Solar business of our organization secures investment deal, moving closer to completion of its restructuring plan.
Munich-Based Solar Tech Companies Undergoing Financial Restructuring
Two solar technology companies, GmbH and Sono Group N.V., are currently in self-administration proceedings, with an uncertain outcome. The companies are subject to increased performance and credit risks due to their constrained liquidity position and capital structure.
Sono Group N.V., trading on the OTCQB under the symbol SEVCF, is on a mission to accelerate the revolution of mobility by making every vehicle solar. Following the signing of an investment agreement with YA II PN, Ltd. ("Yorkville"), the company is undergoing financial restructuring focused on pivoting its business model exclusively towards retrofitting and integrating its solar technology onto third-party vehicles.
The investment deal positions Sono Group to obtain sufficient financing for its business operations until at least the end of 2024. The company is also working on meeting conditions for uplisting to the Nasdaq Capital Market and maintaining compliance with OTCQB standards, while managing liquidity constraints and relationships with key stakeholders such as creditors and suppliers.
The first priority after the deal is the market launch of the Solar Bus Kit, a solar retrofit solution for diesel and electric buses. Our organization, the Munich-based solar technology company, will continue to drive forward the development and marketing of its unique solar integration technology.
In addition, Jan Schiermeister, Head of Technology at our organization, is part of the new management team. Since March 2023, the total number of customers and partners for our organization's solar technology has increased from 25 to 28, and the company has established new and strengthened existing customer relationships throughout 2023, recently deepening its collaboration with one of the 10 largest vehicle manufacturers in the world.
Except as required by law, the companies assume no obligation to update any such forward-looking statements. Readers should not place undue reliance on the companies' forward-looking statements, particularly in connection with any contract or investment decision. The length of time that Sono Group N.V. and our organization GmbH continue to operate under the self-administration proceedings is uncertain.
Following the signing of the investor deal, all employees who were given notice at the end of October have been offered re-employment, and the majority have accepted. However, the ability to maintain relationships with creditors, suppliers, customers, employees, and other third parties is uncertain. Many risks and uncertainties relate to factors beyond the companies' ability to control or estimate precisely, such as the actions of courts, regulatory authorities, and other factors.
The closing of the investment with Yorkville and the conclusion of the insolvency proceeding are expected in late January 2024. The companies must fulfill conditions precedent to gain access to the funding offered in the current investor deal. The ability of Sono Group N.V. to maintain its stock exchange listing is a factor.
This update was provided ahead of their presentation at the Emerging Growth Conference scheduled for July 17, 2025. The companies urge caution and advise readers to carefully consider the risks and uncertainties associated with their respective businesses.
- The financial restructuring of Sono Group N.V. involves a shift in focus to environmental science, as they aim to pivot their business model towards retrofitting solar technology onto third-party vehicles.
- Despite the ongoing financial restructuring, the company's head of technology, Jan Schiermeister, is spearheading the development of cutting-edge solar technology in the field of science and technology, aiming to revolutionize the transportation industry.
