Martin Jetpack

[Frostwind]

The Initial Public Offering ("IPO") for Martin Aircraft Company Limited (“Martin Aircraft”or “Company”) was due to close today; however, Martin Aircraft is in ongoing discussions with a potential significant investor into the IPO, and while there is no guarantee that the investor will ultimately subscribe for shares, the Board considers it prudent in the circumstances to extend the offer for a further two weeks to allow these discussions to continue.

The IPO will now close at 5.00pm (Sydney time) on Friday 12 December 2014. However, the Company reserves the right to further extend the IPO, to vary the terms of the IPO, or to close the IPO early or at any time without further notice to any applicants. The Company will advise the revised issue date for shares, date for despatch of holding statements and ASX listing date once the IPO closes.

It is the Board’s current intention to immediately close the IPO if the significant investor subscribes for shares during the extended period.

This is their original announcement, with all the extensions it just doesn't pass the sniff test. Looks like they failed to secure enough investors, even at 40c.

Any bets on where it'll end up at IPO close, 1M post IPO and EoY (IF they manage to get the IPO off the ground at all)

My bet, IPO day close - 38c
1M post IPO - 29c
EoY - 18c

Let see who can get it closest, we should keep this thread

[Schrodinger]

The Initial Public Offering ("IPO") for Martin Aircraft Company Limited (“Martin Aircraft”or “Company”) was due to close today; however, Martin Aircraft is in ongoing discussions with a potential significant investor into the IPO, and while there is no guarantee that the investor will ultimately subscribe for shares, the Board considers it prudent in the circumstances to extend the offer for a further two weeks to allow these discussions to continue.

The IPO will now close at 5.00pm (Sydney time) on Friday 12 December 2014. However, the Company reserves the right to further extend the IPO, to vary the terms of the IPO, or to close the IPO early or at any time without further notice to any applicants. The Company will advise the revised issue date for shares, date for despatch of holding statements and ASX listing date once the IPO closes.

It is the Board’s current intention to immediately close the IPO if the significant investor subscribes for shares during the extended period.

This is their original announcement, with all the extensions it just doesn't pass the sniff test. Looks like they failed to secure enough investors, even at 40c.

Any bets on where it'll end up at IPO close, 1M post IPO and EoY (IF they manage to get the IPO off the ground at all)

My bet, IPO day close - 38c
1M post IPO - 29c
EoY - 18c

Let see who can get it closest, we should keep this thread

Not really an investment but more a garage project that may have customers. My late advice to the owners would be to get a working prototype and find customers fast. I think they said they put $20M into this already. With potentially no buyers for the pack this was madness. This is a two headed beast with both high product and sales risk. More in the seed capital phase in the toughest invest vertical (aviation) imo. A confirmed contract (for x units) with a military or civil outfit to jointly develop would have saved them.

[ryuzaki]

Hello all,
I've decided to pull out from this IPO. Hopefully my letter requesting refund will reach them this week.
Should have invested my money in AJX stock instead ><....

[Frostwind]

Hello all,
I've decided to pull out from this IPO. Hopefully my letter requesting refund will reach them this week.
Should have invested my money in AJX stock instead ><....

Have you tried emailing them? Just send them a ref # or something to them and then falling it up with a call. This way you are not subject to the mercy of the snail mail. I'm pretty sure you are entitled to the refund because of all the supplementary prospectus that they released, it gives you a chance to pull out.

I was the original subscriber of the IPO too and then I instructed my bank to dishonor the payment and returned my money because after careful consideration it just didn't pass the sniff test. As it turned out I could have got my money back anyway because of all the extensions, but at the time I felt it was too risky to let my money ride on the IPO.

Sure I might miss out some profits if it surged following the IPO and have a successful story, but it's far too speculative for my liking after I've done my maths properly and I can find better risk/reward opportunities elsewhere

Good luck, let us know how it goes Ryuzaki

[ryuzaki]

Have you tried emailing them? Just send them a ref # or something to them and then falling it up with a call. This way you are not subject to the mercy of the snail mail. I'm pretty sure you are entitled to the refund because of all the supplementary prospectus that they released, it gives you a chance to pull out.

I was the original subscriber of the IPO too and then I instructed my bank to dishonor the payment and returned my money because after careful consideration it just didn't pass the sniff test. As it turned out I could have got my money back anyway because of all the extensions, but at the time I felt it was too risky to let my money ride on the IPO.

Sure I might miss out some profits if it surged following the IPO and have a successful story, but it's far too speculative for my liking after I've done my maths properly and I can find better risk/reward opportunities elsewhere

Good luck, let us know how it goes Ryuzaki

I actually typed up a letter explaining that I wish to cancel my application for the shares and asked for refund as instructed in the third prospectus. And I also gave the BPAY info that I received from them just in case they may need it to track down the payment. I'll let you guys know what happens next.

[minimoke]

.....

Sure I might miss out some profits if it surged following the IPO.....

I always enjoy the humour and optimism posters have on these forums. No product, no market, no sales just expenses and here's Frostwind with an eye for profit.

[GuessX]

I always enjoy the humour and optimism posters have on these forums. No product, no market, no sales just expenses and here's Frostwind with an eye for profit.

At the time of its pre-IPO capital raise the company touted 40 pre-orders for jetpacks representing $6 million in sales, with a further potential $20 million worth of serious interest.

So as far as I was aware - they have recorded a number of sales and "serious interest" of further sales.
I did also read somewhere homeland security had secured several as-well.

[robbo24]

At the time of its pre-IPO capital raise the company touted 40 pre-orders for jetpacks representing $6 million in sales, with a further potential $20 million worth of serious interest.

So as far as I was aware - they have recorded a number of sales and "serious interest" of further sales.
I did also read somewhere homeland security had secured several as-well.

Indeed, as reported: http://www.nzherald.co.nz/business/n...ectid=11349391

To my knowledge the company accepts deposits and customers are put on a waiting list.

[Harvey Specter]

At the time of its pre-IPO capital raise the company touted 40 pre-orders for jetpacks representing $6 million in sales, with a further potential $20 million worth of serious interest.

I expressed 'serious interest' in the IPO and may have even been construed as a pre-order.

Indeed, as reported: http://www.nzherald.co.nz/business/n...ectid=11349391

To my knowledge the company accepts deposits and customers are put on a waiting list.

Dispite me registering serious interest, I didn't actually read the IPO pack. Were there deposits disclosed as a current/non current liability (revenue in advance) in the accounts?

[GuessX]

I expressed 'serious interest' in the IPO and may have even been construed as a pre-order.

Dispite me registering serious interest, I didn't actually read the IPO pack. Were there deposits disclosed as a current/non current liability (revenue in advance) in the accounts?

I'll assume you didn't contact the company and give them a deposit for a jetpack. In which case your "serious interest" would not be classified as a pre order.