In a filing with the U.S. Securities and Exchange Commission (SEC) dated Tuesday, SynCardia Systems withdrew its Form S-1 filing for an initial public offering (IPO). The medical technology company is focused on developing, manufacturing and commercializing the SynCardia temporary Total Artificial Heart.
Tuesday’s filing does not offer a reason for the withdrawal, saying only that that the company “does not intend to pursue the contemplated public offering at this time.” The company had planned to offer 2.5 million shares in an expected price range of $10 to $12 to raise $27.5 million at an implied market cap of $86 million. Sole bookrunner for the offering was Roth Capital.
A blank-check company held the week’s first successful IPO on Wednesday. Capital Acquisition Corp. III (NASDAQ: CLACU) sold 30 million units at $10 per unit to raise $300 million. The special acquisition company had planned to offer 35 million units. Each unit consisted of one share of common stock and one half of one warrant. A full warrant entitles the holder to purchase one share of common stock at a price of $11.50. Joint bookrunners for the offering were Citigroup, Deutsche Bank and Credit Suisse. Co-managers were i-Bankers Securities and B. Riley.
Capital Acquisition III’s units traded as high as $13.80 shortly after launch Wednesday morning, but then pulled back to $10.01, essentially flat with the IPO unit price.
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