ADOMANI Announces Initial Public Offering
Becomes First Company to List on NASDAQ Under Jobs Act Regulation A+
NEWPORT BEACH, Calif., June 15, 2017 (GLOBE NEWSWIRE) — ADOMANI Inc. (NASDAQ:ADOM), a provider of advanced zero emission vehicle solutions, announced today the completion of its Regulation A common stock offering and listing on the NASDAQ Capital Market under the ticker symbol ADOM. The company and certain selling stockholders sold more than 2.5 million shares in the offering at $5 per share, yielding proceeds to the company of approximately $9.2 million.
“Electric fleets will be an important part of tomorrow’s transportation infrastructure,” said ADOMANI CEO Jim Reynolds. “This capital raise is a milestone achievement that will allow us to grow quickly and take first mover advantage at a transformative time in the market, while allowing our new and existing investors to share in the exciting road ahead.”
The IPO enables ADOMANI to use its patented technology to accelerate the design, manufacture and marketing of its zero-emission electric and hybrid drivetrains for new vehicles and for use in existing vehicles, including targets of school buses and medium to heavy-duty commercial fleet vehicles. The replacement drivetrain systems can reduce the total cost of vehicle ownership for fleet operators and help them unlock further benefits of green technology, such as addressing the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. ADOMANI vehicles and drivetrain systems also help improve air quality and the health of their operators, customers and the communities in which they operate.
The ADOMANI transaction is the first Regulation A offering to be listed on NASDAQ. The amended “Regulation A+” provisions, part of the Jumpstart Our Business Startups (JOBS) Securities Act, enhances the ability of small companies to obtain financing by allowing for up to $50 million of funding from accredited or non-accredited investors.
Boustead Securities served as lead underwriter and Network 1 Financial Securities as co-underwriter for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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