SEV - CEO Letter to Shareholders | Benzinga
MUNICH, July 02, 2024 (GLOBE NEWSWIRE) -- Sono Group N.V. (OTCQB:SEVFC), the public holding company of Sono Motors GmbH, a solar technology company, today issued a letter to shareholders from George O'Leary, Chief Executive Officer, Chief Financial Officer and Managing Director.
Dear Shareholders,
It is my pleasure to introduce myself as the new Managing Director, CEO and CFO of Sono Group N.V. (the "Company" or "Sono Group"). My background and diverse experience have equipped me with a unique blend of insights and expertise that I intend to apply at Sono Group. Over the last year and a half, the Company has experienced significant change. While change is inherently challenging, it is essential for our future success, as it enables us to stay ahead of trends, market dynamics and competition.
One of the most recent and significant changes is the quoting of our ordinary shares on the OTCQB, which will commence today, July 2, 2024. This major milestone follows the filing of our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the "SEC") on June 24, 2024. These recent events underscore our unwavering commitment to transparency and delivering value to our shareholders.
The Company navigated through insolvency proceedings for the majority of 2023. The formidable commitment from our team played a pivotal role in the successful emergence from insolvency by both the Company and its wholly-owned subsidiary and operating company, Sono Motors GmbH ("Sono Motors GmbH" or the "Subsidiary"). It was through this collective effort that we were able to close a crucial investment deal. We believe the Company now stands on solid ground with an improved balance sheet, clearly defined business plan and impressive team of over 40 professionals with significant industry experience. This core team carries forward the invaluable expertise and insights they amassed over the years and strives to bring Sono Group towards a bright and promising future.
Building on the foundation of our newly established business plan, we intend to focus on what we view as the Company's most promising segment: solar integration technologies. At the forefront of these technologies is our Solar Bus Kit. This ready-to-market product, alongside our proprietary solar power electronics, such as our maximum power point tracking central unit ("MCU"), represents the pinnacle of our efforts to revolutionize the transportation sector. Designed for a wide range of vehicles, these technologies are not only intended to reduce energy consumption and CO2 emissions but can also offer sizable cost savings to our clients. Specifically, our Solar Bus Kit can be retrofitted to nearly any bus model and is therefore suitable for a large potential market.
In connection with our strategic focus on solar integration technologies, we implemented decisive measures to transition towards a more sustainable, capital-light and asset-light business model. By shifting our focus entirely towards business-to-business solar solutions, we are not only aligned with our core competencies but are also seizing the opportunity to innovate within the solar space amid difficult capital market conditions. This transition positions the Company to navigate the future with a leaner structure, significantly lower funding requirements and sharpened focus on delivering innovative, market-ready solar solutions, growth and a path to profitability.
As I step into the role of Chief Executive Officer and Chief Financial Officer at Sono Group, I bring with me a rich history of C-suite experience, board leadership and representation, shaped by experience both consulting for and leading private and publicly listed companies over the last thirty years. Throughout my career, I have consistently strived for strategic growth, ...