CVSL has scrapped plans for a $60 million public offering on the NYSE MKT, according to a Monday release from IPO investment manager Renaissance Capital. The company’s planned uplisting will occur within the next several trading days despite the halted equity raise.
Through its strategy of acquiring and improving direct selling companies, CVSL has built a portfolio of eight independent businesses, which benefit from the company’s combined back office expertise. CVSL reported $89 million in sales for the 12 months ended Sept. 30, 2014.
Shares in CVSL are currently traded over the counter, with a market cap of about $350 million on the OTCQX. The Plano, Texas-based company first filed its S-1 in May and received authorization in late August. Renaissance Capital previously reported the company’s strategy to raise $60 million with an offering of 6.7 million shares priced at $8.00 to $10.00.