Smith Electric Vehicles Corp., a company focused on all-electric commercial vehicles, announced last night that it has decided to not pursue its planned initial public offering.
‘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,’ commented Bryan Hansel, Smith's CEO.
‘We have instead elected to pursue private financing opportunities to support the execution of our business plan,’ he added.
The company recently revealed in a filing with the U.S. Securities and Exchange Commission that it has dramatically reduced its production target and is strapped for cash.
According to a report in The Kansas City Star, Smith has lost $128 million since 2009 and has slashed its 2012 production goals from 620 trucks to 380.
To read that report, click here.