CarsDirect.com, an online automotive provider, said on Wednesday that it has withdrawn registration with U.S. regulators for an initial public offering of its common stock.
The Los Angeles-based company said in a statement that the decision to delay its IPO is based on the currently unfavorable conditions in the public equity market.
"Market conditions today are simply unreceptive to new offerings, prompting us to delay our IPO," CEO Bob Brisco said.
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