Sono Motors Announces Closing of Follow-on Offering – Sono Motors

September 20, 2022

Munich, Germany – Sono Group N.V. (Nasdaq: SEV; “Sono Motors” or the “Company”) announced today the closing of its previously announced underwritten follow-on offering of ordinary shares, resulting in approximately $40 million of gross proceeds. In connection with the offering, Sono Motors has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 ordinary shares at the public offering price, less underwriting discounts. Sono Motors intends to use the net proceeds from this offering to cover some of the capital needed until the start of production of its solar electric vehicle, the Sion. These forward-looking statements are statements regarding the Company's intentions, beliefs, or current expectations, and include statements relating to the offering of ordinary shares by Sono Motors including intended use of proceeds, statements about Sono Motors' business including reservations, technology and production, and other non-historical statements. Except as required by law, the Company assumes no obligation to update any such forward-looking statements.

The source of this news is from Sono