Banking, finance, and taxes
Cancelled IPO “Human Error” -- Nasdaq
Published:
Last Updated:
An 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
Are you ahead, or behind on retirement? For families with more than $500,000 saved for retirement, finding a financial advisor who puts your interest first can be the difference, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been carefully vetted and must act in your best interests. Start your search now.
If you’ve saved and built a substantial nest egg for you and your family, don’t delay; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.