Benzinga | Nov 17, 2021 05:40AM EST

Solar Electric Vehicle Firm Sono Raises $150M Via IPO

* Sono Group NV (NASDAQ:SEV), the parent company to Sono Motors GmbH, has priced its initial public offering (IPO) of 10 million shares to the public at $15.00 per share.

* Sono Motors is developing the solar electric vehicle (SEV) for the masses, the Sion. It has reached more than 16,000 reservations with advance payments for the Sion.

* The company had earlier projected its IPO price range at $14.00 - $16.00 per share.

* In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1.5 million common shares.

* The company expects common shares to begin trading on the Nasdaq Global Market on November 17, 2021, under the ticker symbol "SEV."

* The offering is expected to close on November 19, 2021.

* Berenberg is acting as the sole global coordinator for the proposed offering, and Craig-Hallum is acting as co-manager.