LeeWay Services, which provides freight brokerage and logistics services, withdrew its plans for an initial public offering on Monday. It originally filed in June 2022 and most recently planned to raise $15 million by offering 3 million shares at $5, where it would have commanded a market value of $45 million. The company had not updated its prospectus since September 2023.
Because the company was expected to have a post-IPO market cap of less than $50 million, LeeWay Services will be excluded from Renaissance Capital's IPO stats.
The Salt Lake City, UT-based company was founded in 1934 and booked $14 million in revenue for the 12 months ended June 30, 2023. It had planned to list on the NYSE American under the symbol LEWY. ThinkEquity was set to be the sole bookrunner on the deal.
