In an unusual move, Boustead Securities has postponed an initial public offering for baby goods retailer PishPosh (NASDAQ:BABY) nearly two days after the shares were priced.
PishPosh announced the delay in a statement released Thursday. The company gave no reason for the delay, stating only that it intended to pursue an IPO at a later date.
PishPosh announced early Wednesday that it had priced 1.8M of its shares at $5 per share, which would have raised $9M in gross proceeds. The shares were expected to begin trading later that day on Nasdaq under the symbol BABY, with the deal set to close on March 10.
The Wall Street Journal reported late Wednesday afternoon that the deal appeared to have been delayed due to weaker than expected demand for the stock.
Based in New Jersey, PishPosh is a marketer of baby gear and products. The company sells its goods mostly through its website pishposhbaby.com and third-party sellers like Amazon.
The online retailer first filed for the IPO in October, seeking $8M.
Image and article originally from seekingalpha.com. Read the original article here.