Sono Group N.V. Announces Ticker Symbol Update and New Leadership Team as It Prepares for Market Advancement

MUNICH, Germany, April 25, 2024 (GLOBE NEWSWIRE) -- Sono Group N.V. (the “Company”), a solar technology company, is pleased to announce a significant milestone in its corporate recovery. Following the successful conclusion of insolvency proceedings involving its subsidiary, Sono Motors GmbH, and the withdrawal of its own application for preliminary self-administration proceedings (reported in the Company’s Form 6-Ks filed on January 31, 2024 and February 29, 2024, respectively), the Company has received from the Financial Industry Regulatory Authority (FINRA) that the 'Q' will be removed from its ticker symbol, previously designated as SEVCQ, effective today. This change marks the end of the bankruptcy indication for Sono Group N.V., and the Company's ordinary shares will be quoted on the over-the-counter market under the US ticker symbol SEVC going forward.

In addition, Sono Group N.V. has submitted its application for admission to trading on OTCQB, which is intended to generate additional liquidity in the Company’s shares and facilitate investor activity. This listing application is pending approval and is contingent upon the Company's filing of its annual report on Form 20-F for the fiscal year 2023. The Company's leadership believes this step will support and enhance shareholder value, confirming the Company’s commitment to the new course discussed in its press release dated February 14, 2024.

These organizational changes are a direct result of the efforts of the new leadership team, confirmed at the Company's extraordinary general meeting of shareholders on January 31, 2024 (the “EGM”), as reported in the Company’s Form 6-K filed with the Securities and Exchange Commission on the same day. These changes include the appointment of George O'Leary as the sole Managing Director, CEO, and CFO of the Company, as well as the appointment of two Supervisory Board members, David Dodge and Christopher Schreiber.

George O'Leary has taken the helm as the new Managing Director, CEO, and CFO of Sono Group N.V., officially beginning his tenure on January 31, 2024. Having transitioned to a full-time role with the Company on April 8, 2024, Mr. O'Leary is fully committed to leading the Company's turnaround. With a rich background that includes pivotal leadership roles such as former Chief Financial Officer at HealthLynked Corporation and founder of SKS Consulting of South Florida Corp., he brings a wealth of experience in driving operational excellence and strategic growth for both public and private companies. The Company believes that Mr. O’Leary’s diverse expertise uniquely positions him to steer Sono Group N.V. towards a robust future.