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

MUNICH, Germany, April 26, 2024 (GLOBE NEWSWIRE) -- Sono Group N.V. (the “Company”) (OTC: SEVCF), a solar technology company, today announced a correction to its press release issued on April 25, 2024, which provided an update on the trading symbol for the Company's ordinary shares and introduced the new leadership team.

The original press release incorrectly stated that the Company's ordinary shares would be quoted on the over-the-counter market under the U.S. ticker symbol SEVC. Following additional confirmation from the Financial Industry Regulatory Authority (FINRA), it has been clarified that the Company’s ordinary shares are quoted on the over-the-counter market under the symbol SEVCF, effective April 25, 2024. The 'F' in the ticker symbol represents the Company’s status as a foreign private issuer.

Please see below the corrected original press release.

MUNICH, Germany – April 25, 2024 – Sono Group N.V. (the “Company”) (OTC: SEVCF), 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 confirmation 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 U.S. ticker symbol SEVCF going forward, the 'F' in the ticker symbol represents the Company’s status as a foreign private issuer.

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.