Sono Motors Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Sono Group N.V. (NASDAQ: SEV) successfully closed its initial public offering of 11,500,000 common shares at $15.00 each, raising approximately $156.1 million after expenses. The offering included an additional 1,500,000 shares purchased by underwriters. Shares began trading on Nasdaq on November 17, 2021. Sono Motors aims to revolutionize mobility with its solar technology and has over 16,000 reservations for its solar electric vehicle, the Sion, expected to start deliveries in early 2023.

Positive

• Raised approximately $156.1 million from the IPO, enhancing liquidity for business operations.
• Strong community engagement with over 16,000 reservations for the Sion, indicating robust demand.

Negative

• Potential market dilution due to the large number of shares issued.
• -

MUNICH, Germany, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Sono Group N.V. (NASDAQ: SEV) (parent company to “Sono Motors GmbH”, “Sono Motors” or the “Company”) announced today the closing of its initial public offering of an aggregate of 11,500,000 common shares at a price to the public of $15.00 per share, including the full exercise by the underwriters of their option to purchase up to 1,500,000 additional common shares. The net proceeds from the offering to the Company, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, were approximately $156.1 million.

The common shares began trading on the Nasdaq Global Market under the symbol "SEV" on November 17, 2021.

Berenberg acted as sole global coordinator for the proposed offering. Craig-Hallum acted as co-manager for the proposed offering.

A registration statement on Form F-1 relating to these securities was previously filed with the SEC (File Number: 333-260432) and declared effective by the SEC on November 16, 2021. Copies of the registration statement can be accessed by visiting the SEC website at www.sec.gov. This offering was made only by means of a prospectus. A copy of the final prospectus relating to the offering may be obtained from: Berenberg Capital Markets LLC, Attention: Investment Banking, 1251 Avenue of the Americas, 53rd Floor, New York, NY 10020, or by telephone at +1 646 949 9000, or by email at prospectusrequests@berenberg-us.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT SONO MOTORS

Sono Motors is on a pioneering mission to accelerate the revolution of mobility by making every vehicle solar. Its disruptive solar technology has been developed to enable seamless integration into all types of vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility.

Sono Motors is developing the world’s first solar electric vehicle (SEV) for the masses, the Sion. Empowered by a strong community, Sono Motors has amassed more than 16,000 reservations with advance payments for the Sion. These vehicles will be produced through contract manufacturing with customer deliveries expected to begin in the first half of 2023.

Sono Motors' proprietary solar technology has been engineered to enable integration and licensing for a wide range of vehicle architectures that go far beyond the Sion, such as buses, trailers, trucks, camper vans, trains and boats.

PRESS CONTACT

Sono Motors
Christian Scheckenbach |   Mobile: +49(0)17618050132
E-Mail: press@sonomotors.com   | Website: www.sonomotors.com/press

Finsbury Glover Hering
Michael Mittelman | E-Mail: SonoMotors-US@fgh.com

FORWARD-LOOKING STATEMENTS

This press release may include forward-looking statements. The words "expect", "anticipate", "intends", "plan", "estimate", "aim", "forecast", "project", "target" and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations. 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 may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as the actions of regulators 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 company assumes no obligation to update any such forward-looking statements.

FAQ

What was the initial public offering price for Sono Group N.V. (SEV)?

The initial public offering price for Sono Group N.V. was $15.00 per share.

How much money did Sono Group N.V. raise from its IPO?

Sono Group N.V. raised approximately $156.1 million from its IPO after deducting expenses.

When did Sono Group N.V. start trading on Nasdaq?

Sono Group N.V. began trading on Nasdaq on November 17, 2021.

How many reservations does Sono Motors have for its Sion vehicle?

Sono Motors has over 16,000 reservations for its Sion solar electric vehicle.

When are deliveries of the Sion vehicle expected to begin?

Deliveries of the Sion vehicle are expected to begin in the first half of 2023.