If Miley5.net continues with its decision to float on the stock market, failing economic conditions shouldn't affect its ability to raise its 250,000 required shares. In fact, because of the talks of an AOL Time Warner buyout of a 15% stake, the Company can almost be certain it will be purchased out correctly.
The worry however, of course, is the volatility of the shares. Because we are in a time where shares are dropping so quickly, if shareholders did buy in to gain the $0.30 gain per ordinary share, and pulled out straight away to relinquish its capital gains, this could mean an instantaneous drop in share price, which would be damaging for the Company.