Why Oura delayed its IPO

A few weeks ago, on my merry way to vacation, I wrote about Oura’s pending IPO and how, amazingly, in the AI era it was a smart ring maker we could rely on to take the go-public plunge. Not anymore: On Sept. 29, after a much-anticipated roadshow, Oura CEO Tom Hale delayed the plan, citing “uncertainty in the IPO market.” The obvious question: why get so close, then back off at the last minute? My colleague Morgan Chittum, who just joined Fortune and who Term Sheet readers will be hearing a lot more from soon, dug into this question in a recent piece. For one, she found, valuation proved tricky. As she writes, breaking down the numbers: Oura had proposed selling 50 million shares at $40 to $44…