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Terrafugia's flying car simulation
Pogo Jet Inc. has withdrawn its plans to make an initial public offering of common stock, the company announced in a press release earlier this week. The Chicopee-based company had planned to launch a fleet of private jets that service users could book online.
The withdrawal appears to ground Pogo Jet’s plans to remake luxury air travel with its air taxi service. The company, headed by former American Airlines CEO Robert Crandall, filed for the $103.5 million IPO in September, 2007, to raise money to buy a fleet of inexpensive light jets. Pogo Jet proposed to capture some of the luxury travel market by charging rates close to those of a first-class commercial airline ticket, the Boston Business Journal reported in 2007.
Pogo Jet has raised about $12.6 million in financing from Gilder Gagnon & Howe, Long River Ventures, Tiger Management, Village Ventures and Worcester Capital Partners, according to published reports.
In a brief statement, the company cited “current market conditions” as the reason for withdrawing the IPO plans.
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