The money from the offering was then used to fund new store growth.

The company will not receive any of the money from the offering.

The company did not say how much money it expected to receive from the public offering.

The company's planning last year was based on getting new capital from the offering.

The proceeds from the offering are expected to be about $300 million.

Later that year, the company received $10 million from its initial public offering.

But it has now been paid in full with part of the proceeds from the public offering.

"You have to wonder how they're going to make up for the shortfall from the offering."

General Magic said the $77 million in proceeds from the offering would be used for working capital.

The insiders had not originally expected to do that well from the offering.