Groupon tomorrow will send out new daily deals to its 1.8 million subscribers, offering them the chance to buy everything from mail-order brownies to rock-climbing lessons. But it seems there is one thing Groupon still isn’t able to sell: Itself.

The Wall Street Journal today reports that the Chicago-based company is “reevaluating” its IPO plans, three months after first filing for a $750 million offering. More specifically, it has canceled next week’s planned roadshow and is reassessing its timing on a “week by week basis.”

Part of the delay reportedly is due to volatility in the public equities markets, particularly in Europe. A bigger issue, however, is likely an SEC inquiry into a recent email that Groupon CEO Andrew Mason sent to company employees to rebut negative press coverage. The email was leaked — as Mason must have known would happen — and arguably violates the SEC’s prohibition on such “public” communications.

Earlier today, I argued that the SEC should simply eliminate its quiet period rules for pre-IPO companies — like Groupon. And maybe I’ll submit it under today’s blanket request for comment on existing regulations.

At the same time, however, the current rules are… well, they’re the rules. If you don’t follow them, bad things can happen. For Groupon, that means an indefinite IPO delay. I don’t happen to believe there will be a cancellation, particularly given how much money virtually every Wall Street bank stands to make on the offering. Plus, it’s hard to imagine Groupon re-enters the acquisition market, after having rebuffed Google’s $6 billion offer (due, in part, to a cash vs. stock issue, I’m told).

But, as Groupon is saying, let’s wait and see…

UPDATE: Source familiar with the situation says that the WSJ story is inaccurate. Trying to get more details…

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