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Highlights:
- The Bitcoin miner was supposed to trade under the stock symbol RHDM on Nasdaq, and it had kept the price range of shares between US$ 12 to US$ 14 per share.
- On January 20, a real estate investment trust- Four Springs Capital Trust, was supposed to begin trading. However, it also delayed its public debut.
- RHDM IPO may not be cancelled. However, it is uncertain when will Rhodium Enterprises start trading on Nasdaq.
A turbulent equities market claimed another initial public offering (IPO) victim on Thursday, January 20.
The Delaware-based digital asset technology company Rhodium Enterprises was supposed to go public. However, it has reportedly postponed the offering.
The Bitcoin miner was supposed to trade under the stock symbol RHDM on Nasdaq, and it had kept the price range of shares between US$ 12 to US$ 14 per share.
According to reports, RHDM stock did not begin trading due to market conditions, postponed it.
On January 20, a real estate investment trust- Four Springs Capital Trust, was supposed to begin trading. However, it also delayed its public debut due to market conditions.
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Four Springs had plans to offer 18 million shares and had priced them between US$ 13 to US$ 15 apiece. It was supposed to trade on New York Stock Exchange under the stock symbol FSPR.
What happened to RHDM IPO?
The market conditions are not favourable for IPOs as many companies have delayed their IPO plans. Some companies went public. However, they did not receive the desired response from investors.
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RHDM IPO may not be cancelled. However, it is uncertain when will Rhodium Enterprises start trading on Nasdaq.
Interested investors looking to invest in the digital asset miner will have to wait now or explore other options, depending on the market conditions.
Bottom line
Nasdaq seems to have entered into correction zone, and on January 19, it was down around 11 per cent from its high in November.
On January 20, it was up 1.6 per cent during the trading session. However, it closed at 14,154.02, down 1.3 per cent.
According to reports, 22 companies went public through IPOs and SPAC (special purpose acquisition company) mergers as of January 18, 2022. These companies raised US$ 5.2 billion compared to a US$ 22 million raised in the same period of 2021.
This indicates that the investors are not very much excited about companies going public. The markets are facing resistance from investors due to fears of interest rate hike.
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