Sono Group N.V. (the “Company”) (OTC: SEVCF), a solar technology
company, today announced a correction to its press release issued
on April 25, 2024, which provided an update on the trading symbol
for the Company's ordinary shares and introduced the new leadership
team.
The original press release incorrectly
stated that the Company's ordinary shares would be quoted on the
over-the-counter market under the U.S. ticker symbol SEVC.
Following additional confirmation from the Financial Industry
Regulatory Authority (FINRA), it has been clarified that the
Company’s ordinary shares are quoted on the over-the-counter market
under the symbol SEVCF, effective April 25, 2024. The 'F' in the
ticker symbol represents the Company’s status as a foreign private
issuer.
Please see below the corrected
original press release.
MUNICH, Germany – April 25, 2024 – Sono Group
N.V. (the “Company”) (OTC: SEVCF), a solar technology company, is
pleased to announce a significant milestone in its corporate
recovery. Following the successful conclusion of insolvency
proceedings involving its subsidiary, Sono Motors GmbH, and the
withdrawal of its own application for preliminary
self-administration proceedings (reported in the Company’s Form
6-Ks filed on January 31, 2024 and February 29, 2024,
respectively), the Company has received confirmation from the
Financial Industry Regulatory Authority (FINRA) that the 'Q' will
be removed from its ticker symbol, previously designated as SEVCQ,
effective today. This change marks the end of the bankruptcy
indication for Sono Group N.V., and the Company's ordinary shares
will be quoted on the over-the-counter market under the U.S. ticker
symbol SEVCF going forward, the 'F' in the ticker symbol represents
the Company’s status as a foreign private issuer.
In addition, Sono Group N.V. has submitted its application for
admission to trading on OTCQB, which is intended to generate
additional liquidity in the Company’s shares and facilitate
investor activity. This listing application is pending approval and
is contingent upon the Company's filing of its annual report on
Form 20-F for the fiscal year 2023. The Company's leadership
believes this step will support and enhance shareholder value,
confirming the Company’s commitment to the new course discussed in
its press release dated February 14, 2024.
These organizational changes are a direct result of the efforts
of the new leadership team, confirmed at the Company's
extraordinary general meeting of shareholders on January 31, 2024
(the “EGM”), as reported in the Company’s Form 6-K filed with the
Securities and Exchange Commission on the same day. These changes
include the appointment of George O'Leary as the sole Managing
Director, CEO, and CFO of the Company, as well as the appointment
of two Supervisory Board members, David Dodge and Christopher
Schreiber.
George O'Leary has taken the helm as the new Managing Director,
CEO, and CFO of Sono Group N.V., officially beginning his tenure on
January 31, 2024. Having transitioned to a full-time role with the
Company on April 8, 2024, Mr. O'Leary is fully committed to leading
the Company's turnaround. With a rich background that includes
pivotal leadership roles such as former Chief Financial Officer at
HealthLynked Corporation and founder of SKS Consulting of South
Florida Corp., he brings a wealth of experience in driving
operational excellence and strategic growth for both public and
private companies. The Company believes that Mr. O’Leary’s diverse
expertise uniquely positions him to steer Sono Group N.V. towards a
robust future.
The Company is also proud to welcome two distinguished new
members to its Supervisory Board. David Dodge, an independent
financial consultant with extensive corporate finance, accounting,
and SEC compliance expertise, brings his global experience in
corporate finance and forensic due diligence to the Supervisory
Board. A Yale University and University of Hartford alumnus, his
prior roles, including former Chief Financial Officer of NeoMedia
Technologies, Inc. and his former work as an auditor with Ernst
& Young LLP, equip him with invaluable insights into our
industry’s financial and regulatory landscapes. Christopher
Schreiber brings over 35 years of financial services experience to
the Company’s Supervisory Board, including a distinguished track
record as a financial advisor and board member and significant
experience, especially in navigating companies through financial
challenges. His role in leading a significant retail sales force
and his expertise from positions with Akers Bio and MyMD
Pharmaceuticals, Inc. exemplify the depth of his financial
acumen.
ABOUT SONO GROUP
N.V.
SONO GROUP N.V. is the public holding
company of Sono Motors, currently quoted on the OTC market under
the symbol SEVCF. Now that it has withdrawn its application for
preliminary self-administration proceedings, Sono Group N.V. plans
to get admitted to trading on the OTCQB following the filing of its
annual report on Form 20-F for the year ended December 31, 2023 and
provide transparency to its shareholders as a fully reporting
entity.
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 its sole subsidiary, 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: the
companies’ ability to maintain relationships with creditors,
suppliers, service providers, customers, employees and other third
parties as a result of the former 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. (“Yorkville”) so as to gain access to the remainder of the
funding offered by Yorkville; the Company’s ability to have its
shares admitted to trading on OTCQB, Nasdaq or any another 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 and our ability to achieve our stated goals and
continue as a going concern. For additional information concerning
some of the risks, uncertainties and assumptions that could affect
our forward-looking statements, please refer to the Company’s
filings with the U.S. Securities and Exchange Commission (“SEC”),
which are accessible on the SEC’s website at www.sec.gov and on our
website at ir.sonomotors.com. 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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