Sono Motors wants 15 euros per share

The securities are expected to start trading today. The company is known for wanting to bring an affordable e-car with solar cells to the market.

Munich-based startup Sono Motors has announced more details regarding its IPO. On the occasion of the placement of 10,000,000 common shares, the placement price per share is expected to be $15. Underwriters will be offered a 30-day option to purchase up to 1,500,000 additional shares of common stock at the public offering price. The common shares are expected to begin trading today on the Nasdaq Global Market in the United States under the symbol "SEV." The offering is expected to close on November 19, 2021. However, this is subject to customary closing conditions, the company said in a statement.

With the IPO, the young company is putting all its eggs in one basket: without the proceeds it is expected to raise, "the Group would become insolvent this December or shortly thereafter," quotes the Editorial Network Germany from the company's listing prospectus for the U.S. Nasdaq exchange. Even after that, however, the company still needs a lot of money. So far, debts of 109 million euros have apparently been accumulated.

Sono Motors has developed solar technology for e-cars and its own e-car, which goes by the name Sion XXXXX. The company says it will be the cheapest e-car ever when all operating costs are priced in. More than 16,000 paid reservations for the Sion have already been received. Deliveries are expected to begin in the first half of 2023. However, it may still be necessary for the company to find another production partner, according to media reports. Talks on this are apparently already underway. In the future, the technology is also to be offered in other vehicles such as buses, trailers, trucks, motor homes, trains and boats. Other manufacturers should then also be allowed to adopt this through licensing agreements.

The founders are showing staying power with the IPO. Two years ago, Sono Motors had already successfully avoided imminent bankruptcy. Back then, the company had launched a crowdfunding campaign that raised enough money for the start-up to survive.