Rvelocity filed an S-1 to raise approximately $10 million through an initial public offering. Rvelocity did not indicate in the filing the number or price of the shares to be offered but said in the filing fee schedule that it was looking to offer up to $10 million of its stock, with existing shareholders offering up to $5 million in additional shares.
The RV rental platform intends to list its shares on the Nasdaq under the symbol RVGO. Boustead Securities is serving as the lead bookrunner.
Based in Arizona, Rvelocity bills itself as the Airbnb of RV rentals. Renters, or “guests,” can rent RVs from participating RV owners or “hosts” through Rvelocity’s platform rvngo.com. The company charges customers a three percent processing fee on all transactions. “Hosts” are not charged a fee.
The company has operated in the red.
Rvelocity reported a net loss of $6.4 million on revenue of $313,690 for the nine-month period, ended August 31, 2022.
RVGO had $339,707 cash on hand at the end of the fiscal third quarter, with liabilities exceeding $4.5 million. The company has not reported its results for its fiscal year ended November 30.
