Luca Technologies, a Colorado based company that uses microorganisms to increase natural gas production in existing wells, has withdrawn its intention to trade its shares on the public markets. The company first filed to go public in June of last year and in about a month ago released preliminary pricing terms. Luca was originally supposed to price its shares on 3/30/12, but was delayed several times before it was ultimately withdrawn.
Its terms estimated a price range of $11.00 to $13.00 per share on an offering of 8.5 million shares. The IPO would have given the company a $337 million dollar market cap.
The speculative stock has never turned a profit and the IPO did not generate a lot of investor interest. The company also stated adverse market conditions for natural gas producers as a primary reason for the withdraw.