E-cigarette seller Electronic Cigarettes International Group Ltd (ECIG.PK) has postponed its public offering due to unfavorable market conditions, an analyst at underwriter Canaccord Genuity told Reuters on Friday.
Electronic Cigarettes said two weeks ago that the company and selling shareholders would offer 33.3 million shares to raise up to $150 million.
The company’s stock was expected to list on the Nasdaq on Friday under the symbol “ECIG”.
Equity markets have been exceptionally volatile in recent weeks, with the CBOE Volatility Index .VIX, an indicator of market expectation of near-term volatility, jumping about 11 percent in the past month.
Grand Rapids, Michigan-based Electronic Cigarettes is among a number of e-cigarette companies whose stocks are traded over-the-counter in the United States.
The company sells disposable and rechargeable e-cigarettes, starter kits, e-liquids and vaping systems in the United States, the UK and western Europe through retailers such as Wal-Mart Stores Inc (WMT.N), Walgreen Co (WAG.N) and Tesco Plc (TSCO.L).
Canaccord Genuity and Wells Fargo Securities are the lead underwriters for the offering.