Circling back to find the IPO on rampBy http://profile.typepad.com/1237764140s22740 // July 27, 2012 in Emerging Companies, JOBS Act
In the newsprint edition of the Seattle Times this morning (what a pleasure to get to flip copy in three dimensions, as well as to fold and to snap: paper papers are underrated), I read an article (detail pictured) about how Impinj has formally pulled its stale IPO filing, and has simultaneously announced the closing of a significant round of private financing.
The article says that Impinj means to try again later to go public. But next time, it intends to use the IPO on-ramp provided by the JOBS Act.
I went to GeekWire to see what John or Todd have to say on the subject, and this piece by John reports the same. John says Trulia is doing the same thing, i.e., circling back so it can exit via the IPO on ramp.
One thing I find interesting is that Impinj relied on Rule 506 and so filed a Form D in connection with the recent private capital raise. Both the Times and GeekWire report that the round was subscribed by existing investors. John's piece names them, all institutional.
There's a trend among some VC-backed companies to skip Form D filings - or I should say, to rely on 4(2) or another exemption that does not require an SEC filing.
Not so here.
The Impinj Form D reports that $21,648,933 has been raised so far, and $6,110,942 remains available.