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EV maker Sondors (SODR), a developer and marketer of e-bikes and e-motorcycles, has set terms for a proposed $23M initial public offering.
Malibu-based Sondors said in a filing that it is interested in offering 2.5M shares priced between $8 and $10, which would raise around $23M if priced at the midpoint.
Underwriters would be granted a 45-day option to buy up to 375K additional shares to cover over-allotments. Lake Street is serving as sole bookrunner. Sondors hopes to list its shares on Nasdaq under the symbol SODR.
Sondors said it intends to use about $3.6M from the IPO to pay down debt. For the nine-month period ended Sept. 30, Sondors reported a net loss of $4M on revenue of $17M.
Sondors is the latest e-bike maker to seek a listing. Earlier this month, e-bike maker Zapp Electric Vehicles (ZAPP) said it intends to go public through a merger with SPAC CIIG Capital Partners II (CIIG).
For a more in-depth view of Sondors, check out Donovan Jones’s “Sondors Starts $31 Million US IPO Effort.”
Image and article originally from seekingalpha.com. Read the original article here.