Smith Electric Vehicles, makers of the Newton and Edison electric commercial vans, has decided to drop its plans for an Initial Public Offering.
Smith Electric Vehicles, makers of the Newton and Edison electric commercial vans, has decided to drop its plans for an Initial Public Offering (IPO). The Kansas City, Missouri-based company filed for the IPO in November.
CEO Bryan Hansel said, “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’s Newton, which comes in various configurations, is the largest plug-in electric truck currently available. According to the company, it offers fuel savings of up to 75% compared to legacy diesel trucks. Smith also has a joint venture with the Wanxiang Group to manufacture electric buses and commercial vehicles in China.
Image: Smith Electric Vehicles