Lasseters Holdings Ltd., the operator of Australia's only licensed online casino, has hit a roadblock in its $A40 million initial public offering. Thanks to a volatile stock market, underwriter Macquarie Equity Capital Markets Ltd. has been "relieved of its obligations under the current underwriting agreements," Lasseters announced.
The prospectus gave Macquarie the right to abandon the commitment if the Nasdaq Composite Index fell 10 percent or more from March 17. Since that date, the Nasdaq fallen by 25 percent.
The two companies are reviewing options to progress the offer and remain confident of Lasseters' continued success, Lasseters officials added.
Lasseters has also extended the offer to May 8 from April 19, hoping that a steadier market will attract more investors.