Sono Motors EV Startup Is Planning An Initial Public Offering

Recently, Germany’s Sono Motors announced that the company is making an initial public offering of 10 million common shares, with pricing likely to range from $14 to $16 per share.

Underwriters will have a 30-day ability to acquire up to 1.5 million extra common shares at the IPO price, and they will trade on the Nasdaq Global Market under the stock symbol SEV. Berenberg will serve as the global director for the planned offering, and Craig-Hallum will serve as the co-manager.

Sono Motors is the newest electric company to go public with its shares. The Sion, an experimental van with solar panels to enable increase its range, is possibly its best-known product. It was particularly notable for its interior design, which had moss in the dash to cleanse the air and adjust humidity.

The electric engine in the Sion produces 161 hp (163 PS/120 kW) and 199 lb-ft (270 Nm) of torque. It can reach a top speed of 87 mph (140 km/h), and a 35 kWh battery provides a range of 158 miles (255 km). The solar panels might provide an additional 22 miles (35 km) of travel per day.

The Sion was originally planned to be sold for €16,000 ($18,552), but the manufacturer hiked the price to €25,500 ($29,566) earlier this year.

Last month, the company filed for an IPO, revealing that it had over 14,000 bookings with advance payments, resulting in a net cash inflow of €38.8 million ($44.99 million). It now claims to have over 16,000 bookings.