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Autobytel.com Corp. Announces Postponement Of Initial Public Offering.
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| IRVINE, Calif |
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| Updated |
Jun 10, 2004 22:39:55 |
| Rating |
 16 ( -2 -12.5% ) |
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Description:
- April 2, 1997 - Autobytel.com Corp. announced Wednesday that
it has decided to postpone its planned initial public stock offering
due to unfavorable stock market conditions.
Peter R. Ellis, Autobytel.com's president and chief executive officer,
stated: "In recent weeks, the market for technology company IPO's
has deteriorated significantly due to the decline in the overall
stock market. Autobytel.com seeks to deliver appreciation to its
investors, something this volatile stock market makes more uncertain.
As a result of two private placements, totaling $24 million, that
have been completed in the last eight months, we are in a position
to postpone our offering until valuations come back in line with
company and industry fundamentals."
Commenting on the company's decision, Montgomery Securities automotive
services analyst, Jordan Hymowitz, stated: "During the company's
recent roadshow, they had over 50 one-on-one meetings with the
largest portfolio managers in the U.S. and the U.K. and had over
90 people attend their New York luncheon. Clearly, there is tremendous
interest and excitement in the company. However, most Internet
portfolio managers' funds are down 20-25 percent since the beginning
of the year and they are experiencing net withdrawals on a daily
basis. Had the NASDAQ market not dropped by over 15 percent since
its recent highs, I believe that Autobytel.com's IPO would have
been oversubscribed by 20 to 1." |
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