: Sono Group's stock soars on public debut, valuing solar electric vehicle company at more than .8 billion #FinanceUSA #StockMarketNEWS Sono Group N.V. received an ovation on its Wall Street debut,
@stockMarketNEWS 11 Days ago
Sono Group's stock soars on public debut, valuing solar electric vehicle company at more than .8 billion #FinanceUSA #StockMarketNEWS
Sono Group N.V. received an ovation on its Wall Street debut, as the Germany-based solar electric vehicle company's stock opened 33.7% above its initial public offering price and kept rising, more than doubling at one point. The company said overnight that its IPO priced at .00 per share, in the middle of the expected range of between and a share. The company raised 0.0 million as it sold 10.0 million shares in the IPO. With 69.08 million shares outstanding after the IPO, the pricing valued the company at .04 billion. The stock's first trade on the Nasdaq, under the ticker symbol "SEV," was at .06 at 10:26 a.m. Eastern for about 642,700 shares. The rallied as much as 115.6% to an intraday high of .34 before paring gains to trade up 78.7% at .80, which boosted Sono's market value to .85 billion. Berenberg and Craig-Hallum were the underwriters of the IPO. The company recorded a loss of EUR25.8 million (.2 million) on no revenue during the six months ended June 30, after a loss of EUR9.8 million on no revenue in the same period a year ago. The company's upbeat debut comes on a day that the Renaissance IPO ETF slid 1.4% while the S&P 500 eased 0.2%.