Online component exchange ICX Electronics Inc. this week decided to postpone its initial public stock offering.
The San Clemente, Calif. company, which specializes in shortage and surplus services, filed for an IPO in March, but withdrew its registration on Wednesday, according to Securities and Exchange Commission documents.
"We decided to defer our completion of the IPO until next year when hopefully the public offering markets are more favorable," said Gary Lotzer, president, chief executive and chairman.
For the fiscal year ended March 31, sales were $809,500, and the company reported a loss of $1.07 million, according to SEC documents.
ICX intended to use the funds from the IPO to expand its international operations, repay debt, continue developing exchange-supporting software, and increase its sales and marketing activities in the United States.