Internet phone box Spreedbox scraps IPO after changed market conditions
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Spreedbox — which makes a device that secures Internet phone calls and data transfers — has decided to scrap its float after four prospectus updates.
Melbourne-based Spreedbox started down the initial public offering track in October, launching a prospectus to raise $4.2 million at 20c apiece.
The tech play later issued four prospectus updates but was unable to get over the line.
By April the offer had only raised $742,500.
In a final supplementary prospectus issued on Tuesday, the company blamed “market conditions” after it ran out of time to meet minimum quotation conditions.
Investors who subcribed to the float should get their money back this week.
The device is marketed as a solution allowing users to communicate securely within a private cloud.
It operates similar to online services such as Skype and GoToMeeting — but stores data locally on a hardware device that can be encrypted.
Here’s a video explaining how it works: