ADOMANI Announces Initial Public Offering
June 15 2017 - 10:54AM
ADOMANI Inc. (NASDAQ:ADOM), a provider of advanced zero emission
vehicle solutions, announced today the completion of its Regulation
A common stock offering and listing on the NASDAQ Capital Market
under the ticker symbol ADOM. The company and certain selling
stockholders sold more than 2.5 million shares in the offering at
$5 per share, yielding proceeds to the company of approximately
$9.2 million.
“Electric fleets will be an important part of
tomorrow’s transportation infrastructure,” said ADOMANI CEO Jim
Reynolds. “This capital raise is a milestone achievement that will
allow us to grow quickly and take first mover advantage at a
transformative time in the market, while allowing our new and
existing investors to share in the exciting road ahead.”
The IPO enables ADOMANI to use its patented
technology to accelerate the design, manufacture and marketing of
its zero-emission electric and hybrid drivetrains for new vehicles
and for use in existing vehicles, including targets of school buses
and medium to heavy-duty commercial fleet vehicles. The
replacement drivetrain systems can reduce the total cost of vehicle
ownership for fleet operators and help them unlock further benefits
of green technology, such as addressing the challenges of
traditional fuel price cost instability and local, state and
federal environmental regulatory compliance. ADOMANI vehicles and
drivetrain systems also help improve air quality and the health of
their operators, customers and the communities in which they
operate.
The ADOMANI transaction is the first Regulation
A offering to be listed on NASDAQ. The amended
“Regulation A+” provisions, part of the Jumpstart Our Business
Startups (JOBS) Securities Act, enhances the ability of small
companies to obtain financing by allowing for up to $50 million of
funding from accredited or non-accredited investors.
Boustead Securities served as lead underwriter
and Network 1 Financial Securities as co-underwriter for the
offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About ADOMANI, Inc. California-based
ADOMANI, Inc. provides school bus and fleet operators with
Zero Emission Vehicle and plug-in hybrid solutions. ADOMANI brings
together proven patented electric drivetrain technology, customized
products, and trusted service partners to cut total cost of
ownership, boost vehicle reliability, and unlock the many benefits
of green technology. For more information,
visit www.adomanielectric.com.
Contact Information
Media Contact:
Tim Gnatek, Blue Practice
Telephone: 415-381-1100
Email: tim@bluepractice.com
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