Posted 1/7/2013 12:00 am
If Mountain Valley Spring Co. of Hot Springs ever moves forward with its initial public stock offering, it won’t be with underwriter Rodman & Renshaw LLC.
The New York firm terminated its broker dealer license in September, two days after it told the Financial Industry Regulatory Authority that it wasn’t in compliance with a Securities & Exchange Commission capital rule.
Rodman was acting as the premium natural spring water bottler’s “sole manager of the offering and as representative of the underwriters,” according to paperwork Mountain Valley filed with the SEC.
Mountain Valley took the first steps to become a publicly traded company in December 2011, but since then, there hasn’t been a flood of activity. It last filed documents with the SEC in March.
Mountain Valley Chairman and CEO Breck Speed said in August that it was waiting for the right market conditions before it moves forward with its initial public stock offering. Speed wasn’t available for comment as of press time.
FINRA slapped Rodman & Renshaw with a $315,000 fine in August, shortly before it pulled the plug on its securities business. FINRA said in a news release that the fine was for supervisory and other violations related to the interaction between the firm’s research and investment banking functions.