Sunday, May 22

4 Global Firms Withdraw IPO Filing from NASDAQ

Based in Illkirch-Graffenstaden, France, Dynacure SA is a biotech company that develops therapies for neuromuscular diseases. The company declined from going public on July 17, 2021. The company had filed to raise $100 million by offering 6.3 million American depositary share ADSs (equity share of a non-U.S. company) at a price range of $15 to $17. CFO of Dynacure, David Garrett, filed a request with Sec.Gov to treat the withdrawal as confidential. Dynacure SA was founded in 2016, and since then, it has participated in funding raising in total $110 million. The last round took place in April 2020 for a total of $55 million.

Company Name Shares Date Filed Offer Amount Date Withdrawn
DYNACURE S.A. 6,250,000 6/25/2021 $122,187,500.00 7/19/2021
DoubleDown Interactive Co., Ltd. 5,500,000 6/2/2020 $98,670,000.00 7/15/2021
Hygo Energy Transition Ltd. 23,100,000 8/31/2020 $557,865,000.00 7/14/2021
Car House Holding Co., Ltd. 3,850,000 6/12/2020 $33,206,250.00 7/13/2021

Seoul, South Korea-based DoubleDown Interactive, developer and publisher of mobile- and web-based social casino games, requested to withdraw IPO filing from NASDAQ (INDEXNASDAQ: .IXIC). The company declined from going public on July 15, 2021. DoubleDown Interactive filed to raise $86 million in June 2020 at a market cap of $777 million. The company’s CEO, In Keuk Kim, reasoned that it “intends to file a new registration statement on F-1 relating to the contemplated public offering to increase the number of securities currently registered under the Registration Statement at this time.” DoubleDown Interactive was founded in 2008, and in FY2020, it clocked an annual revenue of $358 million.

Hamilton, Bermuda-based Hygo Energy Transition, liquefied natural gas solutions requested to withdraw IPO filing from NASDAQ. The company declined from its initial public offering on July 14, 2021. Hygo Energy Transition filed to raise $450 million by offering 23.1 million shares at a price range of $18 to $21. The company’s Chairman, President & CEO, Cameron MacDougall, requested Sec.Gov to withdraw IPO filing from NASDAQ, stating no clear reason. Founded in 2016, Hygo Energy Transition clocked in $44 million in revenue for the 12 months up to June 30, 2020. 

Guangdong, China-based Car House Holding is a B2B marketplace for car products. The company requested to withdraw its IPO from NASDAQ on July 13, 2021. It had filed to raise $27 million by offering 3.9 million shares at a price range of $6.50 to $7.50. The company last filed an amendment in July 2020. CEO of Car House Holding, Haitao Jiang, filed the withdrawal with Sec.Gov stating, “Company has elected not to proceed with the public offering of ordinary shares” and that “The Registration Statement was not declared effective.” Founded in 2004, the company clocked in $35 million in revenue for the 12 months that ended December 31, 2019.

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