KANSAS CITY, Mo. — Smith Electric Vehicles Corp. (Smith), a leader in all-electric commercial vehicles, today announced that it has decided not to pursue its planned initial public offering. The company intends to withdraw its registration statement on Form S-1 as filed with the U.S. Securities and Exchange Commission.

“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.”

Read more here: http://www.heraldonline.com/2012/09/20/4280176/smith-electric-vehicles-withdraws.html#storylink=cpy

Andn another bullish article: http://www.smithsonianmag.com/science-nature/Forget-the-Volt-Make-Way-for-Electric-Trucks-169807746.html

Bullish article re Smith - see link http://seekingalpha.com/article/877741-an-under-the-radar-ipo-smith-electric-sees-huge-backlogs

IPO ROADSHOW PRESENTATION - video & slides. Well worth watching. It runs for 38 minutes. After the video stops, check for further unseen slides before ending.

http://www.retailroadshow.com/roadshows.asp

It now appears that the launch price will be announced on Thursday 20 September, and trading commencing next day, Friday 21st September. A bookbuilding exercise is currently under way.

Trading commences w/c 17 Sept - according to Wall Street Journal

IPO details released at last! - On Thursday 6th September Smith filed a further amendment to its Form S-1 registration statement for review by the SEC. Copies of the registration statement, which includes a preliminary prospectus for the proposed initial public offering, may be inspected at www.sec.gov
In this revised filing Smith disclosed a maximum aggregated offering of $92,115,000, taking into account proceeds to selling stockholders and the full exercise of the underwriters' over-allotment option, and an offering price range of $16.00 to $18.00 per share.

New York roadshow - 50 bankers and investors attended a display of Smith vehicles yesterday. See images at
http://www.businessinsider.com/smith-electric-delivery-vehicles-in-nyc-2012-9?op=1#ixzz25fLEdtz8

This presumably indicates that an ipo date and target price for the stock will be announced today or tomorrow.

Smith Electric moves closer to IPO, with third Filing…



May 24, 2012 at 11:01 am by Michelle Leder

Smith Electric moves closer to IPO…

Given the whole fiasco with Facebook’s (FB) IPO last week (Felix Salmon over at Reuters has a great recap of the many problems here), you’d think that might diminish the hopes of smaller, or at least less meteoric, companies looking to plunge into the IPO pool. But that doesn’t seem to have happened at Smith Electric Vehicles. The Kansas City-based manufacturer of electric trucks and other commercial vehicles, filed an amended S-1 late yesterday.

Smith first filed an S-1 back on Nov. 10. That filing said that Smith was looking to raise $125 million (there’s some details about that filing in this GigaOm story). Since then, Smith has filed a Form D in mid-February, noting that the company was trying to raise $40 million from private investors (here’s another GigaOm story about that filing) and announced a $25 million investment and joint-venture partnership with the Wanxiang Group in China. But then last month, it filed its first amended S-1 and now it’s just filed another, which is one pretty strong indication that they’re moving forward, since nobody goes through the process of filing a 652-page document for kicks and giggles.

Speaking of girth, yesterday’s filing is 25% larger than the first amended filing last month. The primary thing bulking things up is the long list of employment agreements and a bunch of supplier agreements that Smith has sought confidential treatment on (which isn’t all that uncommon, just to be clear). One new disclosure that jumped out at us was this statement that wasn’t in prior filings:

"...We are an “emerging growth company” under the federal securities laws and will be subject to reduced public company reporting requirements..."


That refers to the newly passed JOBS Act, or Jumpstart our Business Startups Act, which the SEC released some guidance on last month. Given the size of the document, one could only imagine how much longer it would be if they weren’t subject to reduced disclosure!

Other changes in yesterday’s filing include some interesting new disclosures about Wanxiang, which describe the transactions between the two companies as “preliminary and ongoing and there is no assurance regarding the timing or terms under which either transaction may be consummated, if at all”, which press release aside, could explain why Smith is suddenly much more interested in going public, as opposed to turning to joint-venture partners or private equity money.

There are also some new numbers in the filing, including the fact that Smith lost $51 million in 2011, compared with a $30.3 million loss in 2010. And yet, CEO Bryan Hansel’s salary was increased to $425K last November, a 21% increase, according to the filing.

As with most IPOs, the risk factors are always a good read and Smith doesn’t disappoint on this front. This one, in particular jumped out at us: “if we are unable to remediate our material weaknesses in our internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired, which could negatively impact our operating results, ability to operate our business and investors’ views of us.”

As someone in Rome said once upon a time, “Caveat Emptor”.



http://www.footnoted.com/ipo/smith-electric-moves-closer-to-ipo/


Sifting through filings has always been more of an art than a science. Over at footnotedPro we provide subscribers with the most actionable signals. Don’t miss out on the hidden signals that other investors overlook – email us for more information, or to inquire about a trial subscription.

FedEx is going electric


...High fuel prices can hurt any business. But few feel the pinch quite like FedEx Corp.
The logistics and delivery service owns 40,000 vans and trucks and burns through 300 million gallons of fuel per year, most of it diesel. A typical FedEx pickup and delivery truck logs 88 miles per day.

So FedEx is going electric.


...Delivery fleets are, in many ways, an ideal fit for electric vehicles.

The "range anxiety" that afflicts average drivers, who worry about running out of electricity on the open road, isn't a factor for delivery services. Companies such as FedEx and its rival United Parcel Service know the length of each of their daily routes. Their trucks return to the same facility each night, where they can recharge...



...The company has already tested electric trucks in Los Angeles for the past two years and anticipates no performance problems in the Bay Area's mild climate. But FedEx is also testing electric trucks - from multiple companies - in Chicago, seeing how the vehicles handle that city's harsh summers and brutal winters.

"We can do deployments in temperate climates, no problem," Sondhi said. "We want to test it in winter, because that's when you really see what you can get out of a battery."


http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/22/BU4V1OM0N2.DTL


Article includes other quotes relevant to three suppliers of electric trucks and vans; Smith, Navistar, and EVI.

Calling patriotic americans - go electric to avoid reliance on foreign oil suppliers


".. U.S. Energy Secretary Steven Chu continues to promote electric vehicles as a way for the American economy to cut its dependence on increasingly expensive foreign oil, MarketWatch reports. Chu made the remarks at the New York Times Energy for Tomorrow Conference last week..."

(green.autoblog.com)

4 April - updated S-1 Filing for ipo
http://sec.gov/Archives/edgar/data/1455900/000104746912003898/a2206439zs-1a.htm#di78101_capitalization

Submitted to SEC for their review and decision. I'm not sure how long that will take, but presumably a large proportion of the content is stuff they already saw and approved first time around.

Smith IPO assessment available to subscribers at http://www.ipoboutique.com though I've not read it, so don't know what view they declare.

Has Obama fired the starting gun for a Smith ipo in yesterday's speech? Smith can now boast that their ipo offers American investors the chance to take part in that americanisation plan:



"..During the State of the Union Address, the President laid out a blueprint for a new era of American energy – an economy fueled by homegrown and alternative energy sources that will be designed in America and produced by American workers.."


"...The White House also announced a new "EV Everywhere" plan, which the White House described as, "a clean energy grand challenge to make electric-powered vehicles as affordable and convenient as gasoline-powered vehicles for the average American family within a decade." The White House says driving electric will save the average driver $100 a month, which will be much more valuable when the upfront cost of an EV drops and more people can afford one. To this end, EV Everywhere "will invest in breakthrough R&D for advanced batteries, electric drivetrain technologies, lightweight vehicle structures, and fast charging technology."

"...Accelerating deployment of alternative-fuel trucks: The President is proposing a new tax incentive for commercial trucks that provides a credit for 50% of the incremental cost of a dedicated alternative-fuel truck, including trucks powered by natural gas or electricity, for a five-year period..."


http://www.green.autoblog.com/2012/03/07/white-house-annouces-4-7b-effort-for-advanced-technology-vehicl/

Apr/May/June ipo date indicated. According to UK broker W.H.Ireland (newly appointed as house broker to Tanfield Group) whose initial valuation of Tanfield Group indicates that Smith are looking to join the Nasdaq exchange during the second quarter of this year. In which case, could be anytime from 4 weeks hence to 17 weeks. But publicity roadshow will presumably kick in ahead of.

Smith sign MASSIVE Chinese joint venture.



A Kansas City company that makes electric trucks for such brands as Coca-Cola and Fed-Ex has figured out where its next customers and investors are: China.

Smith Electric Vehicles has cut a deal with Wanxiang under which the Chinese manufacturer will put up $75 million to form a joint venture with Smith to make electric school buses and commercial vehicles in China. The Chinese manufacturer has also made a $25 million equity investment in Smith, the companies announced today.

Deals between U.S. manufacturers and Chinese counterparts are common when those U.S. manufacturers want to gain entry to that immense market. Further, China has been moving aggressively to develop cleantech industries such as electric vehicles, solar panels, and wind turbines.

So it’s not a huge surprise that Smith would be forging ties with Wanxiang.

“Wanxiang’s high-quality precision-manufacturing capabilities and purchasing relationships bring significant value to our business in our current stage of development,” said Bryan Hansel, chief executive officer and chairman of Smith, in a release. “Wanxiang is one of China’s most respected companies, and we look forward to a long, mutually beneficial relationship that advances the global commercial electric-vehicle industry.”

The timing of the deal is also no great surprise, since it comes during the visit of Chinese Vice President Xi Jinping, who is expected to become the next leader of China.

“Smith’s market leadership in the U.S. and Europe bring valuable experience and technology to address the significant opportunity for all-electric commercial vehicles in China," said Pingyi Li, the executive director of Wanxiang EV Co. Ltd. "Working together, we see tremendous opportunity to serve this growing market and to leverage volume and cost synergies back into Smith’s global business. We are pleased to have them as our partner."

Smith had filed for an initial public offering last year, but has yet to go public. Katie Fehrenbacher of GigaOM reports that the company hasn’t pulled that IPO, but is in the process of raising more money from investors.

(portfolio.com)

Private investors have just shovelled another $40million into Smith's coffers. Presumably they consider that a good move. Still no news on date of ipo.

Bloomberg feature, Smith chief Hansel:



AN ARMY OF ONE

Where there is innovation, there is a warrior. Without such a leader, nothing meaningful gets done
January 10, 2012 By G. Michael Maddock and Raphael Louis Vitón

If you want to be associated with success, then align with, support, or be the creator. You may like what creators have to say. If you don’t, it doesn’t matter. They are going to make their mark anyway. To oversimplify, we have found that creators very often fall into one of these three categories.


1. The Conscious Capitalist

We know what you’re thinking. “Who would want an unconscious capitalist?” But bear with us as we try to explain this special type of enlightened leader who today runs companies like Patagonia, Whole Foods, Trader Joe’s, and the Container Store (all of which consistently outperform the competition).

Conscious capitalists know how to generate emotional, social, and financial value simultaneously for all stakeholders. And when they do, they start crusades that have a unifying purpose. The hard data show that these innovative and purpose-focused firms create exponentially more economic value (than typical companies and even more than the “good-to-great” companies), and endear more customers and more employees to their mission year after year after year. They unlock new economic value that others have missed.

How do they do it?

Take Bryan Hansel, co-founder and chief executive officer of Smith Electric Vehicles. He makes electric trucks. He knows that electric delivery trucks, school buses, and the like will help save our planet. He also knows that to create a “sustainable” product, he has to have a sustainable business model; he has to make money; he has to have a committed, incredibly competent team. Simply surrounding yourself with a group of people who are passionate about a worthy “cause” and willing to work for free won’t cut it. Conversely, and ironically, singularly focusing on profits won’t get you the maximum sustainable amount of profit.

Hansel is pragmatic. He knows that while one man can’t create a new industry on his own, aligned leaders can create the right dialogue, vision, and strategy. That’s why he invited the heads of 20 of the largest truck fleets—including Frito-Lay, Staples, Coca-Cola, and all the major package delivery companies—to a meeting. He opened his books. He showed them the possibilities of a new type of trucking business. His bold message to each company? “You’re all in or you’re all out.”

The result? All 20 companies signed on to the concept.

The world needs creators who are conscious capitalists. Do you lead with social, economic, and emotional benefits in mind?



http://www.businessweek.com/management/an-army-of-one-01202012.html

FoxNews interview Smith chief, video clip ...

http://video.foxbusiness.com/v/1400575297001/boom-in-electric-truck-sales

Two months on from the S-1 ipo Filing. No date yet for the ipo to happen. I still hold stock in Tanfield Group (LSE:TAN), the UK engineering company who retain a significant stake in Smith. Tanfield themselves usually issue a trading update around the end of January (Feb 1st last year), and last year's mentioned the then relationship with Smith Electric.

Five dealerships across the U.S. have been added to school bus manufacturer Trans Tech Bus’ dealership network. All of the dealerships will offer a full line of Trans Tech Bus products, including the new eTrans all-electric school bus.

(This is the all-electric school bus produced jointly with Smith Electric utilising the Smith Newton cab/chassis)

The five dealerships are:

Davey Coach Sales
7182 Reynolds Dr.
Sedalia, CO 80135
States covered: Colo., Hawaii, Idaho, Mont., N.M., Okla. and Wyo.

MVI Group
4200 Currency Dr.
Columbus, OH 43228
State covered: Ohio

Uebelhor and Sons Chevrolet
972 Wernsing Rd.
Jasper, IN 47546
States covered: Ind. and Ill.

Cumberland International
1901 Lebanon Pike
Nashville, TN 37210
State covered: Tenn.

RWC International
2202 S. Central Ave.
Phoenix, AZ 85004
State covered: Ariz.

Trans Tech’s network now includes 11 dealerships covering 33 states and Puerto Rico.

Smith have been building EVs since 1920. So this is not some untested technology being thrown together by some over-enthusiastic team of green newcomers with no idea how to run a business.

They mainly produced 'milk floats'. Those open-sided vans which made doorstep deliveries of bottled milk to households all over the UK. Some of the ones I remember from my childhood in the 1950s were already 20-30 years old and still reliably humming along. Later ones also lasted 20-30 years or more, being so simple to maintain. Mostly powered by heavy old lead-acid batteries in those days.

Smith also made battery powered industrial tugs and tractors, for towing luggage trailers around airports, and shifting personnel around in underground salt mines.

UK engineering company Tanfield Group took control in 2004 and turned Smith into a maker of highway vehicles suited to the 21st century - since when hundreds of their Smith Newton trucks and Smith Edison vans have been in daily use in the UK and nearby parts of Europe.

Smith's US offshoot established in 2009 has since bought its UK parent from Tanfield Group (Tanfield still hold a minority stake, but that is likely to partly or wholly disposed of in the US ipo). Smith is now very much a US company.

Awaiting due diligence assessments by US analysts, once they wake up to Smith's existence. It's a private company at present, so it publishes what it chooses to publish whenever (apart from lodging annual accounts etc). There are US financial/investor websites/blogs specialising in IPO's, and I imagine this one is already under discussion/scrutiny someplace. I am UK based with few subscriptions to US sites, so am hoping others will find them.

The IPO prospectus will be available pretty soon I guess (request an emailed copy from address in the S-1 Filing), and doubtless we will get some useful comment when circulated.

Any -DD- on SMTH?

I dont see an iBox

Why We WILL Drive More Hybrids And Electrics, Like Them Or Not


http://autos.aol.com/photos/la-auto-show-green-cars/?ncid=webmail10

Hey Joz, I'm not a analyst, but I really like the niche the company can potentially exploit. Consumer cars are will take years to develop to get a product people will actually find as viable solutions to gas powered automobiles. Think Fisker- great looking car until you sit in it and there's a giant wall in the middle. Battery storage and capacity is not a problem on these mid sized trucks. The product is there. Love the potential. I'll be keeping my eye on this one.

Charts and price data will kick in after ipo happens. (Establishing this thread in advance of that is something I have OK'd with i-Hub Admin)

Meanwhile I would welcome any estimates that viewers can make based on the published information so far, regarding the likely value of this company now, and its possible value when it comes to market. I imagine there might be a few analysts out there who have already done some calculations?

Here is more info on that proposed New York production facility, reported in the New York Daily News today:

http://www.nydailynews.com/new-york/bronx/officials-unveil-incentives-zero-emission-trucks-smith-electric-vehicles-announces-bronx-factory-article-1.977504

Smith have long stated that they want a west coast facility sooner rather than later. Officials they've been in discussion with in various parts of California will quite likely be miffed at news that New York has stolen a march on them. But the timetable for the New York facility is distant enough for California to still come in with a declaration of financial support for Smith, and for that facility to actually become operational before the New York one. I think this New York publicity may well spur the Californians into action. In which case we may get to hear of Smith's west coast plans before the ipo happens, boosting investor enthusiasm.

Smith Electric US Corporation has just made a S-1 Filing for imminent ipo on Nasdaq, with the intended ticker SMTH

See:
http://www.sec.gov/Archives/edgar/data/1455900/000104746911009328/a2206090zs-1.htm

This is possibly the most significant electric vehicles ipo since Tesla - and may well appeal to those who already own Tesla stock and want to widen their portfolio of related stocks.

Their website is http://www.smithelectric.com

Smith Electric Vehicles has produced and maintained roadgoing electric delivery vehicles in the UK for over 80 years. In 2009 it established a US offshoot, which subsequently bought out its UK parent. They are the worldwide leader in the production and sale of electric delivery trucks. Currently based in Kansas City, Missouri, they are planning to replicate that facility in up to 20 US states. Plans for a chosen site in New York are already under way.

NOTE: Ahead of the ipo, it is possible to invest indirectly via UK stock in Tanfield Group, who own a substantial stake in Smith