ADOMANI Completes $11 Million Secondary Equity Offering; Boustead Securities Underwrites and Places First Form S-1 Fundraise ...
January 11 2018 - 2:49PM
ADOMANI, Inc. (NASDAQ: ADOM), a provider of
advanced zero-emission and hybrid vehicle drivetrain solutions and
purpose-built electric vehicles, today announced the closing of an
S-1 registered public offering of 3,666,667 Units at $3.00 per
Unit. Each Unit consists of one share of common stock and a warrant
to purchase 1.5 shares of common stock at an exercise price of
$4.50 (the “Offering”). The gross proceeds to ADOMANI from the
Offering will be $11.0 million, before payment of placement agent
fees and other offering expenses.
Boustead Securities, LLC, the underwriter of
ADOM’s Regulation A+ IPO in June 2017, which was the first ever on
NASDAQ, was the exclusive placement agent for the Offering, while
Roth Capital Partners served as a financial advisor to ADOMANI.
With this closing, ADOMANI is the first Regulation
A+ Issuer on NASDAQ to conduct an S-1 registered secondary
offering.
“ADOMANI has, once again, demonstrated its
leadership in pioneering a progression of equity offerings from
Regulation A+ and Form 1-A for its NASDAQ IPO; to now completing a
full S-1 Registration Statement offering,” said Dan McClory,
Boustead Securities’ Head of Equity Capital Markets. “In our
opinion, this is precisely what the SEC intended by enabling
emerging growth companies to utilize the JOBS Act and access
capital on a more efficient basis,” he continued. “ADOM has
now raised more than $25 million through the public capital
markets, ranking as the second-largest amount of gross funding
proceeds for a Regulation A+ issuer,” McClory concluded.
ADOMANI intends to use the net proceeds from the
offering primarily for the prepayment of its outstanding secured 9%
notes payable and working capital or other general corporate
purposes.
The Units will be issued pursuant to an effective
registration statement on Form S-1 that was previously filed with
the Securities and Exchange Commission (“SEC”). A preliminary
prospectus has been filed with the SEC and is available on the
SEC’s website at www.sec.gov. Copies of the prospectus relating to
the offering may be obtained, when available, from Boustead
Securities, LLC, 6 Venture, Suite 325, Irvine, CA 92618, by
telephone at +1 (949) 502-4409 or by e-mail
at offerings@boustead1828.com
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, any security in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such state or other jurisdiction.
About Boustead Securities, LLC
Boustead Securities, LLC (“Boustead”) is an investment banking firm
that executes and advises on IPOs, mergers and acquisitions,
capital raises and restructuring assignments in a wide array of
industries, geographies and transactions, for a broad client base.
Boustead’s core value proposition is the ability to create
opportunity through innovative solutions and tenacious execution.
With experienced professionals in the United States and around
the world, Boustead's team moves quickly and provides a broad
spectrum of sophisticated financial advice and services.
About ADOMANI, Inc.
ADOMANI, Inc. is a provider of zero-emission
electric and hybrid vehicles and replacement drivetrains that is
focused on reducing the total cost of vehicle ownership. ADOMANI’s
drivetrain systems are designed to help fleet operators unlock the
benefits of green technology and address the challenges of
traditional fuel price cost instability and local, state and
federal environmental regulatory compliance. ADOMANI designs
advanced zero-emission electric and hybrid drivetrain systems for
integration in new school buses and medium to heavy-duty commercial
fleet vehicles.
Forward-Looking Statements
Statements made in this press release that relate to future plans,
events, financial results, prospectus or performance, including
with respect to the proposed offering and the intended use of the
proceeds of the offering, are forward-looking statements as defined
under the Private Securities Litigation Reform Act of 1995. While
they are based on the current expectations and beliefs of
management, such forward-looking statements are subject to a number
of risks, uncertainties, assumptions and other factors that could
cause actual results to differ materially from the expectations
expressed in this press release, including the risks and
uncertainties disclosed in ADOMANI’s reports filed with the SEC and
the “Risk Factors” section of its registration statement on Form
S-1, all of which are available online at www.sec.gov. All
statements, other than statements of historical fact, are
statements that could be deemed forward-looking statements,
including statements containing the words “planned,” “expects,”
“believes,” “strategy,” “opportunity,” “anticipates,” “outlook,”
“designed,” and similar words. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof. Except as required by law, ADOMANI
undertakes no obligation to update or revise any forward-looking
statements to reflect new information, changed circumstances or
unanticipated events.
Contact Information:
Boustead Securities, LLC:
Dan McClory, Managing Director and Head of Equity Capital Markets
+1 (949) 502-4408
dan@boustead1828.com