Sono Motors wants 15 euros per share

The securities are to be admitted to trading today. The company is known for its plans to bring a low-cost electric car with solar cells onto the market.

The Munich-based start-up Sono Motors has announced further information regarding its IPO. On the occasion of the placement of 10,000,000 ordinary shares, the placement price per share will be 15 US dollars. The 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 commence 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 explained in a press release.

With the IPO, the young company is putting all its eggs in one basket: without the proceeds it is expected to generate, "the Group would become insolvent this December or shortly thereafter", quotes the Redaktionsnetzwerk Deutschland from the company's listing prospectus for the US stock exchange Nasdaq. 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 of Sion XXXXX. According to the company, it is the cheapest e-car ever when all operating costs are factored in. More than 16,000 pre-paid reservations for the Sion have already been received. Deliveries are scheduled to begin in the first half of 2023. However, according to media reports, it may still be necessary for the company to find another production partner. Talks are apparently already underway. In the future, the technology will also be offered in other vehicles such as buses, trailers, trucks, motorhomes, trains and boats. Other manufacturers will then also be allowed to adopt the technology through license agreements.

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