German solar car firm Sono Motors has filed for a US initial public offering (IPO), looking to cash in on investor demand as governments around the world push for a transition to greener transportation.
According to the statement, the number of shares to be offered and the price range for the proposed offering have not yet been determined.
Sono Motors intends to list its common shares on the Nasdaq Global Market under the ticker symbol “SEV.” The offering is subject to market conditions, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.
Berenberg Bank is acting as global coordinator for the proposed offering. Craig-Hallum will act as co-manager for the proposed offering, as per the company statement.
Sono Motors was founded in 2016 by three founders and is a startup within electromobility. 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.
The company is developing the world’s first solar electric vehicle (SEV) ‘Sion’ for the masses. Empowered by a strong community, Sono Motors has amassed more than 14,000 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.
“It plans to license and sell its solar technology to manufacturers of buses, trucks, camper vans, trains, and even boats,” commented Sono motors.
The company’s filing, released ahead of the COP26 global climate talks in Glasgow next month, highlighted the need for climate-friendly and affordable electric mobility to reduce total CO2 emissions.
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