ADOMANI Announces Subscriptions in Excess of Required Minimum for its Regulation A+ Offering
NEWPORT BEACH, Calif., May 01, 2017 (GLOBE NEWSWIRE) — ADOMANI, Inc. (NASDAQ: ADOM ), (“ADOM,” “the Company,” “we” or “us”), a provider of advanced zero-emission electric and hybrid vehicles and replacement drivetrains, today announced it has received in escrow subscriptions totaling in excess of the $10.6 million minimum amount for its Regulation A+ Tier 2 offering (the “Offering”). The Offering is for a total of up to $25 million, including up to $3 million from certain of the Company’s stockholders. We erroneously reported in a press release dated April 25, 2017 that $22 million had to be raised in order for certain of our stockholders to participate in the Offering.
“We continue to be excited about the launch of our offering and the fact that we have exceeded the minimum amount required,” said President and CEO Jim Reynolds of ADOMANI, Inc. “We look forward to its successful completion soon, which will enable us to aggressively execute our business plan.
The Company is offering a minimum of 2,120,000 common shares and a maximum of 4,400,000 common shares at an offering price of $5.00 per share. Any interested parties should read the Company’s Offering Statement on Form 1-A, including the financial statements and risk factors, and other reports the Company may file with the SEC, and after having done so, should contact the Company for more information.
About the Company
ADOM is a provider of zero-emission electric and hybrid vehicles and replacement drivetrains that is focused on reducing the total cost of vehicle ownership. ADOM 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. ADOM designs, manufactures and installs advanced zero-emission electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles. ADOM also designs, manufactures and installs unique and patented conversion kits to replace conventional drivetrain systems for diesel and gasoline powered vehicles, including buses, with zero-emission electric or hybrid drivetrain systems. In addition to benefitting our shareholders, we will also help improve the environment, and more importantly, improve the health of school children and citizens who live and work in and around traditional diesel and gasoline-fueled vehicles.
ADOM’s address is 620 Newport Center Drive, Suite 1100, Newport Beach, CA 92660, and ADOM’s telephone number is (949) 200-4613. The ADOM corporate website address is www.ADOMANIelectric.com .
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.
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