Solar Car Maker Sono Motors Prices US$150 Million IPO
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.
Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
