A planned IPO has been called off.
"Virgin Trains USA, formerly known as Brightline, has decided to shelve plans for a previously announced initial public offering," reports Rob Wile.
The company identified "alternative financing sources" while exploring a public offering, according to a statement released by the company and cited in the article.
"Earlier Tuesday, Bloomberg had reported that the planned IPO, which sought to raise more than half a billion dollars at a more than $3-billion valuation, was going to be the largest of 2019." According to Wile.
Virgin Trains USA has been making a steady stream of news in recent months, starting with Virgin partnering with Brightline in November and then announcing eight expansion corridors in December.
Read the full story: Virgin/Brightline railway shelves IPO plans
Brightline and Virgin Trains Splitting After 17-Month Partnership
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