HW Electro, a Japanese retailer of electric light commercial vehicles, filed a new F-1 with the SEC on Monday, in conjunction with the withdrawal of its previous F-1. In its new filing, the company also changed its proposed listing exchange from the Nasdaq to the NYSE American, and added Webull as an underwriter.
The Tokyo, Japan-based company plans to raise $11 million by offering 3.8 million ADSs at $3. The company had previously filed to offer the same number of ADSs at $4. At the new proposed price, HW Electro will raise 25% less in proceeds than previously anticipated.
HW Electro commenced selling and delivering two models of electric light commercial vehicles, ELEMO and ELEMO-K, in Japan in April 2022 and July 2022, respectively. It has been working with Cenntro, its cooperating manufacturer, to produce them under the ELEMO brand in its Hangzhou, China factory. Since June 2023, the company has also commenced the sales of a new model called ELEMO-L, a van-type electric vehicle that could be used for commercial and recreational camping purposes.
HW Electro was founded in 2019 and booked $1 million in sales for the 12 months ended September 30, 2023. It plans to list on the NYSE American under the symbol HWEC. Univest Securities and Webull Financial are the joint bookrunners on the deal.
