Mobilai joins a long list of companies in the high-tech and off-field sector, which have decided to postpone the IPO in light of the instability in the capital market. This emerges from an internal letter from Amnon Shashua, which was distributed today to the company’s employees. As of last December, Intel announced that it intends to issue Mobilai on the NASDAQ towards the middle of 2023, when Intel will remain a substantial holding. According to estimates published at the time, the company was supposed to issue at a value of about $ 50 billion.
The company has also continued to prepare for this in recent months with the submission of a draft prospectus to the SEC (US Securities and Exchange Commission) and even last April appointed investment banks Goldman Sachs and Morgan Stanley to lead the offering. In May, sources in the company told Globes that the IPO was progressing on track, but the collapse of the markets and the sharp decline in the shares of large companies, especially in the high-tech sector, made the planned timing problematic.
In an internal letter distributed to employees today, Amnon Shashua, the company’s chairman, explains the decision to postpone the IPO to another date and writes that “the problem today with the bad market conditions is not lower valuations, but the instability in the markets.” “Every IPO, both on the day of the IPO and later. We still hope that the IPO will take place in 2022 and in the meantime the company is thriving on all fronts and the future looks more promising than ever.” Mobilai declined to comment on the news.