NEWPORT BEACH, Calif., June 15, 2017 (GLOBE NEWSWIRE) -- ADOMANI Inc. (NASDAQ:ADOM), a provider of advanced zero emission vehicle solutions, announced today the completion of its Regulation A common stock offering and listing on the NASDAQ Capital Market under the ticker symbol ADOM. The company and certain selling stockholders sold more than 2.5 million shares in the offering at $5 per share, yielding proceeds to the company of approximately $9.2 million.
“Electric fleets will be an important part of tomorrow’s transportation infrastructure,” said ADOMANI CEO Jim Reynolds. “This capital raise is a milestone achievement that will allow us to grow quickly and take first mover advantage at a transformative time in the market, while allowing our new and existing investors to share in the exciting road ahead.”
The IPO enables ADOMANI to use its patented technology to accelerate the design, manufacture and marketing of its zero-emission electric and hybrid drivetrains for new vehicles and for use in existing vehicles, including targets of school buses and medium to heavy-duty commercial fleet vehicles. The replacement drivetrain systems can reduce the total cost of vehicle ownership for fleet operators and help them unlock further benefits of green technology, such as addressing the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. ADOMANI vehicles and drivetrain systems also help improve air quality and the health of their operators, customers and the communities in which they operate.
The ADOMANI transaction is the first Regulation A offering to be listed on NASDAQ. The amended “Regulation A+” provisions, part of the Jumpstart Our Business Startups (JOBS) Securities Act, enhances the ability of small companies to obtain financing by allowing for up to $50 million of funding from accredited or non-accredited investors.
Boustead Securities served as lead underwriter and Network 1 Financial Securities as co-underwriter for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About ADOMANI, Inc.
California-based ADOMANI, Inc. provides school bus and fleet operators with Zero Emission Vehicle and plug-in hybrid solutions. ADOMANI brings together proven patented electric drivetrain technology, customized products, and trusted service partners to cut total cost of ownership, boost vehicle reliability, and unlock the many benefits of green technology. For more information, visit www.adomanielectric.com.