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ELECTRIC TRUCKMAKER NEWS * USA
* Missouri - CEO of KC EV Truckmaker Cancels its IPO but Pushes Ahead
Kansas City,MO,USA -HDMA -October 15, 2012: -- Bryan Hansel, CEO of electric-truck maker Smith Electric Vehicles, thought the investment community was on board with his plans for electrifying urban delivery trucks across America... But on the night of Sept. 20, Hansel had to pull the plug on Smith’s eagerly awaited initial stock offering, which was scheduled for the next day — an IPO he hoped would raise $77 million... His investors were wary that it would be mid-2013 before Smith could turn a profit on the hundreds of battery-powered commercial medium-duty trucks it has begun supplying the likes of Frito-Lay, Staples and Coca-Cola... “They told me, as a private company, they love us and love what we’re doing,” Hansel says. “But as a $50 million public company, we’re a risk, and they would have to discount our value. I didn’t know that that was their exact opinion until then. And I decided it would be better to wait” ...
Labels: electric truckmakers worldwide
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