Internet company Accoona Corp. filed Friday for an initial public offering of its common stock. The Jersey City, N.J.-based company said it expects to use proceeds from the offering for research and development, business expansion and general corporate purposes. Accoona may also use a portion of the proceeds to acquire or invest in complementary companies and technologies.
In a preliminary filing with the U.S. Securities and Exchange Commission, Accoona did not disclose the number or expected price range of shares to be offered, but indicated that the proposed maximum offering price would be roughly $80.5 million. The company said the total offering price was estimated solely to calculate the amount of the registration fee and may change.
Accoona has three main lines of business: online-lead generation, an online search engine in the U.S., Europe and China and an e-commerce consumer electronics retail business. The company broke onto the Internet scene in 2004 accompanied by much fanfare. Industry experts wondered if it would prove to be a formidable competitor for Google. However, to date, substantially all of its revenue has come from its e-commerce business in North America, according to the filing. Accoona operates six Internet retail sites offering a wide selection of consumer electronics and home appliances.
For the three months ended March 31, Accoona reported a loss of $14.8 million, compared with a loss of $5.5 million the same period a year earlier. Revenue for the quarter rose to $37.5 million from $23 million the year-ago period. Maxim Group LLC is listed as the sole underwriter for the offering. Accoona plans to list its shares on the Nasdaq Global Market under the symbol "ACNA."
Source: forbes.com
In a preliminary filing with the U.S. Securities and Exchange Commission, Accoona did not disclose the number or expected price range of shares to be offered, but indicated that the proposed maximum offering price would be roughly $80.5 million. The company said the total offering price was estimated solely to calculate the amount of the registration fee and may change.
Accoona has three main lines of business: online-lead generation, an online search engine in the U.S., Europe and China and an e-commerce consumer electronics retail business. The company broke onto the Internet scene in 2004 accompanied by much fanfare. Industry experts wondered if it would prove to be a formidable competitor for Google. However, to date, substantially all of its revenue has come from its e-commerce business in North America, according to the filing. Accoona operates six Internet retail sites offering a wide selection of consumer electronics and home appliances.
For the three months ended March 31, Accoona reported a loss of $14.8 million, compared with a loss of $5.5 million the same period a year earlier. Revenue for the quarter rose to $37.5 million from $23 million the year-ago period. Maxim Group LLC is listed as the sole underwriter for the offering. Accoona plans to list its shares on the Nasdaq Global Market under the symbol "ACNA."
Source: forbes.com