"The organization declares the termination of its supplementary investment opportunity"
Sono Group N.V., a leading innovator in solar technology for electric vehicles, has successfully completed a follow-on offering of ordinary shares, raising approximately $40 million. The offering, underwritten by Berenberg, Cantor Fitzgerald & Co., B. Riley Securities, Craig-Hallum, and Wedbush Securities, was announced in April 2022.
The funds from the offering will primarily be used to support Sono Group's strategic and operational goals, such as strengthening cash reserves and working capital, investing in product innovation and technology development, expanding market reach and operational capacity, and possibly funding strategic acquisitions or partnerships to accelerate growth.
The offering was conducted under a shelf registration statement filed with the Securities and Exchange Commission (SEC) and declared effective in April 2022. This structured process demonstrates the company's commitment to maintaining a robust financial position to meet its financing needs.
It is worth noting that any statements in this press release that are not historical facts are forward-looking statements. These statements, which relate to the company's intentions, beliefs, or current expectations, include statements about the offering of ordinary shares, the company's business, and other non-historical statements. Readers should not place undue reliance on these statements, particularly not in connection with any contract or investment decision.
Sono Group's disruptive solar technology aims to extend range, reduce fuel costs, and decrease CO2 emissions in vehicles. The solar technology is engineered to be seamlessly integrated into a variety of vehicle architectures.
For more information about Sono Group, investors can visit the company's website for investor relations at ir.ourwebsite.com, while media inquiries can be directed to www.ourwebsite/press.
The risks, uncertainties, and assumptions associated with forward-looking statements include, but are not limited to, the impact of the global COVID-19 pandemic, risks related to the company's limited operating history, risks related to the unproven ability to develop and produce vehicles, risks related to the company's ability to monetize its solar technology, effects of competition, changes in regulatory requirements, and more.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities. The securities have already been sold.
The funds raised from the offering will be used to invest in product innovation and technology development, strengthen cash reserves, and expand market reach and operational capacity for Sono Group, demonstrating a commitment to meeting its financial needs. This financial maneuver is part of Sono Group's effort to maintain a robust position in business, technology, and, notably, the investing sector, as they strive to meet their strategic and operational goals.
