Sono Group NV

Sono Group NV engages in the manufacture of solar electric vehicles. It focuses on the development of Sion and net-zero-emission vehicle solution for the mass market. It aims to license and sell its proprietary solar technology to a wide array of customers such as manufacturers of buses, trucks, camper vans, trains, and even boats. The company was founded by Laurin Hahn, Navina Persteiner and Jona Christians in 2012 and is headquartered in Munich, Germany.

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MUNICH, Germany, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The ordinary shares of Sono Group N.V. (the “Company”) have been suspended from trading on Nasdaq since July 21, 2023. Following the recent announcement from The Nasdaq Stock Market (“Nasdaq”) that it will file a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (the “SEC”) to formally complete the delisting of the Company's ordinary shares, the Company is pleased to outline its strategic initiatives considering this development.

Sono Group N.V. Charts New Course

MUNICH, Germany, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Sono Motors GmbH, the Munich-based solar technology company and subsidiary of Sono Group N.V., is happy to announce the confirmation of its insolvency and restructuring plan by the insolvency court of the local court of Munich, Germany, as well as the closing of its recently announced investor deal with YA II PN, Ltd. (“Yorkville”), both important milestones in the company's successful navigation towards restructuring and its imminent exit from its self-administration proceedings.

Breakthrough: Sono Motors GmbH's Insolvency Plan Confirmed by Court and Investor Deal Concluded

MÜNCHEN, Germany, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Sono Motors, the Munich-based solar technology company, today announces the signing of investment agreements with YA II PN, Ltd. (“Yorkville”), which are expected to enable the company to restructure itself, emerge from its self-administration proceedings that have been ongoing since May 2023 and continue its solar integration business. Subject to the fulfillment of certain conditions precedent, this deal positions Sono Motors to obtain sufficient financing for its business operations until at least the end of 2024. Closing of the investment with Yorkville and conclusion of the insolvency proceeding are currently expected in late January 2024.

Promising restart: Sono Motors signs investor deal for its solar integration business, on its path to finalizing restructuring

MUNICH, Germany, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Solar technology company Sono Group N.V. (the "Company"), the parent company of Sono Motors GmbH ("Sono Motors"), today presented three new members of its Supervisory Board. The new Supervisory Board members have been appointed on an interim basis until their formal election at the Company's next annual general meeting. The four-member Supervisory Board consists of financial experts and an employee representative and is chaired by Sandra Vogt-Sasse, who is supported by Thomas Wiedermann as Vice-Chair. Martin Sabbione also joins the Supervisory Board as an additional new member. Johannes Trischler, an employee representative, has been a member of the Company's Supervisory Board since November 2021.

Sono Group N.V. presents three new members of its Supervisory Board

MUNICH, Germany, Sept. 01, 2023 (GLOBE NEWSWIRE) -- On August 28, 2023, solar tech company Sono Group N.V. (NASDAQ: SEV) (the “Company”) received a staff determination letter (the “Letter”) from the staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) stating that on March 20, 2023, the Staff had notified the Company that the bid price of its listed securities had closed at less than $1 per share over the previous 30 consecutive business days, and, as a result, did not comply with Listing Rule 5450(a)(1). Therefore, in accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until September 18, 2023, to regain compliance with the Rule. The Letter goes on to state that for the past 12 consecutive trading days the closing bid price of the Company's common stock has been below $0.10 and that, accordingly, pursuant to Listing Rule 5810(c)(3)(A)(iii), this matter serves as an additional basis for delisting the Company's securities from Nasdaq. In addition, the Letter refers to the resignation of four of five members of the Company's supervisory board in April 2023, including all of its independent members, and states that the Company no longer meets the audit committee requirement for continued listing on Nasdaq set forth in Listing Rule 5605(c)(2) and that, as such, this matter further serves as an additional basis for delisting the Company's securities from Nasdaq.

Sono Group Receives Additional Staff Determination Letter from Nasdaq

Sono (NASDAQ: SEV ) stock is taking a beating on Wednesday after the solar mobility solutions company was hit with a delisting notice. This notice comes from the Nasdaq Stock Market's Listing Qualifications Department.

Why Is Sono (SEV) Stock Down 22% Today?

MUNICH, Germany, July 18, 2023 (GLOBE NEWSWIRE) -- On July 12, 2023, solar tech company Sono Group N.V. (NASDAQ: SEV) (“Sono Group” or the “Company”) received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the staff of the Listing Qualifications Department (the “Staff”) has determined that the Company's securities will be delisted from Nasdaq in accordance with Listing Rules 5101, 5110(b) and IM-5101-1. The Notice further states that trading of the Company's common shares will be suspended at the opening of business on July 21, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company's securities from listing and registration on Nasdaq. The Company has requested a hearing before the Nasdaq Hearings Panel to appeal the Staff's determination.

Sono Group Receives Notice of Delisting from Nasdaq

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Electric vehicle (EV) maker Sono Group (NASDAQ: SEV ) stock briefly had zero available shares to short today. According to Fintel, Sono's available short shares at a “leading prime brokerage” depleted this morning.

SEV Stock: There Are No Sono Motor Shares Available to Short

MUNICH, Germany, May 15, 2023 (GLOBE NEWSWIRE) -- On May 15, 2023, Sono Group N.V. applied to the insolvency court of Munich, Germany, to permit the opening of a self-administration proceeding (Eigenverwaltung) with respect to Sono Group N.V. pursuant to Section 270 (b) of the German Insolvency Code (Insolvenzordnung). On the same day, Sono Motors GmbH, Sono Group N.V.'s sole wholly-owned subsidiary, applied to the same court to permit the opening of self-administration proceeding in the form of a protective shield proceeding (Schutzschirmverfahren) with respect to Sono Motors GmbH pursuant Section 270 (d) of the German Insolvency Code. Sono Group N.V. conducts its business through its subsidiary Sono Motors GmbH, and the terms “we” and “our” used herein refer to Sono Group N.V. together with its subsidiary Sono Motors GmbH.

Applications for self-administration proceedings with respect to Sono Group N.V. and Sono Motors GmbH under the German Insolvency Act

MUNICH, Germany, May 08, 2023 (GLOBE NEWSWIRE) -- The solar tech company Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) announces that it received a notice (the “Notice”) on May 3, 2023 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2022 (the “2022 20-F”), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). The Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).

Sono Group Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)

MUNICH, Germany, April 21, 2023 (GLOBE NEWSWIRE) -- On 24 February 2023, Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) announced its commitment to change its business model to focus exclusively on its solar business for B2B customers and to terminate the Sion passenger car program. This has led to a shift in the Company's business model and operations away from its supervisory board members' strong expertise in the areas of automotive, digitalization, and Community-focus. Against this background four members of the Company's supervisory board, Chair Martina Buchhauser, Vice-Chair Robert Jeffe, Arnd Schwierholz, and Community Representative Sebastian Böttger, today, 21 April 2023, announced their resignation with immediate effect.

Following Pivot to a Pure Solar Tech Company, Members of Sono Group N.V.'s Supervisory Board Resign

MUNICH, Germany, March 24, 2023 (GLOBE NEWSWIRE) -- The solar tech company Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) announces that on 20 March 2023, it received a letter from the Listings Qualifications Department of The Nasdaq Stock Market LLC (the “Nasdaq”) notifying the Company that the minimum closing bid price per share of its common shares was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1). This current report is filed pursuant to Nasdaq Listing Rule 5810(b). The Nasdaq notification letter does not affect the Company's business operations and, for now, it does not result in the delisting of the Company's common shares. The shares will continue to trade uninterrupted under the symbol “SEV”.

Sono Group Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

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MUNICH, Germany, March 08, 2023 (GLOBE NEWSWIRE) -- The solar tech company Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) today announced it has signed a purchase order with a second passenger car manufacturer, one of the 10 largest in the world. The scope of the order is delivery of solar body panels for one vehicle, so that, together with Sono Motors, the OEM is able to explore solar integration into their cars. The Company announced the first order from a passenger car manufacturer in December last year. This brings the Company's total number of customers and partners for its solar technology to 25, a significant increase from 10 partners at the time of the Company's IPO 15 months ago.

Sono Motors Announces It Has Signed With a Second Passenger Car Manufacturer

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Sono Motors (NASDAQ: SEV ) stock is falling hard on Friday after the company revealed plans to terminate its solar electric vehicle (EV) program. According to a news release from the company, it's completely abandoning its Sion program to develop a solar-powered EV.

Sono Motors (SEV) Stock Plunges After Terminating Solar EV Program

MUNICH, Germany, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The solar mobility solutions provider Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) today announced that it decided to pivot its business model to exclusively retrofitting and integrating its solar technology onto third party vehicles, and to terminate its Sion passenger car program (‘Sion program'), effective today. The Company's solar solutions, including hardware such as power electronics and software, are already in application today, with 23 B2B customers across Europe, Asia, and the United States piloting Sono Motors' integrated solar technology on a variety of vehicles, including third-party OEM cars, buses, refrigerated vehicles, and recreational vehicles. Fleet operators can benefit from integrating Sono Motors' technology to save fuel, costs, and CO2, thereby contributing to the fight against climate change through a reduction in greenhouse gas emissions. Termination of the Sion program reflects a decision to focus on a capital-light business model – an estimated 90% of the funding needs for 2023 were generated by the Sion program – in light of depressed capital market conditions. Given the resource-intensive nature of the Sion program, including personnel requirements, the Company is now implementing a significant cost reduction program.

Sono Motors Commits to Focus Exclusively On Solar Tech Company, and Has Terminated the Sion Program

MUNICH, Germany, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The affordable solar electric vehicle (SEV) Sion from Munich-based solar mobility solutions provider Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) successfully performed its first complete vehicle crash test. The result of the 50 km/h frontal crash test met the Company's expectations regarding the Sion's crash safety and the robustness of Sono Motors' proprietary polymer-based vehicle-integrated solar technology, which covers the vehicle's entire body. The test was rolled out at its partner facility at CSI in Italy, a certified testing institution, with a Sion that was, including solar panels, painted green to ensure the vehicle is high contrast and therefore can enable more accurate evaluation.

Sono Motors Demonstrates Solar Integration in Initial Sion Crash Test

MUNICH, Germany, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The Munich-based solar mobility solutions provider Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) today announced an extension of its special community campaign (“#savesion”). More than €47 million has been committed in the #savesion campaign from over 8,600 community members and other sources since early December.

Sono Motors Extends the Community Campaign Until 28 February 2023

MUNICH, Germany, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The Munich-based solar mobility solutions provider Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) secured €1.46 million in funding from the European Climate, Infrastructure and Environment Executive Agency (“CINEA”) to advance the development of the Company's proprietary solar technology.  The SEAMLESS-PV project was granted by the EU Commission and aims, over the course of four years, to develop automated photovoltaic (PV) manufacturing equipment, address the industrialization of novel manufacturing processes, and demonstrate the technology's cost-efficiency and compliance with market requirements and standardization frameworks in various sectors. Sono Motors will provide its knowledge and expertise in the field of vehicle integrated photovoltaics (ViPV) via application of this technology into three different vehicle architectures.

Sono Motors Secures Funding From EU Commission Granted Project for Solar Technology

MUNICH, Germany, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The solar-mobility OEM Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) is making progress in the testing and series-validation program of its solar electric vehicle Sion, and remains on a fast track to pre-series production, which is planned in summer 2023.

Sono Motors Progresses Towards Pre-series With Solar EV

MUNICH, Germany, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The solar-mobility OEM Sono Group N.V. (NASDAQ: SEV) (“Sono Motors” or the “Company”) announces that in line with its previously communicated special marketing campaign, the Company has received payment commitments from its customer community worth approximately €40 million as of 10 January 2023.

Sono Motors Announces Progress on the Community Campaign

Sono Group N.V. (NASDAQ:SEV ) Q3 2022 Results Earnings Conference Call December 8, 2022 8:00 AM ET Company Participants Kirill Bagachenko - Director Investor Relations Laurin Hahn - Chief Executive Officer Thomas Hausch - Chief Operations Officer Torsten Kiedel - Chief Financial Officer Conference Call Participants Christopher Souther - B.

News for Sono Group NV Stock (SEV)