Roxio filed a registration statement with the US Securities and Exchange Commission (SEC) last September. Adaptec, however, has postponed the IPO because of unfavourable market conditions.
Withdrawl Under SEC procedures, if the IPO manager feels that stock won’t sell at a price acceptable to the company, the application for an IPO is withdrawn until a better time. In this instance, however, Roxio pre-empted the withdrawal.
Bob Stephens, president and CEO of Adaptec, said: "Roxio's request to withdraw its registration statement, subject to the SEC's granting of the withdrawal request, will provide Roxio with the flexibility to consider a number of options, including re-entering the public markets when market conditions improve, or pursuing other strategic opportunities."
Products Roxio provides digital content-management software that personalizes and stores music, photos, video and data on CD-Rs.
Products developed by the company include Easy CD Creator for Windows and Toast - software for CD recording on Macintosh platforms.
Roxio also markets system-recovery software GoBack, which provides recovery from system crashes, virus attacks, failed software-installations and data loss.