January 23, 2019 / 9:15 PM / 9 months ago

New Fortress Energy to likely attempt IPO shutdown workaround: WSJ

(Reuters) - New Fortress Energy LLC will likely attempt a workaround to go public amid the U.S. government’s partial shutdown, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The company, which builds natural gas-fired power plants, is likely to attempt an initial public offering without the Securities and Exchange Commission's explicit green light, in a move that will involve changing language in its IPO paperwork to make it automatically effective after 20 days, the Journal reported here

The company was preparing for its IPO when the government shut down in December over President Donald Trump’s demand for $5.7 billion to build a wall along the U.S.-Mexico border, in what has become longest shuttering of federal agencies in U.S. history.

New Fortress is likely to file for an IPO again on Thursday, changing its language and picking a target price for shares, the report said. By doing so, it will be able to sell its stock to investors 20 days later, it added.

The company declined to comment when contacted by Reuters.

Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Sai Sachin Ravikumar

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