Carpool rental service EVmo files a case to raise $ 12 million and re-register with Nasdaq

EVmo, which operates a fleet management and car rental platform for carpool drivers, filed a request on Friday to raise $ 12 million in an initial public offering.

The company, formerly known as YayYo, went public on the Nasdaq in November 2019, but voluntarily delisted its shares in February 2020. The company is currently listed on the OTC (YAYO) with a market capitalization of 66 million. dollars.

EVmo is a holding company operating primarily through two wholly owned subsidiaries, Rideshare Car Rentals and Distinct Cars. Rideshare offers an online reservation platform. Distinct Cars maintains a fleet of passenger vehicles and transport vans for use in the last mile logistics space for rent to customers who are drivers in the ridesharing and delivery industries, while providing them with coverage for insurance and issuing them insurance cards in their own names.

The Beverly Hills, California-based company was founded in 2016 and reported sales of $ 8 million for the 12 months ended March 31, 2021. It plans to list on Nasdaq under the symbol ” EVMO ”. ThinkEquity is the sole bookrunner in the transaction. No pricing conditions were disclosed.

The article Carpool rental service EVmo files a case to raise $ 12 million and re-register with Nasdaq originally appeared on the renaissancecapital.com website of IPO investment manager Renaissance Capital.

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