IPO.not

July 13, 2009

The optimist will take this bit of IPO news as a sign the equity markets really are springing back to life.

FindItAll.com, a fledgling online shopping website with $8,540 in cash on hand, just filed a prospectus to sell shares. And what a bargain it is. The Nevada-based company, run by Corie Weisblum out of a location in suburban New Jersey, is registering to sell 100 million shares for 50 cents each.

What a deal!

But wait, there are few cautionary things an investor should know about the 14-month-old company. The company has lost $17,000 since it opened for business and its little-known auditor has said there is “substantial doubt” FindItAll.com will be able to “continue as a going concern.”

The company also says its faces significant competition in the online retailing space. Yes, I’m sure Amazon is getting real nervous.

Sadly, this cash-strapped company won’t get any proceeds from this stock sale. The company is simply registering these shares, which were sold to investors in a private placement, so stockholdeers can “offer the shares from time to time.”

 But here’s the best part:

Corie Weisblum our sole officer and director, has no direct experience in the online retail sales services. As a result, she may not be fully aware of many of the specific requirements of operating an online retail business.

It all sounds like a strategy for success. Then again, during the dot.com bubble these kind of stock offerings were a dime a dozen. It make you long for those days, doesn’t it?

No comments so far

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/