01:22 PM EDT, 06/14/2024 (MT Newswires) -- La Rosa (LRHC) said Friday it has filed a request to withdraw its registration statement with the US Securities and Exchange Commission as it no longer plans to proceed with its securities public offering at this time.

"We do not believe our current market capitalization accurately reflects the true value of our company," CEO Joe La Rosa said. "This decision to withdraw the proposed offering was made after careful consideration and analysis of our current financial standing and market conditions."

The registration statement has not been declared effective by the SEC, the company said, adding that the withdrawal does not affect its business operations or its strategic objectives.

The shares were up more than 48% in recent trading.

Price: 0.99, Change: +0.32, Percent Change: +48.57