Boustead Securities Client ADOMANI Announces Final Closing of its Regulation A+ Offering; Set to Become First Reg A+ IPO to list on Nasdaq
LOS ANGELES, CA–(Marketwired – Jun 12, 2017) – Boustead Securities, LLC client ADOMANI, Inc. (NASDAQ: ADOM ), a provider of advanced zero-emission electric and hybrid vehicles and replacement drivetrains, announced it has held the final closing of its Regulation A Tier 2 offering (the “Offering”). ADOMANI raised a total of $14.261 million for 2,852,275 million shares. The Offering included the sale of 342,273 shares by certain ADOM stockholders. ADOMANI expects its shares will begin trading on the NASDAQ Capital Market under the ADOM ticker symbol on or about June 14, 2017.
“This is truly a milestone in ADOMANI’s quest to deliver our products and technology to the market,” said Jim Reynolds, President and CEO of ADOMANI. “The net proceeds to us from this offering allows us to begin to execute our business plan, and to pursue opportunities to accelerate our growth. We are very thankful to our investors for having the confidence in us to enable us to do that.”
Dan McClory, Head of Equity Capital Markets at Boustead Securities, LLC, the Lead Underwriter in the ADOMANI IPO, commented, “ADOMANI continues to attract investors with great interest since the initial closing a month ago. It is exciting to see ADOMANI become the first-ever Reg A+ offering to trade on NASDAQ.” Network 1 Financial Securities, Inc. served as Co-Underwriter of the ADOMANI Offering.
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.
About Boustead Securities, LLC
Boustead Securities, LLC (“Boustead”) 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