ADOMANI Announces Initial Closing of its Regulation A+ Offering
May 12 2017 - 6:35PM
ADOMANI, Inc. (NASDAQ:ADOM), (“ADOM,” “the Company,” “we” or “us”),
a provider of advanced zero-emission electric and hybrid vehicles
and replacement drivetrains, today announced it has held the
initial $11.845 million closing of its Regulation A+ Tier 2
offering (the “Offering”) for 2.369 million shares. The
Offering is for a total of up to $25 million, including the sale of
shares by certain Company stockholders for up to $3 million.
The final closing date has not been determined.
“This is truly a milestone in ADOMANI’s quest to
deliver our products and technology to the market,” said President
and CEO Jim Reynolds of ADOMANI, Inc. “The net proceeds to us from
this closing allows us to begin to execute our business plan, and
we are thankful to our investors for having the confidence in us to
enable us to do that.”
The Company is offering a minimum of 2,120,000
shares of common stock and a maximum of 4,400,000 shares of common
stock at an offering price of $5.00 per share. Any interested
parties should read the Company’s Offering Statement on Form
1-A, including the financial statements and risk factors, and other
reports the Company may file with the SEC, and after having done
so, should contact the Company for more information.
About the Company
ADOM is a provider of zero-emission electric and
hybrid vehicles and replacement drivetrains that is focused on
reducing the total cost of vehicle ownership. ADOM helps fleet
operators unlock the benefits of green technology and address the
challenges of traditional fuel price instability and local, state
and federal environmental regulatory compliance. ADOM designs,
manufactures and installs advanced zero-emission electric and
hybrid drivetrain systems for use in new school buses and medium to
heavy-duty commercial fleet vehicles. ADOM also designs,
manufactures and installs unique and patented conversion kits to
replace conventional drivetrain systems for diesel and gasoline
powered vehicles, including buses, with zero-emission electric or
hybrid drivetrain systems. In addition to benefitting our
shareholders, we will also help improve the environment, and more
importantly, improve the health of school children and citizens who
live and work in and around traditional diesel and gasoline-fueled
vehicles.
Contact Information
Media and Investor relations Contact: Michael K.
Menerey, Chief Financial Officer Telephone: (626) 483-3280 Email:
mike.m@ADOMANIelectric.com
Kevin Kanning, VP Investor Relations Telephone:
(650) 533-7629 Email: kevin.k@ADOMANIelectric.com
ADOM’s address is 620 Newport Center Drive, Suite
1100, Newport Beach, CA 92660, and ADOM’s telephone number is (949)
200-4613. The ADOM corporate website address is
www.ADOMANIelectric.com.
This press release is neither an offer to sell nor
a solicitation of an offer to buy any securities of the Company,
including without limitation the common stock. Any such offer is
made exclusively through the Company’s Offering Circular dated
April 28, 2017, as the same may be amended or supplemented (the
“Final Offering Circular”). The Final Offering Circular is
available at www.flashfunders.com,
https://www.sec.gov/cgi-bin/browse-edgar?company=adomani%2C+inc.&owner=exclude&action=getcompany, or
may be obtained from Boustead Securities at (949) 502-4409 or
angela@bousted1828.com.
Safe Harbor Statement
The company has made statements in this press
release that are considered “forward-looking statements” which are
usually identified by the use of words such as “anticipates,”
“believes,” “estimates,” “expects,” “intends,” “may,” “plans,”
“projects,” “seeks,” “should,” “will,” and variations of such words
or similar expressions. These forward-looking statements reflect
our current views about our plans, intentions, expectations,
strategies and prospects, which are based on the information
currently available to us and on assumptions we have made. Although
we believe that our plans, intentions, expectations, strategies and
prospects as reflected in or suggested by those forward-looking
statements are reasonable, we can give no assurance that the plans,
intentions, expectations or strategies will be attained or
achieved. Furthermore, actual results may differ materially from
those described in the forward-looking statements and will be
affected by a variety of risks and factors that are beyond our
control. For further discussion of the factors that could affect
outcomes, please refer to the risk factors set forth in the “Risk
Factors” section of the Final Offering Circular. We assume no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.