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Cantor Entertainment withdraws $100 million IPO

31 May 2012

Cantor Entertainment Technology Inc., an affiliate of financial services firm Cantor Fitzgerald L.P., has withdrawn its plans for an initial public offering.

The company, which operates a mobile gaming system, sought the withdrawal because it expects to submit a new registration confidentially at a later date, according to a filing Friday with the U.S. Securities and Exchange Commission.

This marks the first company to publicly disclose intent to pursue an offering as a confidential filer as reason for withdrawal as included in the Jumpstart Our Business Startups Act of 2012.

Cantor officials declined to comment Wednesday on the withdrawal of the IPO or when they expect to submit the new, confidential draft registration.

The Las Vegas-based company said Dec. 24 that it would seek to raise up to $100 million in an IPO of its Class A common stock, with Cantor Fitzgerald underwriting the IPO. The original plan was to go to market with the shares sometime next year.

In its preliminary prospectus, Cantor Entertainment Technology said it would use the money from the offering to repay debt. The company planned to list the its common stock on the Nasdaq under the symbol CETO.

Since the company was founded in 2004 it has posted net losses of approximately $96.6 million, according to its preliminary prospectus filed in December. Cantor Entertainment Technology, a privately held company, declined to release updated financial results.

In a letter, Cantor Entertainment Technology assured the SEC that "no securities of the company have been sold pursuant to the registration statement."

New York-based Cantor Fitzgerald also owns Cantor G&W that operates race and sports books at the M Resort, Palms and The Cosmopolitan of Las Vegas, among other hotel-casinos.
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