LOBO EV Technologies, a Chinese company specializing in electric vehicles, has announced a reduction in the expected size of its initial public offering (IPO). The company plans to offer 1.38 million shares, down from the previously planned 1.625 million shares.
In a filing with the U.S. Securities and Exchange Commission on Thursday, LOBO EV stated that it will sell the shares at a price of $4 each. The anticipated net proceeds from the offering are $5.52 million, which will be allocated towards upgrading and expanding manufacturing facilities, research and development, and working capital.
LOBO EV produces and sells a range of electric vehicles, including electrified bicycles, mopeds, tricycles, and off-highway four-wheeled shuttles. The company aims to leverage the IPO to support its growth and innovation initiatives.
To facilitate the offering, LOBO EV has applied to list its shares on the Nasdaq Capital Market under the ticker LOBO. This move will provide increased visibility and accessibility for potential investors.
Notably, in the six months ended June 30, 2023, LOBO EV recorded a profit of $657,774 with a revenue of $8.14 million. These figures indicate the company’s strong performance and market potential in the electric vehicle industry.
The IPO underwriting is being handled exclusively by Kingswood, a division of Kingswood Capital Partners. Their expertise in financial services makes them an ideal partner for LOBO EV in this endeavor.