Organization announces additional stock sale
Sono Group N.V., a pioneering company in solar technology for electric vehicles, has announced a proposed follow-on offering of 10,000,000 ordinary shares. The co-managers for this proposed offering are Craig-Hallum and Wedbush Securities, with Berenberg, Cantor Fitzgerald, and B. Riley Securities acting as book-running managers.
The net proceeds from this offering will be utilised to support Sono Group's commercial expansion and product development efforts. The funds are intended to deliver on existing orders, expand into new geographic markets, strengthen product leadership, advance uplisting efforts to a major U.S. national exchange, and drive commercial growth, geographic expansion, product innovation, and enhance market positioning.
Sono Group is on a mission to make every vehicle solar, and its disruptive solar technology is designed to be integrated into various vehicle architectures. The technology aims to extend range, reduce fuel costs, and decrease CO2 emissions. However, the company's forward-looking statements involve known and unknown risks, uncertainties, and contingencies, including the impact of the global COVID-19 pandemic, the company's limited operating history, the rollout of the business, and the uncertainty of projected financial information.
The company is required to file reports with the U.S. Securities and Exchange Commission, which are accessible on the SEC's website and the company's website. The proposed offering is subject to market and other conditions, and the securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective.
It is important to note that this press release is neither an offer to sell nor a solicitation of an offer to buy these securities. The risks also include competition, changes in regulatory requirements, and the uncertainty of monetizing the solar technology. The press release is not directed at persons in the United Kingdom or the European Economic Area unless they are qualified investors.
Sono Group N.V. trades on the OTCQB under the symbol SEVCF. The company expects to grant underwriters an option to purchase up to an additional 1,500,000 ordinary shares. The net proceeds from this proposed offering will be used by Sono Group to cover some of the capital needed until the start of production of its solar electric vehicle, the Sion.
[1] https://www.sono-group.com/press-releases/sono-group-announces-proposed-follow-on-offering-of-ordinary-shares/ [2] https://www.businesswire.com/news/home/20210305005137/en/Sono-Group-Announces-Proposed-Follow-On-Offering-of-Ordinary-Shares [3] https://www.globenewswire.com/news-release/2021/03/05/2196667/0/en/Sono-Group-Announces-Proposed-Follow-On-Offering-of-Ordinary-Shares.html [4] https://www.marketwatch.com/press-release/sono-group-announces-proposed-follow-on-offering-of-ordinary-shares-2021-03-05
- In order to support the commercial expansion and product development efforts of Sono Group, the net proceeds from its proposed offering of 10,000,000 ordinary shares will be utilized for investing in their solar electric vehicle, the Sion, among other business growth initiatives.
- This proposed follow-on offering of Sono Group's ordinary shares is an essential step in the company's finance strategy, with the funds generated intended to further business growth, deliver on existing orders, expand into new markets, and advance its position as a leader in solar technology for electric vehicles.
