Smith Electric Vehicles scraps IPO, to pursue private financing
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.
- Tweet this
- Share this
- Digg this
- Ukraine seeks to join NATO; defiant Putin compares Kiev to Nazis
- Comedian Joan Rivers remains in serious condition at N.Y. hospital
- UPDATE 4-Iceland says eruption over, lifts all airspace restrictions
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- REVIEW-Bogdanovich's "She's Funny That Way" milks laughs in Venice