ev Transportation Services, an early-stage manufacturer of electric light-weight delivery vehicles, withdrew its plans for an initial public offering on Wednesday, citing "adverse market conditions for smaller companies." It originally filed in September 2022 with a proposed deal size of $20 million.
At the time of its initial filing, the company had begun limited manufacturing of its first vehicle, the FireFly, which is designed for essential services and on-demand "last mile" urban e-delivery markets.
The Brookline, MA-based company was founded in 2015 and had planned to list on the Nasdaq under the symbol EVTS. Maxim Group LLC was set to be the sole bookrunner on the deal.
