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Don't let the sun go down on me: Principal Solar withdraws $12 million IPO

July 2, 2015

Principal Solar, a roll-up planning to acquire 150 MW of solar energy projects in North Carolina, withdrew its plans for an initial public offering on Thursday citing market conditions.

Backed by oil billionaire Ray Hunt, the company is listed on the OTC Pink market under the symbol PSWW. It originally set terms in May 2015 to raise $25 million on the NASDAQ at a $91 million market cap, but slashed its proposed valuation by 30% in mid-June.

The Dallas, TX-based company was founded in 2011 and booked $1 million in sales for the 12 months ended March 31, 2015. Northland Securities was set to be the sole bookrunner on the deal.