Electric solar car manufacturer Sono Motors (Nasdaq: SEV) started publicly trading on the Nasdaq Global Market today. The German automaker’s initial public offering is looking to raise US$150 billion.
The offering will be conducted through the issuance of 10.0 million common shares selling at US$15.00 per share. It is expected to close on November 19, 2021, subject to customary closing conditions.
The company granted the underwriters a 30-day over-allotment option to purchase additional 1.5 million common shares at the same IPO price. Berenberg is acting as the sole coordinator for the said offering.
The start-up firm is currently developing its first solar-powered vehicle, Sono Sion. Commercial production is expected to start in 2022 while deliveries is anticipated to begin in 2023.
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