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News Breaks | | | | September 21, 2012 | | 05:57 EDT |  | SMTH | Smith Electric Vehicles withdraws plans for initial public offering
Smith Electric Vehicles announced that it has decided not to 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,” said Bryan Hansel, Smith’s chief executive officer. "We have instead elected to pursue private financing opportunities to support the execution of our business plan." | |
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