WASHINGTON, Sept 26 (Reuters) - Independent automobile finance firm Long Beach Holdings Corp. pulled plans for its initial public offering on Thursday because of market conditions.
The Paramus, New Jersey-based firm filed plans with the Securities and Exchange Commission in October last year to raise up to $110 million in an initial public offering, but never detailed the price or amount of shares to be offered.
According to its original prospectus, the company said it provides loans to customers who cannot receive financing from traditional sources.
"Due to current market conditions, the company has decided not to proceed with the offering at this time," the firm said in the withdrawal statement filed with the SEC.
Friedman Billings Ramsey would have underwritten the offering. The firm had planned to list on the Nasdaq under the symbol "LBHC."