Smith Electric Vehicles scraps IPO, to pursue private financing
Sept 20 |
Sept 20 (Reuters) - Smith Electric Vehicles Corp, which makes emission-free electric vehicles, said it will withdraw its initial public offering and instead pursue private financing opportunities.
The company had expected to raise about $76 million at the midpoint of its expected price range.
"We were unable to complete a transaction at a valuation or size that would be in the best interests of our company," Chief Executive Bryan Hansel said in a statement.
The Kansas City, Missouri-based company, which filed for the IPO in November last year, counts Coca-Cola, FedEx Corp and DHL among its customers.
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