Shared mobility tech startup Etioca targets Nasdaq listing in Spring 2023 as it unveils its new electric taxi | tech news

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For over two decades, most unicorn startups looking to make their Wall Street debut chose to sell new stock via an IPO or IPO. With the availability of other options, IPOs are no longer the only viable way for privately held technology startups to begin trading their shares.

Today, many high-profile tech startups are taking a different approach, increasingly using so-called blank check mergers with Special Purpose Acquisition Companies, or SPACs, to go public. Other tech startups, while few in number, have chosen to bypass IPOs and SPAC entirely, listing their shares directly on exchanges like the Nasdaq or the New York Stock Exchange. One such startup is Etioca, a Gibraltar-based shared mobility technology startup founded and led by Israeli engineer Mark Ishakov.

Etioca today announced its plans to go public in the United States in the spring, co-CEO Roberto Fiorello said Thursday as the startup unveiled a prototype of its seven-seat, all-electric taxi with a driver in Milan, Italy.

Unlike other mobility startups, Etioca has chosen a different path and will not be selling its taxis. According to Fiorello, the startup has a business model “based on fees paid by drivers for their use and on other services, including media advertising and blockchain.”

In a statement, Fiorello said, “Vehicles are not for sale, they are made available for drivers to use for a comprehensive fee,” added Etioca, which currently plans to generate around $1 billion in revenue for every 15,000 vehicles produced .

“We want to list on the Nasdaq,” he said.

The company has also hired New York-based investment bank Chardan to advise on its IPO, it said in a statement. Etioca plans to invest around $1.2 billion over the next three years and start production between late 2024 and early 2025, with a target of 45,000 vehicles in 2025 and 100,000 in 2027, Reuters reported. The company added that it is currently in talks for around 90,000 pre-orders in Italy, Israel and Latvia.



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