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Smith Electric Vehicles withdraws IPO
21 September 2012
Commercial electric vehicle manufacturer Smith Electric Vehicles Corp. 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 US Securities and Exchange Commission.
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. We have instead elected to pursue private financing opportunities to support the execution of our business plan.
—Bryan Hansel, Smith’s CEO
Smith produces zero-emission vehicles that are designed to be an alternative to traditional diesel trucks, providing higher efficiency and lower total cost of ownership. Smith Newton and Edison models are deployed around the world in a variety of applications, including parcel, food, beverage and equipment delivery and personnel transport including school and shuttle buses. The company operates manufacturing facilities in Kansas City, Mo., and outside of Newcastle, U.K.
September 21, 2012 in Brief | Permalink | Comments (3) | TrackBack (0)
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RIP.
Posted by: Davemart | September 21, 2012 at 04:20 AM
These guys have been building commercial truck EVs for decades.
Let US gas prices float to the non-Congress oil subsidies British gasoline price of ~$8/gallon and prospects will improve.
That may be only an Israeli air strike away.
Posted by: kelly | September 21, 2012 at 06:29 AM
"The American Coalition for Ethanol estimates that when combined with state and local government aid to large oil companies, subsidies amount to anywhere from $133.8 billion to $280.8 billion annually from all sources of taxpayer aid that goes to the oil and gas industry."
http://news.yahoo.com/history-u-oil-subsidies-back-nearly-century-215500548.html
That would be trillions over a century, then add the big expenses like oil wars, lost productivity, medical pollution costs, etc, etc, ..
Posted by: kelly | September 21, 2012 at 08:25 AM