Breakthrough

Sono Motors GmbH’s Insolvency Plan Confirmed by Court and Investor Deal Concluded

• Court confirmation of Sono Motors GmbH’s insolvency and restructuring plan
• Yorkville investment closed following fulfillment of all conditions precedent; Sono Motors GmbH expected to exit its self-administration proceedings on February 29, 2024
• Restructured leadership team: Long-term Sono Motors solar-mobility pioneers Jan Schiermeister and Denis Azhar become new Managing Directors of Sono Motors GmbH
• Strong focus: launch of solar retrofit solution the “Solar Bus Kit” and driving forward development of the company’s proprietary solar technology, intended for a broad range of transportation vehicles

MUNICH, Germany, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Sono Motors GmbH, the Munich-based solar technology company and subsidiary of Sono Group N.V., is happy to announce the confirmation of its insolvency and restructuring plan by the insolvency court of the local court of Munich, Germany, as well as the closing of its recently announced investor deal with YA II PN, Ltd. (“Yorkville”), both important milestones in the company's successful navigation towards restructuring and its imminent exit from its self-administration proceedings.

Closing of the Yorkville investment occurred on fulfillment of the conditions precedent, including the court's approval of the plan and the withdrawal of Sono Group N.V.’s application for preliminary self-administration proceedings. The first tranche of the investment from Yorkville was funded on February 6, 2024, and the remaining formal actions required for Sono Motors GmbH’s exit from its self-administration proceedings are expected to be concluded by February 29, 2024.

Since the beginning of the year, Sono Motors GmbH has been implementing its new business model and corporate structure, driven by its new leadership team, including managing directors Jan Schiermeister and Denis Azhar who are both long-term members of Sono Motors GmbH’s solar mobility journey. Their extensive experience in the bus, truck, and automotive industries positions them perfectly for Sono Motors’ focus on developing and delivering its core products: the Solar Bus Kit, the company’s retrofit solar integration product specifically developed for buses, and the company’s proprietary solar power electronics that enable solar integration into a wide range of vehicles, including refrigerated trucks, trailers, eVans and eTrucks.