| | |
Per Share
|
| |
Total
|
| ||||||
Offering price to public
|
| | | $ | 15.00 | | | | | $ | 150,000,000 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 1.05 | | | | | $ | 10,500,000 | | |
Proceeds, before expenses, to Sono Group N.V.
|
| | | $ | 13.95 | | | | | $ | 139,500,000 | | |
|
BERENBERG
|
| | | |
|
CRAIG-HALLUM
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Page
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| |||
| | | | ii | | | |
| | | | iii | | | |
| | | | iii | | | |
| | | | v | | | |
| | | | v | | | |
| | | | 1 | | | |
| | | | 14 | | | |
| | | | 16 | | | |
| | | | 21 | | | |
| | | | 66 | | | |
| | | | 70 | | | |
| | | | 72 | | | |
| | | | 74 | | | |
| | | | 76 | | | |
| | | | 79 | | |
| | |
For the year
ended December 31, |
| |
For the six months
ended June 30, |
| ||||||||||||||||||
|
2020
|
| |
2019(1)
|
| |
2021
|
| |
2020
|
| ||||||||||||||
|
(in € millions)
|
| |
(in € millions)
|
| ||||||||||||||||||||
Revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cost of sales
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gross profit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cost of research and development
|
| | | | (30.5) | | | | | | (4.9) | | | | | | (13.5) | | | | | | (6.4) | | |
Selling and distribution expenses
|
| | | | (9.1) | | | | | | (2.1) | | | | | | (1.6) | | | | | | (1.1) | | |
General and administrative expenses
|
| | | | (14.4) | | | | | | (2.4) | | | | | | (8.3) | | | | | | (1.5) | | |
Other operating income/expenses
|
| | | | (0.0) | | | | | | 0.2 | | | | | | 0.4 | | | | | | 0.1 | | |
Impairment losses on financial assets
|
| | | | (0.0) | | | | | | — | | | | | | (0) | | | | | | (0) | | |
Operating loss
|
| | | | (54.0) | | | | | | (9.3) | | | | | | (23.0) | | | | | | (8.9) | | |
Other interest and similar income
|
| | | | 0.0 | | | | | | — | | | | | | — | | | | | | 0 | | |
Interest and other expenses
|
| | | | (2.0) | | | | | | (0.7) | | | | | | (2.6) | | | | | | (0.9) | | |
Loss before tax
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.6) | | | | | | (9.8) | | |
Tax on income
|
| | | | — | | | | | | — | | | | | | 0 | | | | | | 0 | | |
Deferred taxes on expense
|
| | | | — | | | | | | — | | | | | | (0) | | | | | | — | | |
Loss for the period
|
| | |
|
(56.0)
|
| | | |
|
(10.0)
|
| | | |
|
(25.7)
|
| | | |
|
(9.8)
|
| |
Other comprehensive loss
|
| | | | (0) | | | | | | — | | | | | | (0.1) | | | | | | — | | |
Total comprehensive loss for the period
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.8) | | | | | | (9.8) | | |
Earnings / (loss) per share in € | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted
|
| |
(1.66)/(1.66)
|
| |
(0.30)/(0.30)
|
| |
(0.79)/(0.79)
|
| |
(0.29)/(0.29)
|
| ||||||||||||
Weighted average number of share for calculation of earnings per share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted
|
| | | | 33,733,462 | | | | | | 33,251,883 | | | | | | 32,367,901 | | | | | | 33,588,000 | | |
Pro forma earnings (loss) per share in € | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted(2)
|
| |
(0.97)/(0.97)
|
| |
(0.18)/(0.18)
|
| |
(0.46)/(0.46)
|
| |
(0.17)/(0.17)
|
| ||||||||||||
Pro forma weighted average number of shares for calculation of earnings per share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted(2)
|
| | | | 57,684,220 | | | | | | 56,860,719 | | | | | | 55,349,120 | | | | | | 57,435,480 | | |
| | |
For the year
ended December 31, |
| |
For the six months
ended June 30, |
| ||||||||||||||||||
|
2020
|
| |
2019(1)
|
| |
2021
|
| |
2020
|
| ||||||||||||||
|
(in € millions)
|
| |
(in € millions)
|
| ||||||||||||||||||||
Net cash flows from operating activities
|
| | | | (1.2) | | | | | | (8.8) | | | | | | (17.8) | | | | | | 11.9 | | |
Net cash flows from investing activities
|
| | | | (0) | | | | | | (1.1) | | | | | | (0.5) | | | | | | (0) | | |
Net cash flows from financing activities
|
| | | | 44.1 | | | | | | 8.8 | | | | | | 1.2 | | | | | | 3.1 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 42.9 | | | | | | (1.1) | | | | | | (17.1) | | | | | | 15.0 | | |
Cash and cash equivalents at the beginning of the financial year
|
| | | | 0.4 | | | | | | 1.5 | | | | | | 43.3 | | | | | | 0.4 | | |
Cash and cash equivalents at end of year
|
| | | | 43.3 | | | | | | 0.4 | | | | | | 26.1 | | | | | | 15.4 | | |
| | |
As of
December 31, |
| |
As of
June 30, |
| ||||||||||||
|
2020
|
| |
2019(1)
|
| |
2021
|
| |||||||||||
|
(in € millions)
|
| |
(in € millions)
|
| ||||||||||||||
Total noncurrent assets
|
| | | | 4.1 | | | | | | 4.8 | | | | | | 4.1 | | |
Total current assets
|
| | | | 49.2 | | | | | | 0.9 | | | | | | 34.6 | | |
Total assets
|
| | | | 53.3 | | | | | | 5.7 | | | | | | 38.6 | | |
Total equity
|
| | | | (5.0) | | | | | | (18.6) | | | | | | (28.1) | | |
Total liabilities
|
| | | | 58.4 | | | | | | 24.3 | | | | | | 66.8 | | |
Total equity and liabilities
|
| | | | 53.3 | | | | | | 5.7 | | | | | | 38.6 | | |
| | |
As of June 30, 2021
|
| | |||||||||||||||||
| | |
Actual
|
| |
Pro forma
|
| |
Pro forma as
adjusted |
| | |||||||||||
| | |
(in € millions)
|
| | |||||||||||||||||
Cash and cash equivalents
|
| | | | 26.1 | | | | | | 26.1 | | | | | | 145.0 | | | | ||
Long-term debt (including current portion)
|
| | | | 14.4 | | | | | | 5.9 | | | | | | 5.9 | | | | ||
Equity: | | | | | | | | | | | | | | | | | | | | | ||
Subscribed capital
|
| | | | 6.5 | | | | | | 8.1 | | | | | | 8.7 | | | | ||
Capital and other reserves
|
| | | | 74.2 | | | | | | 81.1 | | | | | | 199.5 | | | | ||
Accumulated deficit
|
| | | | (108.8) | | | | | | (108.8) | | | | | | (108.8) | | | | ||
Total equity
|
| | | | (28.1) | | | | | | (19.6) | | | | | | 99.3 | | | | ||
Total capitalization
|
| | |
|
(13.7)
|
| | | |
|
(13.7)
|
| | | |
|
105.2
|
| | | | |
| | |
No exercise
|
| |
Full exercise
|
| ||||||||||||||||||
| | |
in €
|
| |
(in $)
|
| |
in €
|
| |
(in $)
|
| ||||||||||||
Initial public offering price per common share
|
| | | | 13.19 | | | | | | 15.00 | | | | | | 13.19 | | | | | | 15.00 | | |
Historical net tangible book value as of June 30, 2021 per common share
|
| | | | (0.79) | | | | | | (0.90) | | | | | | (0.79) | | | | | | (0.90) | | |
Pro forma net tangible book value as of June 30, 2021 per common
share after giving effect to the issuance of 25,468,644 additional common shares to our existing shareholders and the full conversion of the mandatory convertible senior notes |
| | | | (0.32) | | | | | | (0.36) | | | | | | (0.32) | | | | | | (0.36) | | |
Increase in pro forma net tangible book value attributable to new investors purchasing common shares in this offering
|
| | | | 1.69 | | | | | | 1.93 | | | | | | 1.92 | | | | | | 2.18 | | |
Pro forma as adjusted net tangible book value as of June 30, 2021 per
common share after giving effect to the issuance of 25,468,644 additional common shares to our existing shareholders and the full conversion of the mandatory convertible senior notes and the offering |
| | | | 1.38 | | | | | | 1.56 | | | | | | 1.60 | | | | | | 1.82 | | |
Dilution to new investors per common share
|
| | | | 11.82 | | | | | | 13.44 | | | | | | 11.60 | | | | | | 13.18 | | |
Percentage of dilution to new investors per common share
|
| | | | 89.57% | | | | | | 89.57% | | | | | | 87.89% | | | | | | 87.89% | | |
| | |
Shares
|
| |
Total consideration
|
| |
Average
price per Share (in $) |
| |||||||||||||||||||||
|
Number
|
| |
Percent
|
| |
Amount (in $ million)
|
| |
Percent
|
| ||||||||||||||||||||
Existing shareholders
|
| | | | 62,077,641 | | | | | | 86.1% | | | | | | 56.9 | | | | | | 27.5% | | | | | | 0.92 | | |
New investors
|
| | | | 10,000,000 | | | | | | 13.9% | | | | | | 150.0 | | | | | | 72.5% | | | | | | 15.00 | | |
Total | | | | | 72,077,641 | | | | | | 100.0% | | | | | | 206.9 | | | | | | 100.0% | | | | | | 2.87 | | |
| | |
For the year ended
December 31, |
| |
For the six month ended
June 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019(1)
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(in € millions)
|
| |
(in € millions)
|
| ||||||||||||||||||
Revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cost of sales
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gross profit
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | |
Cost of research and development
|
| | | | (30.5) | | | | | | (4.9) | | | | | | (13.5) | | | | | | (6.4) | | |
Selling and distribution expenses
|
| | | | (9.1) | | | | | | (2.1) | | | | | | (1.6) | | | | | | (1.1) | | |
General and administrative expenses
|
| | | | (14.4) | | | | | | (2.4) | | | | | | (8.3) | | | | | | (1.5) | | |
Other operating income/expenses
|
| | | | (0.0) | | | | | | 0.2 | | | | | | 0.4 | | | | | | 0.1 | | |
Impairment losses on financial assets
|
| | | | (0.0) | | | | | | — | | | | | | (0) | | | | | | (0) | | |
Operating loss
|
| | | | (54.0) | | | | | | (9.3) | | | | | | (23.0) | | | | | | (8.9) | | |
Other interest and similar income
|
| | | | 0.0 | | | | | | — | | | | | | — | | | | | | 0 | | |
Interest and other expenses
|
| | | | (2.0) | | | | | | (0.7) | | | | | | (2.6) | | | | | | (0.9) | | |
Loss before tax
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.6) | | | | | | (9.8) | | |
Tax on income
|
| | | | — | | | | | | — | | | | | | 0 | | | | | | 0 | | |
Deferred taxes on expense
|
| | | | — | | | | | | — | | | | | | (0) | | | | | | — | | |
Loss for the period
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.7) | | | | | | (9.8) | | |
Other comprehensive loss
|
| | | | (0) | | | | | | — | | | | | | (0.1) | | | | | | — | | |
Total comprehensive loss for the period
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.8) | | | | | | (9.8) | | |
| | |
For the year ended
December 31, |
| |
For the six months
ended June 30 |
| ||||||||||||||||||
| | |
2020
|
| |
2019(1)
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(in € millions)
|
| |
(in € millions)
|
| ||||||||||||||||||
Net cash flows from operating activities
|
| | | | (1.2) | | | | | | (8.8) | | | | | | (17.8) | | | | | | 11.9 | | |
Net cash flows from investing activities
|
| | | | (0) | | | | | | (1.1) | | | | | | (0.5) | | | | | | (0) | | |
Net cash flows from financing activities
|
| | | | 44.1 | | | | | | 8.8 | | | | | | 1.2 | | | | | | 3.1 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 42.9 | | | | | | (1.1) | | | | | | (17.1) | | | | | | 15.0 | | |
Cash and cash equivalents at the beginning of the financial year
|
| | | | 0.4 | | | | | | 1.5 | | | | | | 43.3 | | | | | | 0.4 | | |
Cash and cash equivalents at end of year
|
| | | | 43.3 | | | | | | 0.4 | | | | | | 26.1 | | | | | | 15.4 | | |