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MUNICH - Sono Group N.V. (NASDAQ:SSM), a solar technology company with a market capitalization of $822 million and impressive year-to-date returns of 33%, announced Friday that it has received approval to uplist its ordinary shares from the OTCQB Venture Market to the Nasdaq Capital Market, with trading beginning under the ticker symbol SSM.
The uplisting represents a significant milestone for the company, which has strengthened its financial position by converting debt to preferred equity. According to InvestingPro data, Sono maintains a strong financial health score of 3.24 (rated as GREAT) with a robust Altman Z-Score of 6.49, indicating very low bankruptcy risk. The move to Nasdaq is expected to enhance liquidity, attract a broader investor base, and increase visibility in global capital markets.
"Listing on Nasdaq marks a transformative moment for Sono and our shareholders," said George O’Leary, Managing Director and CEO of Sono Group. "We believe this move will accelerate our momentum by opening doors to institutional investors and providing new excitement for our existing shareholder base."
The company stated that it met all Nasdaq Capital Market listing requirements, including financial, corporate governance, and regulatory criteria. The uplisting aligns with Sono’s strategic vision of expanding its global presence. With annual revenue of $1.53 billion and a healthy gross margin of 39.42%, Sono appears well-positioned for growth. According to InvestingPro analysis, the stock is currently trading below its Fair Value, suggesting potential upside opportunity. Get detailed valuation metrics and 12+ additional ProTips with an InvestingPro subscription.
Sono Group operates through its wholly owned subsidiary Sono Motors GmbH under the brand name SonoSolar, focusing on integrating solar technology into commercial vehicles to reduce CO2 emissions.
The announcement was made in a company press release, which noted that the uplisting follows recent financial restructuring efforts, including transactions with YA II PN, Ltd. (Yorkville).
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