Jay, Could this news have anything to do with SanDisk rally, a weaker competitor(?):
Tuesday June 20, 8:27 am Eastern Time
SmartDisk withdraws secondary offering
NAPLES, Fla., June 20 (Reuters) - SmartDisk Corp. (NasdaqNM:SMDK - news) on Tuesday said it would withdraw its planned secondary public offering of 3.9 million shares of its common stock because of market conditions.
``We filed the offering to raise additional capital at attractive rates,'' said Michael Battaglia, president and chief executive of the company whose products store digital pictures, music, video and data. ``Given the general decline in financial markets since then, we have decided to withdraw the offering. Our company continues to perform very well and our balance sheet remains strong.''
The company, whose shares were first publicly traded in October, filed for the offering on April 20.
Michael Mattingly, the company's chief financial officer said SmartDisk has enough cash and cash flow to support growth.
Shares of SmartDisk on Monday closed at 22-7/8. It's 52-week high was 67-1/2, its low 12-9/16. |
