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It had seemed gutsy of Nexsan to go against the grain by announcing it was filing for an initial public offering (IPO) in April 2008. IPOs were down that year due to fears of recession, even before the housing market collapsed.
Almost two years later, Nexsan announced it is postponing that IPO, citing market conditions:
The news comes two days after close peer Compellent…preannounced a disappointing first quarter, driving its stock down 26%. Nexsan was founded in 2000 and booked $62.7 million in sales for the 12 months ended 12/31/09.
Compellent said last Wednesday it missed its sales projection last quarter, and expects to report revenue of around $31.5 million to $32 million instead of its previous guidance of $35 million to $37 million.