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EV Transportation Services (EVTS), which has developed a lightweight utility EV for urban use, has filed for a proposed $20M initial public offering.
The EV developer didn’t disclose specific terms in its filing, but indicated in an attached filing fee schedule that it was looking to raise around $20M. Maxim Group is serving as lead bookrunner.
The company hopes to list its shares on Nasdaq under the symbol EVTS.
Based in Brookline, Mass., EV Transportation has developed a utility EV for use in urban parcel delivery and essential services such as security patrolling, property management, parking management, and utility meter reading.
An early stage manufacturer, EV Transportation reported a 2021 net loss of $4.8M with no significant revenue.
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Image and article originally from seekingalpha.com. Read the original article here.