Lindows has postponed its initial public offering, citing adverse market
Originally hoping to sell 4.4 million shares for between $9 and $11, the company
withdrew the IPO following an August 11 price cut in the shares
to $5 to $7.
“Lindows won’t be forced into a cut-rate IPO by a fickle stock market,”
said Michael Robertson, Lindows chairman and CEO, in a statement. “We
are fortunate to have cash in the bank, and we owe it to our stockholders to
wait until market conditions and public company valuations improve before we
proceed with a public offering.”
The scrappy company was embroiled in legal battles with Microsoft
, which sued the company for trademark
infringement in the United States and abroad. The Linux purveyor finally settled
with Microsoft in July.
In return for $20 million, Lindows agreed to change its name and assign all
related Lindows-related domains that it owned to Microsoft.
Although the company changed its name
to Linspire, it registered with the SEC to go public under
the Lindows moniker.
The company did not withdraw its SEC registration, leaving the door open
to going public later.