Endologix
(NSDQ:ELGX) yesterday spiked its plan to sell as much as $25 million worth of its own stock, saying it has no intention of selling stock over the short term.
The Irvine, Calif.-based company had tapped Piper Jaffray to offer more than 22.2 million shares at $6.45 apiece, with the proceeds earmarked for manufacturing, clinical trials, R&D, sales & marketing expenses, general and administrative expenses.
But after determining that there were “no short-term intentions of engaging in sales pursuant to the agreement,” Endologix decided to pull the plug without selling any of its stock.
“The company is not subject to any termination penalties related to the termination of the agreement,” Endologix said.
ELGX shares were up 2.1% to $5.38 apiece today in mid-day trading.
