Alien Technology Corp., maker of radio frequency identification (RFID) circuits, said on Friday that it will not proceed with the anticipated initial public offering of common stock.
The Morgan Hill Calif.-based company planned a $120 million dollar IPO, but withdrew with the U.S Securities and Exchange Commission Friday afternoon.
Alien has decided not to proceed with an IPO at this time due to market conditions, said Stav Prodromou, Alien's CEO. While we are evaluating the options for our future financing needs, we are taking prudent cost reduction actions to continue to effectively manage and grow our business and support our customers going forward.
In April, Alien filed a registration statement for a proposed initial public offering of approximately $120 million worth of shares, but no shares of the company's common stock have been sold.