Now raising intellectual capital
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, isÂ 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.