May 12, 2010 / 1:40 PM / 8 years ago

UPDATE 1-Rodman & Renshaw files to withdraw shelf; shares up

* Says has sufficient liquid assets

* Shares up 4 pct

May 12 (Reuters) - 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 Ray Chaudhuri)

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