Envoy Technologies, which operates an electric car-sharing platform, filed an amendment on Thursday disclosing that it would pursue a direct listing on the Nasdaq rather than a traditional IPO. The shares of common stock listed will be sold by existing shareholders; Envoy Technologies will not raise new capital in its listing. The company did not disclose the anticipated timing of its listing.
The Registered Stockholders plan to sell up to 7.8 million shares, and the company disclosed an assumed initial reference price of $8.
Envoy Technologies is an electric vehicle-sharing operator and developer of electric fleet technologies. The company provides electric car-sharing as a premium amenity for private properties like apartment buildings, hotels, and workplaces. It also collaborates with cities, municipalities, and non-profit organizations that fund programs to provide electric car-sharing services to broader public communities. The company powers its EV-sharing apps in all its operations through an advanced mobility platform.
The Culver City, CA-based company was founded in 2017 and booked $4 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol EVOY. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Roth Capital will serve as a financial advisor.
