Just four weeks ago, we wrote about Pogo Jet setting its IPO terms—noting that while other firms were taking flight from their initial public offering plans as the economy went into a nosedive, the Chicopee, MA-based jet charter service led by former American Airlines CEO Robert Crandall was “letting its IPO ambitions soar.” Indeed, even though it doesn’t expect to begin commercial operations with a fleet of very light jets (VLJs) until next year, the firm had filed plans with the SEC to offer 7 million common shares at between $12.50 and $16.50 per share.
It looks like news of the souring economy has finally reached Chicopee, as Pogo Jet announced yesterday that it has postponed its IPO “due to current market conditions.” Apparently, news of the flight delay hasn’t reached everyone at the firm, though. As we wrote this today, Pogo Jet’s homepage still carried the happy announcement: “POGO IS GOING PUBLIC” (which, presumably, it still is). And you could find all the details of Pogo Jet’s offering plan, an “OpenIPO” auction, here.
Meanwhile, just in case you’re keeping score, here’s our updated list of other New England firms that have pulled or postponed their IPO or secondary offering plans so far this year:
Archemix — Cambridge, MA-based biotech
Athenahealth (secondary public offering) — Watertown, MA, provider of business services for medical practices
BG Medicine — Waltham, MA-based molecular diagnostics firm
Elixir Pharmaceuticals — Cambridge-based biotech
Author: Robert Buderi
Bob is Xconomy's founder and chairman. He is one of the country's foremost journalists covering business and technology. As a noted author and magazine editor, he is a sought-after commentator on innovation and global competitiveness. Before taking his most recent position as a research fellow in MIT's Center for International Studies, Bob served as Editor in Chief of MIT's Technology Review, then a 10-times-a-year publication with a circulation of 315,000. Bob led the magazine to numerous editorial and design awards and oversaw its expansion into three foreign editions, electronic newsletters, and highly successful conferences. As BusinessWeek's technology editor, he shared in the 1992 National Magazine Award for The Quality Imperative.
Bob is the author of four books about technology and innovation. Naval Innovation for the 21st Century (2013) is a post-Cold War account of the Office of Naval Research. Guanxi (2006) focuses on Microsoft's Beijing research lab as a metaphor for global competitiveness. Engines of Tomorrow (2000) describes the evolution of corporate research. The Invention That Changed the World (1996) covered a secret lab at MIT during WWII. Bob served on the Council on Competitiveness-sponsored National Innovation Initiative and is an advisor to the Draper Prize Nominating Committee. He has been a regular guest of CNBC's Strategy Session and has spoken about innovation at many venues, including the Business Council, Amazon, eBay, Google, IBM, and Microsoft.
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