The GigaOM team spent the past week in New York City for a number of events, including our first (and definitely not last) East Coast conference, Structure Big Data. It’s all part of our plan to expand our footprint into new markets, including New York.
Next-gen biofuel producer Amyris plans to officially price its shares for its IPO before the end of the day and hopes to start trading tomorrow on the NASDAQ.
Jump out of the little pond and take its chances with the big fish — that’s what ECOtality (s ETLY) aims to do by listing its common stock on the Nasdaq Capital Market (previously called the SmallCap Market). ECOtality, which is the parent company of electric vehicle infrastructure provider eTec, announced today that it has applied to list its stock on the tier of NASDAQ that’s meant for companies that need capital to grow their business.
Currently, ECOtality trades on what’s called the Over-the-Counter Bulletin Board, or OTCBB — an exchange often used by relatively small and risky companies because it does not have the listing requirements of the Nasdaq or New York Stock Exchange. For ECOtality, switching over to the Nasdaq Capital Market would mark a new phase for the company — opening it to a larger pool of potential investors and suggesting growing confidence in its bet on the still-nascent electric vehicle market.
Read More about ECOtality Eyes NASDAQ En Route to EV Charging Boom
Industry watchers have been predicting – and companies have been eagerly awaiting – the return of tech IPOs for months. A123Systems’ successful IPO last week set off a new flurry of those forecasts, with many seeing it as a sign of more offerings to come, and a new break through for cleantech IPOs. But at the Renewable Energy Finance Forum West on Wednesday, Pascal Levensohn, founder of Levensohn Venture Partners and a National Venture Capitalist Association board member, called those predictions “wishful thinking.”
While he’s glad to see a few IPOs emerging, they amount to “drops of water in the desert” and are “not relevant to the majority of companies out there,” he said. “I disagree with predictions that U.S. IPOs are about to come back in a meaningful manner. Underwriters are only willing to accommodate a small number of companies.”
Read More about Dwindling Tech IPOs Could Spell Bad News for Cleantech Exits
A123Systems’ Nasdaq debut Thursday thoroughly justified the company’s confidence in its initial public offering, with the stock leaping more than 50 percent to close at $20.29 per share after pricing at $13.50 per share Wednesday. That price represented a hike from the already raised estimated range of between $10 and $11.50 per share Tuesday.
The successful IPO increases A123’s cachet and spells the go-ahead for its ambitious manufacturing plans. It also renews other cleantech companies’ hope that the public markets are once again open to them as a source of funding. After a much-lamented drought of cleantech IPOs, the industry is celebrating this day as a sign that investor appetite could be back.
Read More about A123Systems Shares Jump 50% in Nasdaq Debut
Is the recession over already? Intel (s intc) and IBM (s ibm) this week posted stronger-than-expected numbers and raised guidance for future quarters, pushing the Nasdaq 7.5 percent higher and inspiring some to hope a recovery was imminent, if not already here.
But with all due respect to the bulls (and apologies to Richard Fariña), the tech industry has been down so long it only looks like up. Maybe the past year has been so grim and disorienting we’re willing to redefine what a successful quarter looks like. But while it’s one thing to credit a company with managing a severe downturn competently, it’s quite another to declare the worst is over when there are no clear signs that revenue will be rebounding. Read More about A Tech Recovery or Wishful Thinking?
After Monday, the belief that Silicon Valley is going to remain immune from the Wall Street fallout is gone. While some tech companies had been saying they weren’t worried that the credit crunch would hurt them, I don’t believe them.
ZVUE (fka Handheld Entertainment) has received a delisting warning from the NASDAQ, as its shares have traded sub-$1.00 for 30 days. The par…