ElectraMeccanica Vehicles, a development-stage electric vehicle manufacturer, filed an amendment to its Nasdaq IPO filing with the SEC on Friday. The company originally filed to raise $27.5 million in February 2018.
In its latest amendment, ElectraMeccanica lowered its proposed deal size to $17 million and added warrants exercisable at 125% of the offer price. Because it is a unit offering, Renaissance Capital will no longer be tracking the deal in our IPO stats. The company also disclosed that Benchmark would underwrite the deal, selected its proposed ticker (SOLO) and updated its financial results for the year ended December 31, 2017.
ElectraMeccanica is thinly traded on the OTCQB under the symbol ECCTD.
The Vancouver, Canada-based company was founded in 2015. During the year ended December 31, 2017, ElectraMeccanica booked C$0.1 million of revenue and a net loss of C$11 million. The Benchmark Company is the sole bookrunner on the deal; Cuttone & Co. was added as a co-manager. No pricing terms were disclosed.
