If at first you don’t succeed….Nanodynamics, one of the raft of diversified nanotechnology companies under pressure from investors to get an exit of any kind, have announced that they will be the first nanotechnology US company to be listed on the Dubai International Financial Exchange (DIFX).
You have to question the sanity of both the management and their advisors as pricing is expected to start next week.Nanodynamics attempted an IPO last year but shelved it after investors thought that raising $90 million on 2006 sales of $4 million may have been a bit too much risk to take. However, as the company was reported at the time of its last IPO attempt to be losing $1.5 million a month you can understand their need for capital.
The global credit crunch was the excuse for pulling out last time, and we can only assume, given the sea of red that covers trading screens from Tokyo to London this week, that the company is in quite desperate straits or is hoping that that Gulf based investors are dumber than those on Wall Street. The company claims to have chosen Dubai because “we are a global company with partners and customers around the world, including Europe, Russia, India, China and Japan.”