Organization declares the termination of its Initial Public Offering and a complete use of Underwriters' choice to acquire extra shares.
Sono Group N.V., a pioneering solar technology company, has successfully completed its initial public offering (IPO) on the Nasdaq Global Market. The company, which trades under the symbol SEV, raised approximately $156.1 million after deducting expenses.
Based in Munich, Germany, Sono Group is at the forefront of integrating solar power into vehicles, aiming to enhance electric mobility. The company's proprietary technology allows solar panels to be seamlessly integrated into a vehicle's bodywork, enabling vehicles to capture solar energy and charge their batteries.
Sono Group's flagship product, the Sion, is a solar electric vehicle that combines solar power with electric vehicle technology. The company also offers a variety of solar integration products and solutions for various types of transport, including buses, trucks, vans, RVs, and refrigeration trailers, as well as solar charge controllers and related engineering services.
In June 2021, Sono Group’s CEO George O'Leary issued an update to shareholders, highlighting the company’s commitment to advancing its solar technology and expanding its market presence, particularly in the area of solar-powered electric mobility.
Looking ahead, Sono Group’s future plans involve continuing to develop and refine the Sion solar electric vehicle, expanding the application of their solar technology to a range of commercial and automotive vehicles, scaling their solar integration solutions to meet the growing demand for sustainable transportation options, and leveraging their proprietary solar technology to strengthen their position in the emerging solar-powered mobility market.
The aim is to extend range, reduce fuel costs, and decrease CO2 emissions, promoting climate-friendly mobility. Sono Group’s pioneering work aims to contribute significantly towards reducing emissions in transportation by providing vehicles capable of extending their electric range using solar energy, thus promoting a more sustainable automotive future.
The offering was managed by Craig-Hallum and Berenberg, with Craig-Hallum acting as a co-manager and Berenberg acting as the sole global coordinator. A registration statement for these securities was filed with the SEC (File Number: 333-260432) and declared effective on November 16, 2021. The offering was made only through a prospectus, a copy of which can be obtained from Berenberg Capital Markets LLC. Copies of the registration statement can be accessed on the SEC website at www.sec.gov.
Forward-looking statements involve inherent risks, uncertainties, and contingencies. Except as required by law, the company assumes no obligation to update any such forward-looking statements. Readers should not place undue reliance on these statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any sale of these securities will be unlawful in states or jurisdictions without prior registration or qualification.
As Sono Group embarks on this new chapter, it continues its mission to accelerate the revolution of mobility by making every vehicle solar.
- Sono Group, with its successful IPO, is set to invest a significant portion of the raised funds in advancing their solar technology and expanding their market presence, particularly in solar-powered electric mobility.
- In the future, Sono Group plans to leverage technology to strengthen their position in the solar-powered mobility market, aiming to scale their solar integration solutions to meet the growing demand for sustainable transportation options and extend the electric range of vehicles using solar energy.
