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Sono Group N.V. Announces Ticker Symbol Update and New Leadership Team as It Prepares for Market Advancement

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Sono Group N.V., a solar technology company, announces the removal of the 'Q' from its ticker symbol SEVCQ, signifying the end of bankruptcy indications. The company's ordinary shares will now be quoted under the ticker symbol SEVC on the over-the-counter market. The new leadership team, including George O'Leary as the sole Managing Director, CEO, and CFO, aims to enhance shareholder value and drive operational excellence. The appointment of two new Supervisory Board members, David Dodge and Christopher Schreiber, brings extensive financial expertise to support the company's turnaround and future growth.
Sono Group N.V., un'azienda attiva nel settore della tecnologia solare, annuncia la rimozione della lettera 'Q' dal suo simbolo ticker SEVCQ, segnalando la fine delle indicazioni di fallimento. Le azioni ordinarie dell'azienda saranno ora quotate sotto il simbolo ticker SEVC nel mercato over-the-counter. Il nuovo team di leadership, incluso George O'Leary come unico Direttore Generale, CEO e CFO, mira a potenziare il valore per gli azionisti e a promuovere l'eccellenza operativa. La nomina di due nuovi membri del Consiglio di Sorveglianza, David Dodge e Christopher Schreiber, porta un'ampia competenza finanziaria per sostenere il rilancio e la crescita futura dell'azienda.
Sono Group N.V., una compañía de tecnología solar, anuncia la eliminación de la 'Q' de su símbolo de cotización SEVCQ, indicando el fin de las señales de bancarrota. Las acciones ordinarias de la compañía ahora se cotizarán bajo el símbolo SEVC en el mercado extrabursátil. El nuevo equipo de liderazgo, incluyendo a George O'Leary como único Director Gerente, CEO y CFO, busca mejorar el valor para los accionistas e impulsar la excelencia operativa. La incorporación de dos nuevos miembros del Consejo de Supervisión, David Dodge y Christopher Schreiber, aporta una extensa experiencia financiera para apoyar el giro y el crecimiento futuro de la compañía.
솔라 기술 회사인 소노 그룹 N.V.는 주식 기호 SEVCQ에서 'Q'를 제거하여 파산 징후 종료를 알린다고 발표했습니다. 이 회사의 보통주는 이제 장외 시장에서 SEVC 기호로 거래될 것입니다. 조지 오리어리를 단독 관리 이사, CEO, CFO로 포함하는 새 리더십 팀은 주주 가치를 증대하고 운영 탁월성을 추구하기 위해 노력할 것입니다. 데이비드 도지와 크리스토퍼 슈라이버 두 새 감독 이사회 멤버의 임명은 회사의 전환과 미래 성장을 지원하는 광범위한 재무 전문 지식을 제공합니다.
Sono Group N.V., une entreprise de technologie solaire, annonce le retrait du 'Q' de son symbole de ticker SEVCQ, signalant la fin des indications de faillite. Les actions ordinaires de la société seront désormais cotées sous le symbole SEVC sur le marché de gré à gré. La nouvelle équipe de direction, incluant George O'Leary en tant que seul directeur général, PDG et CFO, vise à augmenter la valeur pour les actionnaires et à conduire l'excellence opérationnelle. La nomination de deux nouveaux membres du conseil de surveillance, David Dodge et Christopher Schreiber, apporte une expertise financière étendue pour soutenir le redressement et la croissance future de l'entreprise.
Sono Group N.V., ein Unternehmen im Bereich Solartechnologie, kündigt die Entfernung des 'Q' aus seinem Ticker-Symbol SEVCQ an, was das Ende der Insolvenzanzeigen bedeutet. Die Stammaktien des Unternehmens werden nun auf dem Over-the-Counter-Markt unter dem Ticker-Symbol SEVC notiert. Das neue Führungsteam, einschließlich George O'Leary als alleinigem Geschäftsführer, CEO und CFO, zielt darauf ab, den Aktionärswert zu steigern und operative Exzellenz zu fördern. Die Ernennung von zwei neuen Mitgliedern des Aufsichtsrats, David Dodge und Christopher Schreiber, bringt umfangreiche finanzielle Expertise ein, um die Sanierung und das zukünftige Wachstum des Unternehmens zu unterstützen.
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MUNICH, Germany, April 25, 2024 (GLOBE NEWSWIRE) -- Sono Group N.V. (the “Company”), a solar technology company, is pleased to announce a significant milestone in its corporate recovery. Following the successful conclusion of insolvency proceedings involving its subsidiary, Sono Motors GmbH, and the withdrawal of its own application for preliminary self-administration proceedings (reported in the Company’s Form 6-Ks filed on January 31, 2024 and February 29, 2024, respectively), the Company has received from the Financial Industry Regulatory Authority (FINRA) that the 'Q' will be removed from its ticker symbol, previously designated as SEVCQ, effective today. This change marks the end of the bankruptcy indication for Sono Group N.V., and the Company's ordinary shares will be quoted on the over-the-counter market under the US ticker symbol SEVC going forward.

In addition, Sono Group N.V. has submitted its application for admission to trading on OTCQB, which is intended to generate additional liquidity in the Company’s shares and facilitate investor activity. This listing application is pending approval and is contingent upon the Company's filing of its annual report on Form 20-F for the fiscal year 2023. The Company's leadership believes this step will support and enhance shareholder value, confirming the Company’s commitment to the new course discussed in its press release dated February 14, 2024.

These organizational changes are a direct result of the efforts of the new leadership team, confirmed at the Company's extraordinary general meeting of shareholders on January 31, 2024 (the “EGM”), as reported in the Company’s Form 6-K filed with the Securities and Exchange Commission on the same day. These changes include the appointment of George O'Leary as the sole Managing Director, CEO, and CFO of the Company, as well as the appointment of two Supervisory Board members, David Dodge and Christopher Schreiber.

George O'Leary has taken the helm as the new Managing Director, CEO, and CFO of Sono Group N.V., officially beginning his tenure on January 31, 2024. Having transitioned to a full-time role with the Company on April 8, 2024, Mr. O'Leary is fully committed to leading the Company's turnaround. With a rich background that includes pivotal leadership roles such as former Chief Financial Officer at HealthLynked Corporation and founder of SKS Consulting of South Florida Corp., he brings a wealth of experience in driving operational excellence and strategic growth for both public and private companies. The Company believes that Mr. O’Leary’s diverse expertise uniquely positions him to steer Sono Group N.V. towards a robust future.

The Company is also proud to welcome two distinguished new members to its Supervisory Board. David Dodge, an independent financial consultant with extensive corporate finance, accounting, and SEC compliance expertise, brings his global experience in corporate finance and forensic due diligence to the Supervisory Board. A Yale University and University of Hartford alumnus, his prior roles, including former Chief Financial Officer of NeoMedia Technologies, Inc. and his former work as an auditor with Ernst & Young LLP, equip him with invaluable insights into our industry’s financial and regulatory landscapes. Christopher Schreiber brings over 35 years of financial services experience to the Company’s Supervisory Board, including a distinguished track record as a financial advisor and board member and significant experience, especially in navigating companies through financial challenges. His role in leading a significant retail sales force and his expertise from positions with Akers Bio and MyMD Pharmaceuticals, Inc. exemplify the depth of his financial acumen.

ABOUT SONO GROUP N.V.

SONO GROUP N.V. is the public holding company of Sono Motors, currently quoted on the OTC market under the symbol SEVC. Now that it has withdrawn its application for preliminary self-administration proceedings, Sono Group N.V. plans to get admitted to trading on the OTCQB following the filing of its annual report on Form 20-F for the year ended December 31, 2023 and provide transparency to its shareholders as a fully reporting entity.

CONTACT

Press:
press@sonomotors.com | www.sonomotors.com/press

Investors:
ir@sonomotors.com | ir.sonomotors.com

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements. The words "expect", "anticipate", "intend", "plan", "estimate", "aim", "forecast", "project", "target", “will” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the intentions, beliefs, or current expectations of Sono Group N.V. and its sole subsidiary, Sono Motors GmbH (together, the “companies”). Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and could cause the companies’ actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, risks, uncertainties and assumptions with respect to: the companies’ ability to maintain relationships with creditors, suppliers, service providers, customers, employees and other third parties as a result of the former self-administration proceedings and the related increased performance and credit risks associated with the companies’ constrained liquidity position and capital structure; the companies’ ability to access the external funding required to successfully restructure their business, including by complying with the agreements related to the investment from YA II PN, Ltd. (“Yorkville”) so as to gain access to the remainder of the funding offered by Yorkville; the Company’s ability to have its shares admitted to trading on OTCQB, Nasdaq or any another stock exchange in the future, including the Company’s ability to meet the relevant application or initial listing requirements and to pay for the related costs and our ability to achieve our stated goals and continue as a going concern. For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov and on our website at ir.sonomotors.com. Many of these risks and uncertainties relate to factors that are beyond the companies’ ability to control or estimate precisely, such as the actions of courts, regulatory authorities and other factors. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the companies assume no obligation to update any such forward-looking statements.


FAQ

What is the new ticker symbol for Sono Group N.V.?

The new ticker symbol for Sono Group N.V. is SEVC on the over-the-counter market.

Who is the new Managing Director, CEO, and CFO of Sono Group N.V.?

George O'Leary is the new Managing Director, CEO, and CFO of Sono Group N.V.

When did George O'Leary officially begin his tenure with Sono Group N.V.?

George O'Leary officially began his tenure with Sono Group N.V. on January 31, 2024.

What is George O'Leary's background and experience?

George O'Leary has a rich background with pivotal leadership roles, including former Chief Financial Officer at HealthLynked and founder of SKS Consulting of South Florida Corp.

Who are the new Supervisory Board members of Sono Group N.V.?

The new Supervisory Board members of Sono Group N.V. are David Dodge and Christopher Schreiber.

Sono Group N.V.

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