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Banking, finance, and taxes

Cancelled IPO “Human Error” — Nasdaq

Photo of Paul Ausick
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

Contact [email protected] for any questions or corrections.

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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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