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.