Porter was initially organized as a private company. On April 16, 2010, Porter Aviation Holdings announced they were going to be listed as a publicly traded company. The company filed a preliminary prospectus — a business plan — with securities commissions across the country, a requirement before it can offer shares. The company has $306 million of debt and leases and intended to raise $120 million of new shares in the company and order seven new Q400 planes. However, after twice delaying the final deadline for the offering, and lowering its share price from between $6 and $7 per share to $5.50, Porter cancelled the initial public offering. According to Robert Deluce "We came to the conclusion that it was really prudent to defer the offering at this time and to wait until better market conditions existed. We wanted to raise some capital. We thought the IPO was the way to go, but we weren't prepared in any way to sell our stock at just any price."