New funding for Sono Motors to continue business until 2024
While it remains subject to the fulfilment of certain conditions precedent, Sono Motors states that this transaction will enable it to obtain sufficient financing for its business activities until at least the end of 2024. The company is not disclosing the amount of the investment. The closing of the contracts with Yorkville and the termination of the insolvency proceedings are expected to take place at the end of January 2024.
Following the signing of the investor agreement, Sono Motors was able to offer all employees who were laid off at the end of October re-employment in the last few days, which has already been accepted by the majority of the workforce, according to the company’s press release.
The planned restart will be accompanied by a completely new management team at Sono Motors GmbH, to which the two founders Jona Christians and Laurin Hahn will apparently no longer belong. According to a notification to the US Securities and Exchange Commission, they have agreed to surrender a portion of their ordinary shares to a trustee to be appointed for the benefit of creditors and the management upon request. In addition, Christians and Hahn are to transfer all voting shares to the future management, which has yet to be determined.
The agreement is subject to the fulfilment of certain conditions precedent, however, Sono Motors states that this transaction will enable it to obtain sufficient financing for its business activities until at least the end of 2024. The company is not disclosing the amount of the investment. The closing of the contracts with Yorkville and the termination of the insolvency proceedings are expected to take place at the end of January 2024.
Following the signing of the investor agreement, Sono Motors was able to offer all employees who were laid off at the end of October re-employment in the last few days, which has already been accepted by the majority of the workforce, according to the company’s press release.
The planned restart will be accompanied by a completely new management team at Sono Motors GmbH, to which the two founders Jona Christians and Laurin Hahn will apparently no longer belong. According to a notification to the US Securities and Exchange Commission, they have agreed to surrender a portion of their ordinary shares to a trustee to be appointed for the benefit of creditors and the management upon request. In addition, Christians and Hahn are to transfer all voting shares to the future management, which has yet to be determined.
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