M17 Entertainment, a Taiwan-based online media company with several corporate investors, has formally withdrawn its initial public offering having failed to list last month.
Formed by the 2016 merger of music-focused livestreaming platform 17 Media and dating app Paktor, M17 had raised a total of $125m from investors including internet company Yahoo Japan and media group MCN before filing for a $115m initial public offering in the US in May this year.
The company went as far as pricing the IPO and was set to raise just over $60m last month before failing to complete the offering.
Existing investors including Infinity Venture Partners, Majuven, Convergence and Global Grand Capital provided $35m of funding for M17 shortly afterwards.
M17 has now confirmed it has formally notified the New York Stock Exchange of its intention not to float. It did not give a reason for doing so.