Business Services Industry
With their IPOs stalled, Net firms seek new cash; A few cancel offers, others sit tight; opportunity investors pounce.
Crain's New York Business, May, 2000 by walsh, mark
All dressed up with nowhere to go. That's the unwelcome fate of more than 20 New York-based Internet companies, most of which filed to go public before the Nasdaq plunged 37% from its March 10 high. The ongoing sell-off of technology stocks has so thoroughly shut down the initial public offering market that none of these Internet concerns are even on the IPO calendar in upcoming weeks.
Unable to get to the big dance, Silicon Alley businesses in registration are turning to alternative sources of financing. They're either going back to existing venture investors for additional private funding or looking to strategic investors, such as large corporations, for capital infusions in lieu of public funding. Sitting tight Still, other companies with sufficient...
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