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loanDepot officially withdraws IPO filing

Filed public offering nearly one year ago

loanDepot officially requested that the Securities and Exchange Commission withdraw its initial public offering, which was filed nearly a year ago.

According to the SEC filing, “The company has determined not to pursue a public offering of the securities covered by the Registration Statement at this time.”

The filing noted that the Registration Statement has not been declared effective, and no securities have been sold in connection with the offering contemplated by the Registration Statement.  

“The company believes that the withdrawal of the Registration Statement would be consistent with the public interest and the protection of investors,” it concluded.

The filing requested the withdrawal be “effective as of the date of this application or as soon as practicable thereafter.”

The online mortgage lender was originally scheduled to trade on the New York Stock Exchange starting on Nov. 13, 2015, but announced the day before that it was withdrawing its Initial Public Offering due to adverse "market conditions."

loanDepot Chairman and CEO Anthony Hsieh said in a company blog at the time that the decision to withdraw its Initial Public Offering was easier than expected.

In the blog, Hsieh commented on the recent volatility in the stock market, citing other companies, such as Lending Club and OnDeck, which went public at the time and were already trading down.

Then about a month ago, loanDepot finally revisited its financial situation, revealing that it decided to go a different route for raising money.

Instead, loanDepot announced it closed $150 million in term debt financing on Aug. 9.

This time around, the “nation’s second-largest nonbank consumer lender” said it “intends to use the proceeds to further fuel its record-breaking performance with continued investments in technology and product development, and to leverage its balance sheet to hold certain loan assets.”

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