Shares in Tanfield, a global manufacturer of Powered Access equipment and an investor in Smith Electric Vehicles, announced that on Thursday Smith decided not to pursue its planned initial public offering (IPO) after the valuation size proved too small.
"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."
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The share price slumped 42.16% o 29.50p by 08:55.
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