Sono Group N.V. Announces Ticker Symbol Change to SEVCF

Rhea-AI Summary

Sono Group N.V. (OTCQB: SEVCF), a solar technology company, announced the change of its US ticker symbol from 'SEVCD' back to 'SEVCF', effective February 11, 2025. This change follows the company's reverse share split implemented on January 6, 2025. Per FINRA guidelines, a temporary 'D' was added to the ticker for 20 business days post-split to indicate the corporate action.

The company, through its subsidiary Sono Motors GmbH, focuses on integrating solar technology into commercial vehicles to reduce CO2 emissions. The announcement comes amid various corporate developments, including recent agreements with Yorkville (YA II PN, ) through Securities Purchase and Exchange Agreements, and ongoing efforts to uplist to the Nasdaq Capital Market.

Positive

• Completed reverse stock split implementation
• Potential uplisting to Nasdaq Capital Market in progress
• Strategic partnership with Yorkville through Securities Purchase and Exchange Agreements

Negative

• Trading on OTCQB market indicates lower tier listing status
• Company requires additional funding beyond Yorkville investment
• Facing liquidity constraints and credit risks
• Ongoing concerns about ability to continue as going concern

Miami, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Miami, FL., February 11, 2025 – The solar technology company Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as “Sono Group” or the “Company”, parent company to Sono Motors GmbH or “Sono Motors”), today announced that its US ticker symbol has changed from “SEVCD” back to “SEVCF”, effective February 11, 2025. The Financial Industry Regulatory Authority (FINRA) confirmed this change on February 10, 2025.

The symbol change follows the successful implementation of the Company’s previously announced reverse share split, which became effective on January 6, 2025. In accordance with FINRA guidelines, a temporary “D” was appended to the Company’s ticker symbol for 20 business days following the split, signifying the corporate action. With the conclusion of this period, the Company's ordinary shares will resume to be quoted on OTCQB under the symbol “SEVCF”.

For further details, investors are encouraged to visit Sono Group’s Investor Relations website at ir.sonomotors.com.

END

ABOUT SONO GROUP N.V.

Sono Group N.V. (OTCQB: SEVCF) and its wholly owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Our disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. For more information about Sono Group N.V., Sono Motors, and their solar solutions, visit sonogroupnv.com and sonomotors.com.

FORWARD-LOOKING STATEMENTS

This press release may contain 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 the Company and Sono Motors (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 Company’s ability to uplist to the Nasdaq Capital Market, including meeting the initial listing requirements; the Company’s ability to satisfy the conditions precedent set forth in its recent securities purchase agreement (“Securities Purchase Agreement”) and exchange agreement (“Exchange Agreement”) entered into with YA II PN, Ltd. (“Yorkville”); the timing of closing the transactions contemplated by the Securities Purchase Agreement and the Exchange Agreement; the impact of the transactions contemplated by the Exchange Agreement and Securities Purchase Agreement on the Company’s operating results; the ability to access the unfunded portion of the investment from Yorkville, including our ability to successfully comply with the agreements related thereto and the absence of any termination event or any event of default; our ability to maintain relationships with creditors, suppliers, service providers, customers, employees and other third parties in light of the performance and credit risks associated with our constrained liquidity position and capital structure; our ability to comply with OTCQB continuing standards; our ability to achieve our stated goals; our strategies, plan, objectives and goals, including, among others, the successful implementation and management of the pivot of our business to exclusively retrofitting and integrating our solar technology onto third party vehicles; our ability to raise the additional funding required beyond the investment from Yorkville to further develop and commercialize our solar technology and business as well as to 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 our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 20-F, 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 our 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 Company assumes no obligation to update any such forward-looking statements.

CONTACT

Press: press@sonomotors.com | ir.sonomotors.com/news-events

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

LinkedIn: https://www.linkedin.com/company/sonogroupnv

FAQ

Why did Sono Group's ticker symbol change from SEVCD to SEVCF in February 2025?

The ticker symbol changed back to SEVCF after a 20-business-day period following the company's reverse share split on January 6, 2025, during which FINRA required the temporary 'D' suffix to indicate the corporate action.

What is Sono Group's current trading status and potential uplisting plans?

Sono Group currently trades on the OTCQB market under SEVCF and is working towards potentially uplisting to the Nasdaq Capital Market, subject to meeting initial listing requirements.

What are the key risks facing Sono Group (SEVCF) according to the announcement?

Key risks include maintaining relationships with creditors and stakeholders due to liquidity constraints, need for additional funding beyond the Yorkville investment, and concerns about continuing as a going concern.

What is the strategic focus of Sono Group (SEVCF) in the automotive sector?

Sono Group focuses on integrating solar technology into commercial vehicles, with the goal of reducing CO2 emissions and promoting climate-friendly mobility through their retrofitting business model.