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Nexsan Withdraws Another IPO

Citing unfavorable market conditions

Nexsan Corp., which provides disk-based storage systems for mid-sized businesses and enterprises, withdrew its plans for an initial public offering on Monday, citing unfavorable market conditions.

The company had postponed its $55 million IPO in April 2010 and had not filed an update since March 2011.

The Thousand Oaks, CA-based company was founded in 2000 and booked $75 million in sales for the 12 months ended 12/31/2010.

Piper Jaffray was set to be the lead underwriter on the deal.

Comments

Will Nexsan ever succeed?

The company, born in 1999, got $40 million in financial funding, last known round being $11 million in 2007.

It tried an IPO in 2001 and 2008, and then in 2010 for $55 million.

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