Solar car startup Sono Motors announced today that it is launching an initial public offering of 10 million common shares, with pricing expected to be between $14 and $16 per share.
The company plans to give underwriters a 30-day option to purchase up to an additional 1.5 million common shares at the IPO price and they are expected to trade on the Nasdaq Global Market under the ticker symbol SEV. Berenberg is acting as the global coordinator for the proposed offering, while Craig-Hallum will act as co-manager for the proposed offering.
Sono Motors is just the latest electric startup to offer its shares publicly. It is perhaps best-known for the Sion, a prototype van with solar panels that help extend its range.
Read Also: Germany’s Sono Motors Crowdfunds $60 Million To Build Sion EV
It was also noted for its interior design, which included moss in the dashboard that is designed to filter air and regulate humidity. The Sion is powered by an electric motor that develops 161 hp (163 PS/120 kW) and 199 lb-ft (270 Nm) of torque. That’s enough to get it up to a top speed of 87 mph (140 km/h), while a 35 kWh battery offers 158 miles (255 km) of range. The solar panels could add as much as 22 miles (35 km) of extra range per day.
At first intended to be sold for €16,000 ($18,552 USD), earlier this year the company raised the Sion’s prospective price to €25,500 ($29,566).
The company filed for the IPO last month and confirmed that it had more than 14,000 reservations with advance payments that have created a net cash inflow of €38.8 million ($44.99 million). Now it says it has more than 16,000 reservations.
Sono Motors intends to begin customer deliveries in the first half of 2023. It also intends to license its solar technology to other manufacturers building cars, buses, boats, trains, and more.
