Smith Electric Vehicles Corp. plans to raise up to $76 million in its initial public offering on Friday, providing a much-needed cash infusion for the fledgling company.
Although the Kansas City-based truck manufacturer hasn’t publicly disclosed a sell date, the Nasdaq stock exchange listed Smith Electric’s IPO as expected to go live Friday.
A Smith spokesman didn’t immediately return a phone call and email seeking comment.
Smith said in earlier regulatory filings that it planned to sell 4.22 million shares for $16 to $18 a share. Current stockholders could sell as many as 228,000 additional shares, though the company wouldn’t receive any of that revenue. Read more on Kansas City Business Journal.