Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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?
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.

Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.