Quantum Bridge Withdraws IPO
This is the story of a bullish company turned bear.
Quantum Bridge Communications Inc., which makes optical access gear (see Quantum Bridge Moves Beyond PON), today announced it has withdrawn its registration statement with the Securities and Exchange Commission for an initial public offering of its common stock.
"As a result of the market conditions, we have decided to withdraw our registration at this time," said Tony Zona, president and CEO of Quantum Bridge, in a statement issued by the company.
The move is peculiar -- not because the IPO is being withdrawn, but because of the timing. Earlier in the year, when Nasdaq was declining below 2000 and a number of other registered companies were dropping out of the IPO race, Quantum's Zona remained adamant that Quantum Bridge had the goods to complete the offering (see Quantum Bridge Stays the Course).
A month later, Quantum Bridge is pulling out -- after Nasdaq has rebounded 40 percent from its yearly low. The company is now citing "market conditions." Go figure.
The withdrawal also comes one week after the Tellium IPO cast a glimmer of light on IPO prospects. Today Tellium Inc. stock is trading at 21.60, up 50 percent from its offering price of $15 per share.
— R. Scott Raynovich, Executive Editor, Light Reading