Radio ad shop Interep National Radio Sales Inc. has pulled the plug on a
financial move slated to raise up to $19 million.
Interep withdrew a registration statement for 6 million shares that was
initially filed with the Securities and Exchange Commission in September.
At the time, Interep's stock was trading at $3.25 per share, but it subsequently fell as
much as 40 percent to $2, although it has rebounded to $2.50 each.
The company explained simply that it doesn't intend to conduct the offering.
Interep was, however, able to borrow $10 million last