EVmo, which operates a fleet management and auto rental platform for ridesharing drivers, filed 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 cap of $66 million.
EVmo is a holding company operating principally through two wholly-owned subsidiaries, Rideshare Car Rentals and Distinct Cars. Rideshare offers an online bookings platform. Distinct Cars maintains a fleet of passenger vehicles and transit vans for use in the last-mile logistical space for rent to customers who are drivers in the ridesharing and delivery gig industries, while also providing them with insurance coverage and issuing them insurance cards in their own names.
The Beverly Hills, CA-based company was founded in 2016 and booked $8 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol "EVMO". ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
