Solar Electric Vehicle Firm Sono Raises $150M Via IPO

Sono Group NV SEV, the parent company to Sono Motors GmbH, has priced its initial public offering (IPO) of 10 million shares to the public at $15.00 per share.
Sono Motors is developing the solar electric vehicle (SEV) for the masses, the Sion. It has reached more than 16,000 reservations with advance payments for the Sion.
The company had earlier projected its IPO price range at $14.00 - $16.00 per share.
In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1.5 million common shares.
The company expects common shares to begin trading on the Nasdaq Global Market on November 17, 2021, under the ticker symbol "SEV."
The offering is expected to close on November 19, 2021.
Berenberg is acting as the sole global coordinator for the proposed offering, and Craig-Hallum is acting as co-manager.