Acqua Delays Stock Sale, Seeks New Underwriter
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Acqua Group Inc. postponed plans for a secondary stock offering that the Van Nuys-based company had hoped would raise about $5 million.
The company, which markets bottleless water coolers, had hoped to use the proceeds to acquire Servatron Inc. and otherwise expand its business. But Servatron filed for protection from creditors under federal bankruptcy laws last week, and Acqua said it no longer wants to buy the company.
As a result, Acqua said the investment banker planning to underwrite its stock offering withdrew. Acqua said it is trying to obtain another underwriter for the offering.
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