RFID Maker Nixes $120 Million IPO

Alien Technology has withdrawn its initial public offering due to "market conditions," the company's CEO said.
SAN FRANCISCO — RFID chip maker Alien Technology Corp. said Friday (Aug. 4) it has decided not to proceed with a planned $120 million initial public offering of common stock.

Alien (Morgan Hill, Calif.) said it has withdrawn a registration statement on Form S-1 with the U.S. Securities and Exchange Commission. No shares of the company's common stock have been sold, the company said, adding that it may undertake a subsequent private offering of securities.

"Alien has decided not to proceed with an IPO at this time due to market conditions," said Stav Prodromou, Alien's CEO. "While we are evaluating the options for our future financing needs, we are taking prudent cost reduction actions to continue to effectively manage and grow our business and support our customers going forward."

In April, Alien filed a registration statementfor a proposed initial public offering of approximately $120 million worth of common stock.

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