Sono Group N.V. Charts New Course

• Nasdaq Hearings Panel decision received prior to Sono Group N.V.’s withdrawal of its application for preliminary self-administration proceedings and the recently-announced funding of its investment from YA II PN, Ltd.
• Since the delisting decision, Sono Group N.V. became current on its financial reporting with the SEC, withdrew its application for preliminary self-administration proceedings and received fresh funding
• Following these developments, Sono Group N.V. plans to file the appropriate documentation to become a fully reporting entity on OTCQB and thereafter to work diligently towards meeting the requirements for an initial listing on The Nasdaq Capital Market
• The Company extends its gratitude to all its investors for their continued support and trust

MUNICH, Germany, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The ordinary shares of Sono Group N.V. (the “Company”) have been suspended from trading on Nasdaq since July 21, 2023. Following the recent announcement from The Nasdaq Stock Market (“Nasdaq”) that it will file a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (the “SEC”) to formally complete the delisting of the Company’s ordinary shares, the Company is pleased to outline its strategic initiatives considering this development.

As disclosed in the Company’s Form 6-K submitted to the SEC on December 13, 2023, the Company received a decision of the Nasdaq Hearings Panel (the “Panel”) to delist the Company’s ordinary shares from Nasdaq. The Panel’s decision was received prior to the occurrence of certain significant corporate events: the insolvency plan of Sono Motors GmbH, the Company’s sole subsidiary, becoming legally binding, the Company’s decisive action to withdraw its application for preliminary self-administration proceedings, the closing of the investment from YA II PN, Ltd., and the subsequent funding of the first tranche of such investment.

Having become current on its financial reporting with the SEC and having received an initial round of fresh funding, the Company intends to work towards meeting the initial listing requirements of The Nasdaq Capital Market. In the meantime, and in addition to these efforts, Sono Group N.V. is planning to apply for admission to trading on OTCQB. Such a listing would be aimed at generating additional liquidity for the Company’s shares and facilitating investor activity as a fully reporting entity. The Company's leadership believes this step could potentially support and enhance shareholder value during this transition period.