Utility EV maker Ev Transportation pulls IPO filing, citing a bad market for smaller companies

Ev Transportation Services Inc.
EVTS
filed Wednesday to withdraw its plan for an initial public offering, due to “adverse market conditions for smaller companies.” The withdrawal comes nearly a year after the Massachusetts-based maker of all-electric lightweight commercial utility vehicles filed for an IPO, on Sept. 16, 2022. It doesn’t mean the company won’t file for an IPO at a later date, as the company asked the Securities and Exchange Commission if all fees paid in connection with the IPO filing be credited to the company for future use. The withdrawal comes at a time that the Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
-1.31%
has rallied 14.6% over the past three months and the Renaissance IPO ETF
IPO,
-2.01%
has advanced 14.5%, while the Russell 2000
RUT,
-0.51%
index of small capitalization stocks has climbed 10.9% and the S&P 500
SPX,
-0.27%
has gained 9.1%.