Smith Cancels Battery-Powered Truck Offer on Valuation
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Smith Electric Vehicles Corp., the maker of battery-powered commercial trucks, scrapped an $80 million initial public offering after failing to get a high enough valuation.
The company and existing owners had offered 4.45 million shares for $16 to $18 apiece. Smith announced it was pulling the Nasdaq Stock Market IPO today and said it will “pursue private financing opportunities.”