Nasdaq says human error delays IPO
NEW YORK (AP) — The Nasdaq blamed "human error" for a delay in the public trading debut of WhiteHorse Finance on Wednesday.
The exchange rescheduled trading of the company's initial public offering of stock for 3 p.m. It was supposed to begin trading at about 11 a.m.
Orders through 2 p.m. were canceled, and the exchange said it would begin accepting new orders at that time.
Calls to Nasdaq for further explanation were not immediately returned. A call to WhiteHorse Finance's investment manager, H.I.G. Capital was also not immediately returned.
This isn't the exchange's first problem with an IPO. In May, technical problems at Nasdaq led to a half-hour delay in the public debut of Facebook.
WhiteHorse Finance, a Miami-based lender to small companies, had raised $100 million from investors in its IPO. WhiteHorse Finance sold 6.7 million shares for $15 each. Deutsche Bank, JPMorgan Chase and the other banks that shepherded the company through the IPO process have the option to buy an additional 1 million shares.
Shares are scheduled to trade under the symbol "WHF."