September 4, 2012

Elevance Withdraws IPO

Sorry about the new layout folks. I've been getting input from readers on how to improve the blog and one thing that is apparently missing is the date on each post!

Unfortunately, I can't put the dates on the old layout so I have to I have to redo the blog instead. I hope this will not turn off the readers.

Back to this news, it seems that renewable chemical companies that have pending IPOs (initial public offering) are wise indeed to withdraw given the uncertain financial and economic situation lingering here in the US and in Europe.

I've been hearing from financial gurus on TV that the financial market will even be more volatile after the November US presidential election, and it will not matter which party wins. The good news here is that renewable chemical companies seem to be getting good financial backing this year to support their commercialization phase.

Elevance Renewable Sciences, which filed its IPO on September 21, 2011, announced on Friday that it has withdrawn its filing with the US Securities and Exchange Commission (SEC) stating that the company has instead been able to raised additional funds through a private placement of preferred stock.

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