Baker Watts, BB&T Capital Markets (BBT.N) and Morgan Keegan & Co Inc.
The company had intended to apply to trade on the Nasdaq Global Market under the symbol “CMEZ.”
(Reporting by Phil Wahba; Editing by Tim Dobbyn)