Sono Group (NASDAQ: SEV) falling 19.3% after the electric vehicle (EV) start-up priced its secondary offering. SEV announced it was pricing the shares at just $4 each, some 16% below where the stock closed on Thursday.
Sono Group aims to use the net proceeds of the issue to help fund the start of production of its Sion. This is a small EV car with one notable element that sets it apart from other EVs currently on the market — it integrates solar panels throughout the body of the car to complement its existing battery power. Another interesting feature of the vehicle is its bi-directional charger that allows users to charge from another Sion.
On Tuesday, Sono Group divulged that it aims to launch a follow-on offering of 10 million ordinary shares. The company plans to grant the issue’s underwriters, which include Cantor Fitzgerald and B. Riley Securities, an option to collectively purchase up to 1.5 million more.