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NanoDynamics Cancels IPO

NanoDynamics Inc., a Buffalo, N.Y.-based developer of solid-oxide fuel cells, water filters and other advanced materials, has withdrawn its IPO registration. No reason was given, although the company had previously postponed the offering due to “current market conditions.” NanoDynamics had planned to offer 6.6 million common shares at between $12 and $14 per share, and to trade on the Nasadaq. Jefferies & Co. was serving as lead underwriter.

 

NanoDynamics has raised around $15.25 million in total private funding, from groups like the Convergent Private Equity Fund. www.nanodynamics.com