SpineEx, which is developing spinal implants to improve spinal fusion surgeries, withdrew its plans for an initial public offering on Friday. It originally filed in September 2018 with a proposed deal size of $17 million.
The company did not disclose a reason for the withdrawal. Since its initial filing, the company announced in a press release that it had received 510(k) clearance from the FDA for its Sagittae lateral lumbar interbody fusion (LLIF) device.
The pre-revenue company is based in Fremont, CA, and was founded in 2017. It had planned to list on the Nasdaq under the symbol SPIX. ThinkEquity was set to be the sole bookrunner on the deal.
SOURCE:https://www.renaissancecapital.com
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– Company is less than 2 years old with no real working product
– Executive team has a trail of failed companies and mostly with undergraduate degrees from easy schoo
– Over $1M in salary with high percentages of options despite the lack of product and revenue
– CEO has been accused of fraud by investors in previous companies, reported in business newspapers
– Company has been funded by Chinese money because of misleading statements by the CEO and his woman Global President
– Ridiculous and unsustainable valuation for a company with no product, revenue or practical intellectual property
– The proposed product is a lawsuit magnet because no rational surgeon and patient would want to go through a back surgery to implant an “adjustable” device. If you can adjust it, it can break anytime