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?