Chinese drone maker EHang has delayed its initial public offering in the United States in favour of a fundraising move.
According to a report from Reuters, the firm is looking to raise $200m from private funding instead.
Reuters described how two sources with direct knowledge of the firm, said the five-year old company has decided to put off the IPO plans as it is not ready to go public.
One of them went on to suggest it only drew so-called ‘lukewarm’ investor interest.
Early in March, CDP reported on how EHang was looking at making the move into the US market.
The firm thought the move could have raised between $400m and $500m.
It was also speculated that Morgan Stanley and Credit Suisse were working on preparing the offering.
Credit Suisse declined to comment after Reuters made a request for more information while EHang and Morgan Stanley did not reply.
Read the full report from last month here: