ADOMANI’s Reg A+ Offering Is Qualified by the SEC for Up to $22 Million; Announces NASDAQ Listing With Lead Underwriter Boustead Securities
LOS ANGELES, CA–(Marketwired – Apr 27, 2017) – Boustead Securities, LLC, lead underwriter for ADOMANI, Inc.’s planned offering of up to $22 million, announced today that the offering has been qualified by the SEC under Tier II of Regulation A+. ADOMANI, Inc. (the “Company” or “Adomani”) has received conditional NASDAQ listing approval, pending closing of the offering. Network 1 Financial Securities, Inc. is co-underwriter. In addition to traditional marketing methods used in public offerings by the underwriters, the Adomani offering will be exclusively marketed to online investors via FlashFunders, Inc., which operates a FINRA-registered clearing firm and web-based securities platform, at www.flashfunders.com .
Dan McClory, Head of Equity Capital Markets at underwriter Boustead Securities, said that “We believe Adomani will be the first company to conduct a Reg A+ offering on NASDAQ, and we are excited to bring this offering to market using all our funding resources, including FlashFunders, Inc.”
California-based ADOMANI, Inc. provides school bus and fleet operators with complete Zero Emission Vehicles and plug-in hybrid solutions. ADOMANI brings together proven electric drivetrain technology, customized products, and trusted service partners to cut total cost of ownership, boost vehicle reliability, and unlock the many benefits of green technology. For more information, visit www.adomanielectric.com .
“The intersection of an offering on NASDAQ through Boustead Securities, combined with open access to investors through Reg A+ and the broad marketing power of the Internet at FlashFunders.com provides issuers like Adomani with an unprecedented opportunity for capital, and a streamlined path to becoming a public company,” stated FlashFunders’ President, Brian Park.
Regulation A+ and the Offering
Reg A+ is a type of offering that allows private companies to raise up to $50 million from the public. Like an IPO, Reg A+ allows companies to offer shares to the general public and not just accredited investors.
The Adomani offering of up to 4,400,000 shares of the Company’s common stock is on a “best efforts” underwritten basis. Certain stockholders of the Company may participate in the offering and raise up to $3 million once the Company has raised $22 million; the additional proceeds funding their sale of up to 600,000 shares of common stock. The minimum purchase requirement per investor is $500. Adomani intends to use the proceeds for general corporate purposes, including working capital, sales and marketing activities, and general and administrative expenses.
Jim Reynolds, CEO of Adomani, said that “We are excited to be leveraging the strength and experience of Boustead Securities as Lead Underwriter for our offering and listing on NASDAQ, while taking advantage of the broad marketing and distribution capabilities of Internet-based capital-raising through FlashFunders. In addition, the Reg A+ framework means that our offering is open to all investors to participate. There are no barriers,” he concluded.
ADOMANI, Inc. is a provider of zero-emission electric and hybrid drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI® is also a provider of new zero-emission electric and hybrid vehicles focused on reducing the total cost of vehicle ownership and helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. For more information, visit www.ADOMANIelectric.com.
FlashFunders is a tech-enabled investment bank that empowers companies to publicly fundraise from anyone, including accredited investors, international investors and the crowd. FlashFunders has built the technology and regulatory infrastructure to facilitate any type of distributed securities offering (including Reg A+, Reg D and Reg CF). As a FINRA-registered Broker-Dealer Clearing Firm, Funding Portal and Transfer Agent, FlashFunders is an end-to-end resource for companies raising capital. FlashFunders was founded in 2012 and is headquartered in Santa Monica, CA. For more information visit www.flashfunders.com
About Boustead Securities, LLC
Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States and around the world, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. For more information, visit www.boustead1828.com
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in ADOMANI’s reports filed with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “planned,” “expects,” “believes,” “strategy,” “opportunity,” “anticipates,” “outlook,” “designed,” and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI® undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
For more information regarding this release, contact Investor Relations