Organization unveils pricing details for additional stock sale
Sono Group N.V., a company aiming to make every vehicle solar with disruptive solar technology, has announced a follow-on offering of 10,000,000 ordinary shares at a price of $4.00 per share, effective from April 28, 2022. The offering is being co-managed by Craig-Hallum and Wedbush Securities, and Berenberg, Cantor Fitzgerald & Co., and B. Riley Securities are acting as book-running managers.
The net proceeds from this offering will primarily be used to cover some of the capital needed until the start of production of Sono Group N.V.'s solar electric vehicle, the Sion. While the exact allocation of the proceeds has not been explicitly stated, it is common in such equity offerings for the funds to support the company's growth initiatives, strategic investments, or to strengthen the balance sheet.
Investors are advised to refer to the Company's filings with the U.S. Securities and Exchange Commission for more detailed information on risks associated with the offering. These risks include, but are not limited to, the impact of the global COVID-19 pandemic, the company's limited operating history, unproven ability to develop and produce vehicles, monetizing solar technology, conversion of reservations into binding orders, competition, and changes in regulatory requirements.
The offering includes an option for underwriters to purchase an additional 1,500,000 shares. The offering is expected to close on May 3, 2022, subject to closing conditions.
Investors are cautioned not to place undue reliance on forward-looking statements, particularly in connection with any contract or investment decision. The Company assumes no obligation to update any such forward-looking statements.
For additional information on risks, readers can refer to the Company's filings with the U.S. Securities and Exchange Commission. Copies of the prospectus may be obtained from Craig-Hallum, Wedbush Securities, Berenberg, Cantor Fitzgerald & Co., and B. Riley Securities. For investor relations, contact ir@our website or visit ir.our website.
In the United Kingdom, this press release is only directed at qualified investors as defined in Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018. For media inquiries, contact press@our website or visit www.our website/press.
The net proceeds from Sono Group N.V.'s equity offering will likely be utilized for supporting the company's growth, strategic investments, or strengthening the balance sheet, as is common in such transactions. This offering also presents an opportunity for investors, with an option for underwriters to purchase additional shares, although potential risks should be carefully considered, including the impact of COVID-19, limited operating history, unproven abilities, and regulatory changes, among others.
