TECH CRUNCH – June 7 – M17 Entertainment, a Taipei-based live streaming and dating app group, priced its IPO this morning on the NYSE and was expected to open trading today. But with just a little more than two hours to go before market closing, it's still not trading, and no one seems to know why. M17 has had a rocky non-debut so far. Originally targeting a fundraise of $115M of American Depository Receipts (shares of foreign companies listed domestically on the NYSE), the company concluded its roadshow raising less than half of its target, for a final investment of $60.1M. The company priced its ADR shares at $8 each. The company's main product is a live-streaming product where creators can build their fan bases and brands. Fans can purchase virtual gifts to send to their favorite artists.
by Danny Crichton
See full article at Tech Crunch