Hylete Inc., an online seller of fitness apparel and gear based in San Diego, said it has postponed its previously announced initial public offering. Hylete will continue to evaluate the timing for the proposed offering as market conditions develop.
“We have decided to postpone the IPO for now,” said Ron Wilson, Hylete co-founder and CEO. “This is mainly due to current unfavorable market conditions and the lack of institutional support for IPOs at this time. We want to do what is ultimately best for our investors, our community, and our company. This means waiting for the right time to go public.
“With that said, we have opened up a crowdfunding opportunity utilizing Regulation CF through the StartEngine platform. We are excited to be going back to what we do best – which is crowdfunding. This will allow the entire Hylete community, especially those interested in participating in the IPO, to be part of our growth and success, and also invest at a lower share price. Most importantly, this will allow us to communicate with full transparency again, without the limitations that were put on us during the IPO process. The ultimate goal is to still take Hylete public in the future and offer liquidity to all of our investors.”
Hylete had filed in early August with the Securities & Exchange Commission to raise up to $18 million in an initial public offering.
The Solana Beach, CA-based company was founded in 2012 and has sales of $12 million in sales for the 12 months ended March 31, 2019.