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USA: Smith Electric Vehicles halts IPO plans

Smith Electric Vehicles was hoping to raise capital through an initial public offering, but called off that plan and will turn to private capital instead. It’s the latest cleantech company that hasn’t been able to go public in 2012.
Smith Electric Vehicles Revs for Acquisition, IPO

Another electric vehicle maker has put the brakes on a plan to go public: Smith Electric Vehicles announced late Thursday that it would no longer pursue an initial public offering.

That doesn’t mean the Kansas City company no longer needs money. Smith said it will seek private capital instead. Its CEO, Bryan Hansel, said in a statement:

“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.”

Smith makes all-electric trucks for commercial use, from food and equipment delivery to shuttle buses, and customers include Coca-Cola, Fed-Ex, Staples, and Sainsburys, as well as the military. The decision to forego an IPO doesn’t seem so surprising considering earlier this year it said it plans to raise $40 million privately.
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