Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The Brooklyn-based company cited poor market conditions as its reason for not going public. IBuyDigital.com had hoped to sell 3.5 million shares at a price of $7 to $9 per share, which could have raised up to $31.5 million in proceeds.
Online electronics retailer IBuyDigital.com Inc. is withdrawing its initial public offering.
The Brooklyn-based company, No. 91 in the Internet Retailer Top 500 Guide to Retail Web Sites, cited poor market conditions as its reason for not going public.
IBuyDigital.com announced its IPO in April of 2005, but never set any final terms and timing. The company had hoped to sell 3.5 million shares at a price of $7 to $9 per share, which could have raised as much as $31.5 million in total proceeds.
“We believe that current market conditions make it inadvisable to proceed with the offerings to be registered under the Registration Statement at this time,” the company says in its latest SEC filing. “None of our securities being registered under the Registration Statement have been sold in connection with the public offering to be registered under the Registration Statement. We may undertake a subsequent private offering of our securities.” Merriman Curhan Ford and Oppenheimer & Co. were the underwriters of the proposed IPO.