Nava Health MD

 Nava Health has pursued going public but has failed, first by withdrawing a traditional IPO in March 2023 due to poor market conditions, and then by terminating a SPAC merger deal with 99 Acquisition Group in September 2024. The initial IPO was planned for the Nasdaq under the ticker NAVA but was withdrawn. Later, a SPAC merger was planned but ultimately terminated after issues with funding and shareholder approval. 

Address 9755 Patuxent Woods Drive Suite 100 Columbia, MD 21046

Phone Number (410) 910-6156

Employees: 90

Founded: 2013

Web Address http://www.navacenter.com/

Nava specializes in bio-identical hormone optimization, medically supervised weight loss programs, Platelet Rich Plasma (PRP) procedures, digestive health programs, advanced diagnostic testing, IV micro-nutrient therapy, hyperbaric oxygen therapy, light therapy, intelligent bioenergetics therapy, B-12 injections, Botox injections, dermal fillers, body sculpting and a full line of premium-grade nutraceuticals, supplements and skin health/ aesthetic products. Nava Medical also has a fully equipped in-office clinical laboratory that provides diagnostic testing for Nava’s clients, conveniently increasing the speed of research and results. Lab tests include, but are not limited to, chemistry, hematology, immunoassay, genetic, allergy, food sensitivity and other blood and urine panels. 

Amphitrite Digital Incorporated (AMDI) has withdrawn its IPO

Amphitrite Digital Incorporated has withdrawn its IPO in the amount of $7.875 million.

Security Type: Common Stock

 Securities Offered: 1,750,000

 PriceRange: $3.5 to $4.5

 Discount Per Security: $0.36

Ticker: AMDI

Amphitrite Digital Inc is a tour-guiding company. It includes activities and attractions (TAA) in the continental United States and the United States Virgin Islands (USVI) using itineraries that feature up-close encounters with marine wildlife, nature, history, and culture and promote guest empowerment and interactivity. It owns and operates 14 luxury catamarans and power boats in the USVI, 12 catamaran yachts and power boats in Panama City, Florida, and offers a variety of maritime tours on Lake Michigan from Chicago on the Tall Ship Windy, a 148-foot, traditional four-masted topsail schooner ship designated as the official Tall Ship Ambassador for the City of Chicago.

Website

www.amphitritedigital.com

Agendia withdraws $75 million IPO

Agendia, which provides genetic tests designed to guide optimal treatments for breast cancer, withdrew its plans for an initial public offering on Friday. It originally filed in October 2021 with a proposed deal size of $75 million. The company had not provided an update since then.

The commercial-stage company offers two proprietary tests, MammaPrint and BluePrint, which isolate RNA from tumor tissue to measure gene expression in the most relevant genes for various insights for physicians. Its tests aim to predict the likelihood of recurrence, inform physicians regarding the decision to pursue adjuvant chemotherapy and endocrine therapy, and provide information on breast cancer molecular subtypes (Luminal, HER2, Basal).

The Irvine, CA-based company was founded in 2003 and booked $61 million in revenue for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol AGDX. Goldman Sachs, Citi, Cowen, and Stifel were set to be the joint bookrunners on the deal.

Chobani withdraws plan for IPO

Chobani is withdrawing plans for an initial public offering, according to a regulatory filing on Friday.

The food and beverage company filed in November to go public on the Nasdaq using the ticker “CHO.”

It’s been a rocky year for the stock market, leading to a drought of IPOs.

Reuters reported the yogurt maker was seeking a valuation of more than $10 billion.

 

About Chibani

From the purchase of their first plant in 2005 with a handful of employees, Chobani invented an entirely new food category in the United States—Greek yogurt—that completely disrupted an old one.

They were early to identify a once-in-a-generation mega-trend towards healthier eating preferences and leveraged their innovation and brand-building capabilities to create a portfolio of high-quality yogurt products that rapidly gained market share.

Chobani distributed these products into mass market channels—not just specialty stores—where nutritious packaged food typically had not been available and positioned our offerings with pricing that was attractive and accessible to all consumers.

Today the Chobani brand is synonymous with high-quality, delicious, healthy food and making a social and environmental impact, both of which resonate very strongly in the current marketplace.

They currently sell their products in single-serve, multi-serve, and/or multi-pack formats through approximately 95,000 retail locations in the United States.

Chobani also has an international presence through the operation of a manufacturing facility in Melbourne, Australia and participates in certain international export markets, such as Mexico and Canada.

The Fortegra Group Inc. withdraws plans for IPO

The Fortegra Group Inc. withdrew plans for an initial public offering April 29, the day the Jacksonville-based specialty insurance company was expected to begin trading.

Fortegra sent a letter to the Securities and Exchange Commission saying “it has determined not to pursue the initial public offering.”

Its parent company, Tiptree Inc., said in a separate SEC filing April 29 that “due to prevailing market conditions and the high value Tiptree Inc. places on The Fortegra Group and its growth prospects, Tiptree has decided to withdraw the registration statement.”

Tiptree said in a news release in March it was launching the IPO because Fortegra’s value was not properly reflected in Tiptree’s stock price and the IPO could unlock that value.

Tiptree, which acquired Fortegra in 2014, would have retained 82.7% of Fortegra’s stock after the IPO, according to an updated registration statement last week.

That statement said Fortegra intended to sell 8.3 million shares at $15 to $17 each and would get net proceeds of $119.5 million in the IPO.

Tiptree said in an SEC filing last week that Fortegra’s adjusted earnings rose 46% in the first quarter to $12.8 million.

Fortegra is the main operating business for New York-based Tiptree.

PurposeBuilt Brands Files for IPO

• Update October 2022: PurposeBuilt Brands, a portfolio company of The Carlyle Group and TA Associates specializing in cleaning products (Weiman, Goo Gone), withdrew its planned $200 million IPO in October 2022. 
• Originally filed in January 2021 for a Nasdaq listing (PBLT), the company ultimately did not proceed with the public offering.  

PurposeBuilt Brands, which provides specialty cleaning and disinfecting products, filed on Friday with the Securities and Exchange Commission to raise up to $100 million in an initial public offering. 

PurposeBuilt Brands offers specialty cleaning and disinfecting products from a portfolio of household cleaning brands. These commercial and specialty cleaning brands include Urnex, Five Star, Opti-Cide, Weiman, Goo Gone and Wright's. Available in over 475,000 stores, PurposeBuilt Brands sells its products through national retailers in the the home improvement, mass, hardware and grocery sectors. 

The Gurnee, IL-based company was founded in 1941 and booked $265 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol PBLT. PurposeBuilt Brands filed confidentially on November 25, 2020. Barclays, Morgan Stanley, Goldman Sachs, Baird, BofA Securities, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.

Vontier withdraws estimated $1 billion IPO

Vontier, the global industrial company focused on transportation and mobility carved out of Fortive, withdrew its plans for an initial public offering on Thursday after delaying in the 1Q20, citing recent market and economic disruptions caused by the COVID-19 pandemic. It originally filed in February 2020 with a proposed deal size of $100 million, though we estimated the deal size would be closer to $1 billion.

• https://www.vontier.com/

Vontier provides critical equipment, components, software, and services to the mobility and transportation markets. Its major product groups are mobility technologies (77% of FY19 revenue) and repair and diagnostics technologies (23%). Its customers include retail and commercial fueling operators, commercial vehicle repair businesses, municipal governments, public safety entities, and fleet owners and operators across 30 countries.

Parent Fortive (NYSE: FTV) reported quarterly earnings on Thursday. The company's Industrial Technologies segment, which roughly represents Vontier, saw sales remain flat year-over-year at $609 million, while operating income dropped from $99 million (16.1% margin) to -$2 million (-0.2%).

The Raleigh, NC-based company traces its roots to 1986 and booked $2.8 billion in revenue for the 12 months ended December 31, 2019. It had planned to list on the NYSE under the symbol VNT. Goldman Sachs was set to be the sole bookrunner on the deal.

IPOs cancelled in 2019

The IPO cancellations in part are seen as a reflection of a weakening global economy, and also cast doubt on the solidity of some disruptive businesses.  While Asian deals have also suffered from the political protests in Hong Kong.

Here is a list of the most notable companies across the world to have pulled the plug on their IPOs in 2019:

• The We Company (WE), owner of office-sharing startup WeWork, scrapped its IPO in September, as concerns around the sustainability of its business model led to a lackluster response from investors.

• Endeavor Group (EDR):  Endeavor Group Holdings, the U.S. entertainment and talent agency company backed by Hollywood power-broker Ari Emanuel, abandoned its IPO in September following weak stock market investor demand.
• Inhibrx (INBX) has withdrawn its IPO registration statement. It filed a preliminary prospectus four months ago. (Nov 2019)
• GFL Environmental (GFL):  Waste management company GFL Environmental said earlier in November that it would cancel its initial public offering, with no immediate plans to revisit the markets, after institutional investors pressed the Canadian firm to price its shares below the marketed range.

** Italian luxury yacht maker Ferretti decided to pull its initial stock offering in mid October, as it was not satisfied with the price offered by investors. The yachtmaker's chief executive officer later said it plans to bring on board a European private investor.

** Private equity giant KKR & Co and its partners pulled a planned A$1 billion ($690.70 million) offering for lender Latitude Financial last month, which had been set to be Australia's biggest listing of the year.

** KKR and TPG Capital also canceled the IPO of Southeast Asia online realty company PropertyGuru, which had expected to raise up to A$380.2 million.

** Bitmain Technologies, the world's largest designer of products for mining cryptocurrencies, let its application for a Hong Kong IPO of at least $3 billion lapse in March, amid fears of price volatility as well as high-profile hacks and infrastructure failures.

Endeavor Group (EDR) withdraws IPO

Global entertainment, sports and content company Endeavor Group (EDR) has pulled its initial public offering, The Wall Street Journal reports.

• It was expected to start trading on Friday, Sept 27.
• The company was already seeing weak investor demand that would have led to pricing below its expected range, and the roadshow wasn't well received, according to reports.
• It had scaled back to 15M shares on offer, from a planned 19.4M, and it cut its targeted range to $26-$27/share from a previous $30-$32/share.

The company, Hollywood’s biggest talent agency owner, was hoping to raise more than $600 million. It’s the latest black eye for the IPO market, as investors see companies as overpriced. Peloton Interactive had a disappointing debut earlier Thursday, following the disappointing debuts of Lyft and Uber earlier this year and the WeWork cataclysm of the past month.

The difficult market environment for such high profile IPOs was seen as a negative for the broader market.

Ari Emanuel, Co-CEO, William Morris Endeavor, (L) Patrick Whitesell, Co-CEO, William Morris Endeavor and David Droga, Founder and Creative Chairman, Droga5 pose for photos at the headquarters of William Morris Endeavor in Beverly Hills, CA.

An IPO has been rumored since Ari Emanuel and Patrick Whitesell merged their talent agency with sports and modelling agency IMG in 2013. Since then, Endeavor has acquired the Ultimate Fighting Championship, professional bull riders, the Frieze Art Fair and marketing agency 160over90.

Emanuel is a brother of former Chicago Mayor and Obama aide Rahm Emanuel.

DERMAdoctor prepares for an IPO

Update Jan 2, 2019: DERMAdoctor LLC, a Kansas City-based skin care company, no longer is pursuing an IPO, CEO Dr. Jeff Kunin told the Kansas City Business Journal. 

***

Kansas City, MO-based DERMAdoctor (DDOC) has filed a prospectus for an IPO of 1.875M shares at $7 - 9.

The company develops and markets skincare products under the DERMAdoctor brand. It says its philosophy is to mix science and technology to deliver non-irritating, effective and pleasing products aimed at overlooked and unfulfilled common skin conditions. All are fragrance- and dye-free.

Its current lineup of 30 offerings includes an antiperspirant for $22 and a Kakadu vitamin C product for $95. They are available in select retail outlets, online and through international distributors.

https://www.dermadoctor.com/

Neiman Marcus withdraws IPO

Neiman Marcus Group Inc. requested to withdraw its initial public offering Friday, saying the IPO is "not in its best interests" at this time. The company filed to go public in August 2015.

Neiman Marcus' abandoned IPO underscores the challenges facing the high-end retailer, as the broader industry struggles under the weight of competitive pressure from off-price stores and online retailers such as Amazon.com Inc

Neiman Marcus declined to comment on the reasons for pulling the IPO.

Neiman Marcus, which also operates the Bergdorf Goodman and MyTheresa brands, was acquired by private equity firm Ares Management and Canada Pension Plan Investment Board three years ago for $6 billion.

The Dallas-based company filed to go public in August 2015, but it soon decided to put these plans on hold as a strong U.S. dollar hurt its store revenue in gateway tourist destinations such as New York, Las Vegas, Los Angeles and Hawaii.

Late 2015 through 2016 was a notably rocky period for IPOs, plagued by market jitters and volatility. Companies only raised $19 billion through public offerings last year, down 42 percent from $32 billion a year prior.

As skittish investors became more concerned with companies' earnings, some of the biggest victims of last year's IPO rut were private equity backed, highly indebted companies such as Neiman Marcus, which had been looking to use IPO proceeds to pay down debt.

As of late October, Neiman Marcus had about $4.9 billion in debt, including its asset-based revolving credit facility, much of which stemmed from its 2013 buyout. Last fall, lenders allowed it to push out a maturity on its revolving credit line to 2021, under certain conditions, from 2018, giving the company more time to boost sales to repay debt.

For the 12 months ending Sept. 26, Neiman Marcus reported $4.95 billion in sales, a decrease of 2.9 percent from the year prior. It also reported a net loss of $406 million, as compared to net earnings of $14.9 million a year earlier.

Toys ‘R’ Us Withdraws IPO

Nearly three years after filing to go public, the private equity-backed Toys ‘R’ Us decides to pull back from a market debut.


Toys ‘R’ Us on Friday asked to withdraw its filing for an initial public offering. The company cited “unfavorable market conditions,” and recent management changes.

The withdrawal was not a surprise. A year ago, a Toys “R” Us IPO seemed to many to be like a wind-up toy that was running out of steam. The company is facing management defections, a decline in same-store sales and relentless competition from Walmart and Amazon

Toys “R” Us had first filed to go public in May 2010. An offering would have given its private equity backers an exit from one of the most famous deals of the buyout boom era in the years before the financial crisis. The private equity giants Bain Capital and Kohlberg Kravis Roberts & Company along with the real estate developer Vornado Realty Trust acquired the company for $6.6 billion in 2005.

Also on Friday, the company, which operates 1,540 stores, said that fourth-quarter net sales fell 2.6 percent, to $5.77 billion. Net earnings for the quarter slid to $239 million, compared with $343 million in the previous year — a decline the company attributed largely to a $34 million increase in interest expense and a $33 million increase in income tax expense.

Customers Bancorp : Sidhu says IPO pulled because of investors

Customers Bancorp, led by former Sovereign Bank CEO Jay Sidhu, has put off a stock offering. The Wyomissing, Pa., company said the decision was based on market conditions. 

 May 10--It only took Jay S. Sidhu, chairman and CEO of Customers Bancorp, two days to realize that he wasn't going to get the price he wanted from institutional investors for the bank's proposed initial public stock offering.

Customers Bancorp, Wyomissing, told the Securities and Exchange Commission Tuesday that the bank was withdrawing its pending $115 million IPO.

Last week, Keefe, Bruyette & Woods, underwriters, had priced the IPO at $13 to $15 a share. Sidhu said the investors told him that they wouldn't pay $13 a share, saying they could not value the stock higher due to trouble in the European markets. It didn't help that U.S. financial stocks fell during the two days as well.

We called on 20 different investment houses in New York and Boston over two days and there was a lot of interest, but at a certain price, Sidhu said. We weren't willing to accept that price, so I said let's postpone it. I don't see major improvement on the markets.

After Sunday, Customers Bancorp would have been required to supply new information to the SEC. The SEC doesn't track IPOs that are withdrawn, a spokeswoman said. The next opportunity to pursue an IPO would have been in July, and Sidhu said he didn't expect the turmoil in the world markets to be much better by then.

It was a quick decision to pull the IPO so it would not dilute the stock of existing (private) shareholders, Sidhu said. John S. Walker, finance professor of the College of Business at Kutztown University and a chartered financial analyst, said the decision to pull the IPO based on the sentiment of the institutional investors indicated that they are looking at the current earnings per share, two previous years of losses (because of acquisition costs) and the assumption of future growth in the community bank sector, which is filled with uncertainty. Evidently, they felt the $13 to $15 a share was too rich, Walker said. Sidhu said the bank will raise money privately as it has done since he took over the former New Century Bank in 2009. We're not desperate for capital, Sidhu said. We're a strong bank with lots of capital. We'll focus on raising private capital over the next two or three months. Sidhu said he doesn't expect Customers Bancorp to re-enter the IPO market before next year.

A spokesman for Keefe, Bruyette & Woods said he would not comment.

ArborGen withdraws planned IPO, citing market conditions

Tree-seeding company ArborGen Inc. on Monday withdrew plans for an initial public offering, citing market conditions.

Many companies have filed plans to go public in recent months to take advantage of a wave of stock flotations, though some still found demand lacking.

The company, which grows commercial forestry seedlings for customers in the pulp and paper and wood-products industries, in April had filed for an IPO of about 5.1 million shares priced at $16 to $18 apiece. In October, it had registered to raise up to an estimated $75 million in its debut.

ArborGen planned to use its IPO to help pay down debt and fund its expansion. The company said it might undertake a later private offering.

In filings with the Securities and Exchange Commission, the company has said its biotechnology expertise--which helps grow more consistent higher-yielding trees faster, according to the company--would revolutionize standards for the forestry industry and associated biopower providers.

ArborGen has never been profitable. In the nine months ended Dec. 31, its loss widened as revenue jumped 16% but expenses also rose.

Based in Summerville, South Carolina, ArborGen (proposed ARBR) scheduled an $87 million IPO with a market capitalization of $476 million at a price-range mid-point of $17 for Tuesday May 10, 2011.

Cathay Industrial Biotech plans a $90 million IPO

Update: Cathay Industrial Biotech ultimately withdrew its planned $90 million U.S. initial public offering in June 2012 due to weak market conditions, after originally filing to raise up to $200 million on the NYSE/Nasdaq under the ticker "CBIO" in 2011.

Cathay Industrial Biotech, filed with U.S. regulators on Tuesday to raise up to $200 million in an initial public offering of American Depositary Shares.

The Shanghai-based industrial biotechnology producer, plans to price 6.9 million ADRs at $12 to $14 per share for a $89.7 million offering.

• Website:  https://cathaybiotech.com/en/index.htm
• HQ: Shanghai, China
• When filed on 7/19, was hoping to make up to $200 mln on the IPO

In a filing with the U.S. Securities and Exchange Commission, the company said Morgan Stanley, Deutsche Bank Securities and Jefferies would be underwriting the offering.

Cathay Industrial plans to list its shares on Nasdaq under the symbol "CBIO."

The Shanghai-based company said that besides expanding its production and research facilities, it would use the proceeds of the offering to further develop and commercialize biobutanol - an industrial solvent.

The organic chemical company produces plant-based alternatives to specialty chemicals usually made by petrochemical companies. Its drop-in bio products are less expensive to make and can be used in the same systems as their chemical alternatives. Cathay's long-chain dicarboxylic acids (LCDAs) are used in nylon, plastic, lubricants, and powder coatings.

The company is also the world's largest maker of biobutanol, an industrial solvent used in paint, resins, coatings, pharmaceuticals, and food-grade extractants. Major customers include DuPont, IFF, and Novo Nordisk. Cathay traces its roots to 1997.

Clarus Therapeutics withdraws IPO

Clarus Therapeutics, a biotech with an oral testosterone replacement therapy entering Phase 3, withdrew its plans for an initial public offering on Friday, citing poor market conditions. 

The Northbrook, IL-based company was founded in 2003. Piper Jaffray, Wells Fargo Securities were set to be the lead underwriters on the deal.

Stem cell therapy firm Aldagen withdraws plans for $80M IPO

Stem cell therapy company Aldagen is pulling back on its plans for an initial public stock offering.

The Durham, North Carolina-based company said in a Tuesday filing with the Securities and Exchange Commission that it is withdrawing its IPO plans “due to market conditions.” The company in 2009 filed a registration statement seeking to raise more than $80 million to take its compounds into mid-stage clinical trials.

It’s the second time the company has withdrawn plans for a public offering. The company previously pulled its IPO plans in 2008. The withdrawal comes a day after another Durham company, Tranzyme Pharma (NASDAQ: TZYM), began trading as a public company. Tranzyme pulled off its IPO only after cutting its stock price and increasing the number of shares in its offering.

Aldagen develops regenerative cell therapies for cardiovascular conditions. The company’s proprietary technology isolates specific adult stem cells that express high levels of the enzyme ALDH, which plays an important role in controlling the developmental state of stem cells and progenitor cells. The company believes that these cell populations have the potential for a medical breakthrough in regenerative medicine in promoting regeneration of multiple types of cells and tissue, including blood vessels.

Aldagen’s lead stem cell therapy candidates include a treatment for critical limb ischemia, a severe obstruction of the arteries that decreases blood flow to the extremities of the body. The company is also developing a treatment for ischemic heart failure, a condition in which the heart suffers from decreased blood flow and oxygen due to narrowing of the arteries. The company in January also received U.S. Food and Drug Administration clearance to begin a phase 2 study of a regenerative cell therapy for stroke patients.

Venture-capital backed Aldagen has raised more than $60 million from a syndicate of investors that includes the Aurora Funds, Intersouth Partners, Harbert Venture Partners, CNF Investments and Tullis-Dickerson.