ElectraMeccanica Vehicles, which is developing three-wheeled electric vehicles, raised $10 million by offering 2.35 million units at $4.25. Units consisted of one share of common stock and two warrants, each exercisable at $4.25 per share. Common shares opened for trading on Thursday at $3.25 and warrants opened at $0.50. The company's last-reported close on the OTCQB (ticker: ECCTF) was $6 per share. At IPO, ElectraMeccanica commanded a basic market cap of $117 million.
Electra Meccanica listed its common shares on the Nasdaq under the symbol SOLO while warrants trade under the symbol SOLOW. The Benchmark Company and ThinkEquity acted as lead managers on the deal.
Because ElectraMeccanica Vehicles launched its IPO as a unit offering, it is excluded from our IPO stats.
