ADOMANI Inc., a provider of advanced zero emission vehicle solutions, completed its Regulation A common stock offering and listing on the NASDAQ Capital Market under 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.
The IPO enables ADOMANI to use its patented technology to accelerate the design, manufacture and marketing of its electric and hybrid drivetrains for new vehicles and in-use vehicles, including targets of school buses and medium to heavy-duty commercial fleet vehicles.
The replacement drivetrain systems can 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.
ADOMANI vehicles and drivetrain systems also help improve air quality and the health of their operators, customers and the communities in which they operate.
The ADOMANI transaction is the first Regulation A offering to be listed on NASDAQ. 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.