Smith secures $58 million in funding

Smith Electric Vehicles U.S. has secured $58 million in equity funding to assist in the expansion of its supply chain and manufacturing capabilities along with general operational needs.

Smith Electric, maker of the Smith Newton all-electric truck, issued and sold $39 million of Series B Convertible Preferred Stock, and the conversion of Bridge Notes and the exercise of related warrants into $19 million of Series B Convertible Preferred Stock secured the remainder of the funding.

The company used $5 million of the proceeds to make a prepayment on monthly installments for its purchase of Smith Electric Vehicles U.K. in January.