Cross Match to offer IPO
In a time where Sarbanes-Oxley and other headaches associated with being a public company are leading a trend toward privatization, it's notable that Cross Match Technologies, which makes an FBI-accepted/SAFETY Act-approved fingerprint capture and read technology, among other biometrics, announced today it will go forward with an initial public offering. They'll be pushing 9,420,290 shares of common stock, 8,333,334 of them primary. No pricing has been discussed yet. That will be handled by W.r. Hambrecht + Co.'s OpenIPO auction process. You can get a prospectus by emailing firstname.lastname@example.org. I'm hoping to talk to someone at Cross Match today and to have more information in our newswire tomorrow. What I do know is that they first announced intentions for the IPO in April, then postponed due to market conditions in August, and now have revived intentions. Is it interesting that Credit Suisse was going to act as the bookrunner, with USB, Morgan Stanley, and Raymond James co-managing, and now it's going to be led by Hambrecht, with Stanford Group and E*Trade comanaging? I don't really know.