ADOMANI Announces SEC Qualification of Regulation A+ Offering Statement
26 April 2017 - 12:04PM
ADOMANI, Inc. (NASDAQ:ADOM) (“ADOM,” “the Company,” “we” or “us”),
a provider of advanced zero-emission electric and hybrid vehicles
and replacement drivetrains, today announced it has received a
notice of qualification from the Securities and Exchange Commission
(“SEC”) of its Regulation A+ Tier 2 Offering Statement under Title
IV of the JOBS Act to raise up to $22 million through the sale of
its common stock. Certain of the Company’s stockholders may
participate in the offering and raise up to $3 million once the $22
million raise has been achieved. The SEC qualified the
Offering Statement on April 25, 2017, and the Company is offering a
minimum of 2,120,000 common shares and a maximum of 4,400,000
common shares at an offering price of $5.00 per share. A key
component of the Regulation A rules permits ADOM’s underwriters to
solicit orders from the general public in addition to traditional
accredited investors and institutional investors. ADOM intends to
be one of the first companies to list a Regulation A+ offering on
NASDAQ, with Boustead Securities, LLC as lead underwriter and
Network 1 Financial Securities, Inc. as co-underwriter. In addition
to traditional marketing methods used in public offerings, this
offering is being exclusively marketed to online investors via
FlashFunders, Inc., who operate a FINRA-registered clearing firm
and web-based securities platform at www.flashfunders.com. The
Company recommends that any interested parties read its Offering
Statement on Form 1-A, including the financial statements and risk
factors, and other reports the Company may file with the SEC, and
after having done so, should contact the Company for more
information.
As noted, ADOM is a provider of zero-emission electric and
hybrid vehicles and replacement drivetrains that is focused on
reducing the total cost of vehicle ownership. ADOM helps fleet
operators unlock the benefits of green technology and address the
challenges of traditional fuel price instability and local, state
and federal environmental regulatory compliance. ADOM designs,
manufactures and installs advanced zero-emission electric and
hybrid drivetrain systems for use in new school buses and medium to
heavy-duty commercial fleet vehicles. ADOM also designs,
manufactures and installs unique and patented conversion kits to
replace conventional drivetrain systems for diesel and gasoline
powered vehicles, including buses, with zero-emission electric or
hybrid drivetrain systems. “In addition to benefitting our
shareholders, we will also help improve the environment, and more
importantly, work towards the improvement of the health of school
children and citizens who live and work in and around traditional
diesel- and gasoline-fueled vehicles,” stated Jim Reynolds,
ADOMANI’s President and CEO.
Mr. Reynolds went on to say: “We continue to be excited about
the launch of our offering and look forward to its successful
completion which will allow us to aggressively execute our business
plan.”
The Company was incorporated in Florida in 2012 and was
reincorporated in Delaware in November, 2016. ADOM’s address is 620
Newport Center Drive, Suite 1100, Newport Beach, CA 92660, and
ADOM’s telephone number is (949) 200-4613. The ADOM corporate
website address is www.ADOMANIelectric.com.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities of the Company,
including without limitation the common stock. Any such offer is
made exclusively through the Company’s Offering Circular dated
April 7, 2017, as the same may be amended or supplemented (the
“Final Offering Circular”). The Final Offering Circular is
available at www.flashfunders.com,
https://www.sec.gov/cgi-bin/browse-edgar?company=adomani%2C+inc.&owner=exclude&action=getcompany, or
may be obtained from Boustead Securities at (949) 502-4409 or
angela@bousted1828.com.
Safe Harbor Statement: The company has made statements in this
press release that are considered “forward-looking statements”
which are usually identified by the use of words such as
“anticipates,” “believes,” “estimates,” “expects,” “intends,”
“may,” “plans,” “projects,” “seeks,” “should,” “will,” and
variations of such words or similar expressions. These
forward-looking statements reflect our current views about our
plans, intentions, expectations, strategies and prospects, which
are based on the information currently available to us and on
assumptions we have made. Although we believe that our plans,
intentions, expectations, strategies and prospects as reflected in
or suggested by those forward-looking statements are reasonable, we
can give no assurance that the plans, intentions, expectations or
strategies will be attained or achieved. Furthermore, actual
results may differ materially from those described in the
forward-looking statements and will be affected by a variety of
risks and factors that are beyond our control. For further
discussion of the factors that could affect outcomes, please refer
to the risk factors set forth in the “Risk Factors” section of the
Final Offering Circular. We assume no obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Media and Investor relations Contact:
Michael K. Menerey, Chief Financial Officer
Telephone: (626)483-3280
Email: mike.m@ADOMANIelectric.com
Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
Email: kevin.k@ADOMANIelectric.com