Thread: O.C. electric vehicle stock up 53% since IPO

Published: May 23, 2011
Updated: 1:46 p.m.

O.C. electric vehicle stock up 53% since IPO

By JAN NORMAN
THE ORANGE COUNTY REGISTER

T3 Motion Inc., a Costa Mesa producer of one-person, standup electric vehicles, is trading at $5.37 a share a week after selling 3.2 million shares for $11.1 million in its initial public offering.

The company introduced its first one-person vehicle at the International Association of Chiefs of Police conference in October 2006. It now has three vehicles and other accessories and is preparing to introduce its 2-passenger R3 model.

While 125 U.S. companies are in the process of going public after several years of drought, T3 is the first Orange County company to go public in some time. Smile Brands canceled its initial public offering a year ago and then sold a majority stake to a private equity firm in November.

California is leading the IPO pipeline with 25 companies – none based in Orange County – according to Ernst & Young.

T3 Motion shares started trading at $3.50 a share on the American Stock Exchange May 16 and rose as high as $10.10. The closing price Monday was down for the day but it was a down day for Wall Street with the Dow Industrials closing off 131 points and the S&P 500 off 42.4.

T3 Motion went public despite losing money in 2010. It reported a net loss of $8.3 million on revenues of $4.7 million in the year ended Dec.31. In the IPO, T3 said it will receive $10.2 million after the underwriters' discount and before transaction costs.

The company said it will use the money from the IPO to repay outstanding indebtedness, the balance of a settlement obligation and for general working capital purposes, which may include increased spending for research and development, sales and marketing and the hiring of additional personnel. None of T3 Motion's management, employees, affiliates or other stockholders are selling securities in this offering.

Chardan Capital Markets, LLC, was the sole underwriter for this transaction.

http://www.ocregister.com/articles/publ ... otion.html

I wonder if Obama owns any shares?