Elite Express Holding Inc. (ETS), which provides last-mile delivery services in California, trimmed its small IPO at pricing to 3.8 million shares – down from 4.0 million shares in the prospectus – and priced the IPO at $4.00, as planned – to raise $15.2 million on Wednesday night, Aug. 20, 2025. Elite Express shares opened flat – at $4.00 – today- Thursday, Aug. 21, 2025 – on the NASDAQ. The stock of Elite Express slipped and ended its first day of NASDAQ trading in the red – at $3.50 – down 50 cents for a 12.5 percent drop from its $4.00 IPO price – on Aug. 21, 2025, on volume of about 5.3 million shares.
Dominari Securities and Revere Securities were the joint book-runners.
Elite Express Holding, based in Laguna Hills, California, offers last-mile delivery services in California through its wholly owned subsidiary, JAR Transportation. Its business is heavily dependent upon FedEx, the prospectus said.
Financial statements in the prospectus showed that Elite Express was not profitable for the 12-month period that ended Nov. 30, 2024, when it reported a net loss of $0.38 million on revenue of $2.44 million.
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