Pogo Jet Aborts IPO Takeoff

 - March 28, 2008, 6:05 AM

The financial straits on Wall Street dashed start-up very light jet air-taxi Pogo Jet’s plans to start selling shares on the Nasdaq stock exchange last month. On March 17, Pogo decided to postpone the planned initial public offering of seven million common shares on the following day “due to current market conditions.” Of the estimated $94.6 million Pogo expected from the IPO offering (assuming an average share price of $14.50), $39.4 million was to be used for deposits on Eclipse 500s, $11.8 million for building maintenance of its operating facilities and the remainder for “operating losses and for working capital and other general corporate purposes,” according to the SEC filing. For now, Pogo is unable to place deposits to secure Eclipse 500 positions or start building its physical infrastructure, putting its planned service launch in the second quarter of next year into question.