ADOMANI® Completes $11 Million Secondary Equity Offering; Boustead Securities Underwrites and Places First Form S-1 Fundraise for a NASDAQ-Listed Regulation A+ IPO Issuer
Los Angeles, CA , Jan. 11, 2018 (GLOBE NEWSWIRE) — ADOMANI, Inc. (NASDAQ:ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, today announced the closing of an S-1 registered public offering of 3,666,667 Units at $3.00 per Unit. Each Unit consists of one share of common stock and a warrant to purchase 1.5 shares of common stock at an exercise price of $4.50 (the “Offering”). The gross proceeds to ADOMANI from the Offering will be $11.0 million, before payment of placement agent fees and other offering expenses.
Boustead Securities, LLC, the underwriter of ADOM’s Regulation A+ IPO in June 2017, which was the first ever on NASDAQ, was the exclusive placement agent for the Offering, while Roth Capital Partners served as a financial advisor to ADOMANI.
With this closing, ADOMANI is the first Regulation A+ Issuer on NASDAQ to conduct an S-1 registered secondary offering.
“ADOMANI has, once again, demonstrated its leadership in pioneering a progression of equity offerings from Regulation A+ and Form 1-A for its NASDAQ IPO; to now completing a full S-1 Registration Statement offering,” said Dan McClory, Boustead Securities’ Head of Equity Capital Markets. “In our opinion, this is precisely what the SEC intended by enabling emerging growth companies to utilize the JOBS Act and access capital on a more efficient basis,” he continued. “ADOM has now raised more than $25 million through the public capital markets, ranking as the second-largest amount of gross funding proceeds for a Regulation A+ issuer,” McClory concluded.
ADOMANI intends to use the net proceeds from the offering primarily for the prepayment of its outstanding secured 9% notes payable and working capital or other general corporate purposes.
The Units will be issued pursuant to an effective registration statement on Form S-1 that was previously filed with the Securities and Exchange Commission (“SEC”). A preliminary prospectus has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the prospectus relating to the offering may be obtained, when available, from Boustead Securities, LLC, 6 Venture, Suite 325, Irvine, CA 92618, by telephone at +1 (949) 502-4409 or by e-mail at firstname.lastname@example.org
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, any security in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other 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