Sono Group N.V. Charts New Course
February 14 2024 - 9:15AM
The ordinary shares of Sono Group N.V. (the “Company”) have been
suspended from trading on Nasdaq since July 21, 2023. Following the
recent announcement from The Nasdaq Stock Market (“Nasdaq”) that it
will file a Form 25 Notification of Delisting with the U.S.
Securities and Exchange Commission (the “SEC”) to formally complete
the delisting of the Company’s ordinary shares, the Company is
pleased to outline its strategic initiatives considering this
development.
As disclosed in the Company’s Form 6-K
submitted to the SEC on December 13, 2023, the Company received a
decision of the Nasdaq Hearings Panel (the “Panel”) to delist the
Company’s ordinary shares from Nasdaq. The Panel’s decision was
received prior to the occurrence of certain significant corporate
events: the insolvency plan of Sono Motors GmbH, the Company’s sole
subsidiary, becoming legally binding, the Company’s decisive action
to withdraw its application for preliminary self-administration
proceedings, the closing of the investment from YA II PN, Ltd., and
the subsequent funding of the first tranche of such investment.
Having become current on its financial
reporting with the SEC and having received an initial round of
fresh funding, the Company intends to work towards meeting the
initial listing requirements of The Nasdaq Capital Market. In the
meantime, and in addition to these efforts, Sono Group N.V. is
planning to apply for admission to trading on OTCQB. Such a listing
would be aimed at generating additional liquidity for the Company’s
shares and facilitating investor activity as a fully reporting
entity. The Company's leadership believes this step could
potentially support and enhance shareholder value during this
transition period.
Sono Group N.V. extends its sincerest
gratitude to all its investors for their continued support and
trust. Sono Group N.V. remains dedicated to its mission of putting
“Solar on every vehicle” and to delivering long-term value to its
shareholders.
ABOUT SONO MOTORS
Sono Motors is on a pioneering mission
to accelerate the revolution of mobility by making every vehicle
solar. Sono Motors’ disruptive solar technology has been engineered
to be seamlessly integrated into a variety of vehicle architectures
— including third-party OEM cars, buses, refrigerated vehicles, and
recreational vehicles — to extend range and reduce fuel costs as
well as the impact of CO2 emissions, paving the way for
climate-friendly mobility.
CONTACT
Press:press@sonomotors.com | www.sonomotors.com/press
Investors:ir@sonomotors.com | ir.sonomotors.com
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements. The
words “expect”, “anticipate”, “intend”, “plan”, “estimate”, “aim”,
“forecast”, “project”, “target”, “will” and similar expressions (or
their negative) identify certain of these forward-looking
statements. These forward-looking statements are statements
regarding the intentions, beliefs, or current expectations of Sono
Group N.V. and Sono Motors GmbH (together, the “companies”).
Forward-looking statements involve inherent known and unknown
risks, uncertainties and contingencies because they relate to
events and depend on circumstances that may or may not occur in the
future and could cause the companies’ actual results, performance
or achievements to differ materially from those expressed or
implied by such forward-looking statements. These risks,
uncertainties and assumptions include, but are not limited to,
risks, uncertainties and assumptions with respect to: our
expectations regarding the remaining stages of Sono GmbH’s
self-administration proceedings; the companies’ ability to maintain
relationships with creditors, suppliers, service providers,
customers, employees and other third parties as a result of the
self-administration proceedings and the related increased
performance and credit risks associated with the companies’
constrained liquidity position and capital structure; the
companies’ ability to access the external funding required to
successfully restructure their business, including by complying
with the agreements related to the investment from YA II PN, Ltd.
so as to gain access to the funding offered in such transaction;
the length of time that Sono Motors GmbH continues to operate under
the self-administration proceedings, and the Company’s ability to
have its shares admitted to trading on OTCQB, Nasdaq or any other
stock exchange in the future, including the Company’s ability to
meet the relevant application or initial listing requirements and
to pay for the related costs. Many of these risks and uncertainties
relate to factors that are beyond the companies’ ability to control
or estimate precisely, such as the actions of courts, regulatory
authorities and other factors. Readers should therefore not place
undue reliance on these statements, particularly not in connection
with any contract or investment decision. Except as required by
law, the companies assume no obligation to update any such
forward-looking statements.
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