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Electric vehicle company ElectraMeccanica prices $10 million IPO at $4.25

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.

The article Electric vehicle company ElectraMeccanica prices $10 million IPO at $4.25 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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