ADOMANI Announces Initial Closing of its Regulation A+ Offering
NEWPORT BEACH, Calif., May 12, 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 held the initial $11.845 million closing of its Regulation A+ Tier 2 offering (the “Offering”) for 2.369 million shares. The Offering is for a total of up to $25 million, including the sale of shares by certain Company stockholders for up to $3 million. The final closing date has not been determined.
“This is truly a milestone in ADOMANI’s quest to deliver our products and technology to the market,” said President and CEO Jim Reynolds of ADOMANI, Inc. “The net proceeds to us from this closing allows us to begin to execute our business plan, and we are thankful to our investors for having the confidence in us to enable us to do that.”
The Company is offering a minimum of 2,120,000 shares of common stock and a maximum of 4,400,000 shares of common stock 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.
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