* Says has sufficient liquid assets
* Shares up 4 pct
May 12 U.S. investment bank Rodman & Renshaw
Capital Group Inc RODM.O filed with the regulators to
withdraw its shelf offering, citing sufficient strength in its
balance sheet, sending its shares up 4 percent.
"We have strengthened our balance sheet through financial
performance without the need to issue securities and
potentially dilute our stockholders," Chief Executive Edward
Rubin said in a statement.
As of April 30, the company had liquid assets in excess of
$40 million, up from about $12 million in the second quarter of
2009, the company said.
As per the shelf filed in late 2009, the company was to sell
up to $75 million of undesignated securities and resale 3
million shares for a selling stockholder.
Back then the company, in the face of significant capital
market uncertainty, wanted to ensure that it was in a position
to shore up its balance sheet if needed, the company said.
Shares of the company rose 4 percent to $3.54 in early
morning trade Wednesday on Nasdaq.
(Reporting by Archana Shankar in Bangalore; Editing by Ratul