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Author: trisha Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 549  
Subject: Have you ever seen this happen? Date: 10/1/1998 8:56 AM
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I was watching this company closely, waiting for its IPO as its technology seemed and still does to be right on. I purchased a nice volume of stock when it opened. I tried to get a reading on the stock and I find this in the news! Does anyone know what this means or what is involved. Is the money I invested lost?
Thanks
Trisha
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Wednesday September 30, 2:49 pm Eastern Time

Galacticomm underwriters failed to close

FORT LAUDERDALE, Fla., Sept 30 (Reuters) - Galacticomm Technologies Inc said
Wednesday the underwriters of the company's initial public offering last Thursday ``failed to
close the offering in breach of their obligation under the firm commitment underwriting agreement.'

Galacticomm went on to say the company had satisfied its obligation under the agreement and intends to pursue all of its rights and remedies against the underwriters.

The company said it entered into a firm commitment underwriting agreement with Security Capital Trading Inc and First Equity Corp of Florida on September 24.

On Tuesday, the company continued, the underwriters failed to deliver Galacticomm's proceeds -- 10,980,000, minus the underwriters' fees.

The company also said it intends to pursue all rights and remedies against Security Capital Trading, First Equity and the other unnamed underwriters of the offering.

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