IPO - ModVans Inc.

Form Type: 253G2

Filing Date: 2025-07-01

Corporate Action: Ipo

Type: Update

Accession Number: 000168316825004841

Filing Summary: ModVans Inc. is conducting an offering of up to 135,454,545 shares of its Class B Non-Voting Common Stock at an offering price of $0.55 per share, with a maximum offering amount of $74,500,000. This post-qualification amendment to the offering statement originally filed in September 2023 serves to extend the termination date of the offering to December 31, 2025, and increase the offering price by 10%. The company aims to use the proceeds to expand manufacturing capabilities, purchase inventory, fund research and development (especially for an all-electric model), and for working capital purposes. ModVans has experienced both growth and setbacks, with revenue fluctuations attributed to industry challenges and a recent relocation of operations. The company emphasizes that investing in their shares carries a high degree of risk, due to their history of operating losses, dependence on executive leadership, and market volatility. The CEO owns 92% of voting shares and controls corporate decision-making. As a result, investors will lack control over operational decisions.