Nexan hopes to get rich off Beast and Boy wonders

$81m SATA IPO to SEC

By Austin Modine, 25th April 2008

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Storage system maker Nexsan Technologies is taking the public leap, today proposing an $80.5m initial public offering to the US Securities and Exchange Commission.

Thousand Oaks, California-based Nexsan specializes in archive-class and power-saving SATA storage with its SEC filing. That figure, however, was mainly conjured to meet basic SEC filing obligations and may change as an actual IPO approaches.

Nexsan says it has no specific plans for the money and will direct the funds towards working capital and general corporate purposes. The company also says it may use the proceeds for potential acquisitions, although it currently has no commitments or agreements to do so.

The company ended fiscal 2007 with a $3m net loss on revenue of $49.8m. A year before, it reported a $5m loss on revenue of $42.8m.

The filing did not specify how many shares the company will sell or its price. Nexsan intends to list its common stock on Nasdaq under the symbol "NXSN." ®

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