NEWPORT BEACH, Calif. — Adomani Inc., a supplier of electric and hybrid vehicle solutions, announced on Thursday the completion of its Regulation A common stock offering and listing on Nasdaq with 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, according to Adomani.
“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 initial public offering enables Adomani to use its patented technology to accelerate the design, manufacture, and marketing of its electric and hybrid drivetrains for new vehicles and for use in existing vehicles, including school buses and medium to heavy duty commercial fleet vehicles. The replacement drivetrain systems are designed to 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, according to the supplier.
The Adomani transaction is the first Regulation A offering to be listed on Nasdaq, according to the supplier. 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.
Adomani and partner Lion Bus recently hosted a demonstration in Arizona to share information about the eLion Type C electric bus. The companies have an exclusive arrangement that allows Adomani to sell the eLion in Arizona, Idaho, Nevada, Oregon, Utah, and Washington.