Elate Group, which provides high-end moving and storage services in the US and Canada, withdrew its plans for an initial public offering on Friday. It had originally filed in April 2022, and most recently planned to raise $5 million by offering 1.3 million units at $4.25.
Because the company planned to offer units with warrants attached and was expected to have a post-IPO market cap of less than $50 million, Elate Group will be excluded from Renaissance Capital's 2024 IPO stats.
The New York, NY-based company was founded in 2013 and booked $4 million in revenue for the 12 months ended September 30, 2023. It had planned to list on the Nasdaq under the symbol ELGP. EF Hutton was set to be the sole bookrunner on the deal.
