SEV - Sono stock falls postmarket on proposed follow-on share offering

Sono (NASDAQ:SEV) stock tumbled 8.5% postmarket on Tuesday after the automaker announced a proposed follow-on offering of 10M shares. SEV expects to grant underwriters an option to purchase up to an additional 1.5M shares. There can be no assurance as to the actual size or terms of the offering. SEV intends to use the net proceeds to cover some of the capital needed until it starts production of its solar electric vehicle Sion.

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Sono stock falls postmarket on proposed follow-on share offering