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Banking, finance, and taxes

Cancelled IPO “Human Error” — Nasdaq

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By Paul Ausick Updated Published

stock symbol tickerAn IPO scheduled on Nasdaq today was accidentally killed when an employee of The NASDAQ QMX Group Inc. (NASDAQ: NDAQ) cancelled the IPO instead of re-scheduling it for later in the day as had been agreed among the exchange, the company, and the underwriter.

WhiteHorse Finance Inc. (NASDAQ: WHF) was set to offer 6.67 million shares at $15 a share. An unnamed source told Reuters, “This was a human error, this wasn’t a trading system or a computerized glitch.”

The mistake calls to mind the problems that Nasdaq had with the Facebook Inc. (NASDAQ: FB) IPO in March. Unlike the Facebook fiasco, however, no shares of WhiteHorse were issued and all orders were cancelled according to a Nasdaq spokesman.

WhiteHorse issued a press release a few minutes ago saying that the commencement of trading “has been delayed” and that the company is “awaiting confirmation from NASDAQ on a timing window to begin trading which is expected shortly.” Who knows?

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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