Smith Electric Vehicles Corp. announced that it has decided not to pursue its planned initial public offering. The company intends to withdraw its registration statement on Form S-1 as filed with the U.S. Securities and Exchange Commission.
As recently as early September, the company said it expected to sell 4.45 million shares at between $16 and $18 in its initial public offering. The company expected to sell 4.2 million shares in the offering, while selling stock holders will offer the rest. At the mid-point of the range, the IPO would have raised about $76 million.
"We received significant interest from potential investors, however, we were unable to complete a transaction at a valuation or size that would be in the best interests of our company and its existing shareholders," said Bryan Hansel, Smith's chief executive officer. "We have instead elected to pursue private financing opportunities to support the execution of our business plan."
