Armada Water Assets withdraws IPO

FORT COLLINS — A Fort Collins oil industry startup that filed Securities and Exchange Commission documents to go public earlier this month has now decided to pursue a private offering instead.

Mitch Burroughs, CEO of Armada Water Assets, said in a Feb. 12 filing that Armada Water decided to “pursue a private offering in lieu of the initial public offering.”

Armada Water Assets, which sought to sell water in Texas for hydraulic fracturing, originally planned to sell as many as 3 million shares of common stock following its acquisition of a Texas water company, according to its Feb. 5 filing. Established in October, Armada Water wanted to raise at least $500,000 through its public offering.

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The company sold no shares in its short-lived IPO, according to its Feb. 5 filing. It is asking that the fees it paid to the SEC “be credited to our account for future use.”
Armada decided to raise an additional round of private capital after filed for a public offering, Burroughs said.

“It was a strategic move to make sure when we did our registration, did our IPO, that we were as strong, balance-sheet wise, as we could be,” he said.

Armada Water said it bought Barstow Production Water Solutions of Barstow, Texas, earlier this month. It acquired four water wells and stations for drivers to load water on 175 acres, as well as restrooms and showers for drivers in Ward County, Texas.

Armada Water had no full-time employees, and it did not have credit with a bank, according to its IPO filing.