SEV - Sono Group falls to all-time low amid electric vehicle stock selloff

2023-04-20 11:44:24 ET

Sono Group ( NASDAQ: SEV ) slumped 7.60% in late morning trading on Thursday and carved out a new all-time low of $0.26 earlier in the session.

SEV recently received a Nasdaq warning on a minimum price deficiency after shares fell below $1.00 for 30 straight days. For reference, the solar tech company priced its IPO back in 2021 at $15 per share and traded over $30 for a few sessions.

On the positive side, the company announced in March it had signed a purchase order with a second passenger car manufacturer, one of the 10 largest in the world. Sono Group has a total of 25 customers with non-binding letters of intent, purchase orders, or customer contracts. However, revenue in FQ3 generated by Sono Solar and Sono Digital was just €138K.

The drop on Thursday for Sono Group coincided with a rough day overall for the electric vehicle sector following Tesla's earnings report.

The Seeking Alpha Quant Rating on SEV has been flashing Strong Sell for all of 2023.

For further details see: