Hours before its Wall Street debut, storage startup Tintri threw investors for a loop on Wednesday night with a surprise “change” of plans that left the status of its planned initial public offering in question.
The company did not provide an explanation for the highly unusual move.
While confirming to Business Insider that Tintri won’t begin trading on the NASDAQ exchange on Thursday, a company spokesperson declined to explain why or to give any further update on its plans to go public.
While companies sometimes delay or shelve plans for an IPO, backing out of an offering on the eve of the listing is very rare.
Tintri was seeking to raise $US109 million in an IPO priced between $US10.50 to $US12.50 a share. The company’s most recent IPO filing document showed that it is experiencing mounting losses amid slowing revenue growth.
The Silicon Valley company has raised $US260 million in venture capital financing from investors including New Enterprise Associates and Menlo Ventures.