Wilt Chamberlain Stock Gets Benched
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Associated Press
NEW YORK — A restaurant company named after former basketball star Wilt Chamberlain evidently wasn’t ready for competition in this league.
In a highly unusual move, Wilt Chamberlain Restaurants Inc. withdrew its initial public stock offering before the stock could be delivered to investors.
The Boca Raton, Fla.-based restaurant company had offered 1.4 million shares of stock last week at $7 a share.
But the price tumbled more than a third in the next two days and the stock was pulled from trading.
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