| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 4.00 | | | | | $ | 40,000,000 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 0.20 | | | | | $ | 2,000,000 | | |
Proceeds, before expenses, to Sono Group N.V.
|
| | | $ | 3.80 | | | | | $ | 38,000,000 | | |
|
Berenberg
|
| |
Cantor
|
| |
B. Riley Securities
|
|
|
Craig-Hallum
|
| |
Wedbush Securities
|
|
| | |
Page
|
| |||
| | | | ii | | | |
| | | | ii | | | |
| | | | iii | | | |
| | | | iii | | | |
| | | | 1 | | | |
| | | | 13 | | | |
| | | | 15 | | | |
| | | | 17 | | | |
| | | | 63 | | | |
| | | | 66 | | | |
| | | | 67 | | | |
| | | | 68 | | | |
| | | | 69 | | | |
| | | | 70 | | | |
| | | | 82 | | | |
| | | | 103 | | | |
| | | | 109 | | | |
| | | | 119 | | | |
| | | | 122 | | | |
| | | | 123 | | | |
| | | | 133 | | | |
| | | | 144 | | | |
| | | | 146 | | | |
| | | | 165 | | | |
| | | | 174 | | | |
| | | | 175 | | | |
| | | | 176 | | | |
| | | | 177 | | | |
| | | | 179 | | | |
| | | | F-1 | | |
| | |
For the year ended
December 31, |
| ||||||
| | |
2021
|
| |
2020
|
| |
2019
|
|
| | |
(in € million)
|
| ||||||
Revenue
|
| |
0.0
|
| |
—
|
| |
—
|
|
Cost of sales
|
| |
(0.0)
|
| |
—
|
| |
—
|
|
Gross loss
|
| |
(0.0)
|
| |
—
|
| |
—
|
|
Cost of research and development
|
| |
(40.6)
|
| |
(30.5)
|
| |
(4.9)
|
|
Selling and distribution expenses
|
| |
(3.2)
|
| |
(9.1)
|
| |
(2.1)
|
|
General and administrative expenses
|
| |
(15.1)
|
| |
(14.4)
|
| |
(2.4)
|
|
Other operating income/expenses
|
| |
(0.2)
|
| |
(0.0)
|
| |
0.2
|
|
Impairment losses on financial assets
|
| |
(0.0)
|
| |
(0.0)
|
| |
—
|
|
Operating loss
|
| |
(59.2)
|
| |
(54.0)
|
| |
(9.3)
|
|
Interest and similar income
|
| |
—
|
| |
0.0
|
| |
—
|
|
Interest and similar expense
|
| |
(4.8)
|
| |
(2.0)
|
| |
(0.7)
|
|
Loss before tax
|
| |
(63.9)
|
| |
(56.0)
|
| |
(10.0)
|
|
Tax on income
|
| |
—
|
| |
—
|
| |
—
|
|
Deferred taxes on expense
|
| |
(0.0)
|
| |
—
|
| |
—
|
|
Loss for the period
|
| |
(64.0)
|
| |
(56.0)
|
| |
(10.0)
|
|
Other comprehensive income (loss)
|
| |
0
|
| |
(0)
|
| |
—
|
|
Total comprehensive loss for the period
|
| |
(63.9)
|
| |
(56.1)
|
| |
(10.0)
|
|
Earnings / (loss) per share in € | | | | | | | | | | |
Basic/diluted(1)
|
| |
(1.07)/(1.07)
|
| |
(0.97)/(0.97)
|
| |
(0.18)/(0.18)
|
|
Weighted average number of share for calculation of earnings per share
|
| | | | | | | | | |
Basic/diluted(1)
|
| |
59,836,824
|
| |
57,684,220
|
| |
56,860,720
|
|
| | |
For the year ended
December 31, |
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(in € million)
|
| |||||||||||||||
Net cash used in operating activities
|
| | | | (47.1) | | | | | | (1.2) | | | | | | (8.8) | | |
Net cash used in investing activities
|
| | | | (1.7) | | | | | | (0) | | | | | | (1.1) | | |
Net cash from financing activities
|
| | | | 138.6 | | | | | | 44.1 | | | | | | 8.8 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 89.8 | | | | | | 42.9 | | | | | | (1.1) | | |
Cash and cash equivalents at the beginning of the financial year
|
| | | | 43.3 | | | | | | 0.4 | | | | | | 1.5 | | |
Cash and cash equivalents at end of year
|
| | | | 132.9 | | | | | | 43.3 | | | | | | 0.4 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(in € million)
|
| |||||||||||||||
Total non-current assets
|
| | | | 4.9 | | | | | | 4.1 | | | | | | 4.8 | | |
Total current assets
|
| | | | 142.4 | | | | | | 49.2 | | | | | | 0.9 | | |
Total assets
|
| | | | 147.3 | | | | | | 53.3 | | | | | | 5.7 | | |
Total equity
|
| | | | 83.4 | | | | | | (5.0) | | | | | | (18.6) | | |
Total liabilities
|
| | | | 63.9 | | | | | | 58.4 | | | | | | 24.3 | | |
Total equity and liabilities
|
| | | | 147.3 | | | | | | 53.3 | | | | | | 5.7 | | |
| | |
As of December 31, 2021
|
| |||||||||
| | |
Actual
|
| |
Pro forma
|
| ||||||
| | |
(in € millions)
|
| |||||||||
Cash and cash equivalents
|
| | | | 132.9 | | | | | | 168.2 | | |
Long-term debt (including current portion)
|
| | | | 6.8 | | | | | | 6.8 | | |
Equity: | | | | | | | | | | | | | |
Subscribed capital
|
| | | | 8.7 | | | | | | 9.3 | | |
Capital and other reserves
|
| | | | 221.8 | | | | | | 256.5 | | |
Accumulated deficit
|
| | | | (147.1) | | | | | | (147.1) | | |
Total equity
|
| | | | 83.4 | | | | | | 118.7 | | |
Total capitalization
|
| | | | 90.2 | | | | | | 125.5 | | |
| | |
No exercise
|
| |
Full exercise
|
| ||||||||||||||||||
| | |
(in €)
|
| |
(in $)
|
| |
(in €)
|
| |
(in $)
|
| ||||||||||||
Public offering price per ordinary share
|
| | | | 3.81 | | | | | | 4.00 | | | | | | 3.81 | | | | | | 4.00 | | |
Historical net tangible book value as of December 31, 2021 per ordinary share
|
| | | | 1.13 | | | | | | 1.19 | | | | | | 1.13 | | | | | | 1.19 | | |
Increase in historical net tangible book value attributable to new investors purchasing ordinary shares in this offering
|
| | | | 0.29 | | | | | | 0.30 | | | | | | 0.33 | | | | | | 0.34 | | |
Pro forma net tangible book value as of December 31, 2021 per share after
giving effect to the offering |
| | | | 1.42 | | | | | | 1.49 | | | | | | 1.46 | | | | | | 1.53 | | |
Dilution to new investors per ordinary share
|
| | | | 2.40 | | | | | | 2.51 | | | | | | 2.36 | | | | | | 2.47 | | |
Percentage of dilution to new investors per ordinary share
|
| | | | 62.82% | | | | | | 62.82% | | | | | | 61.80% | | | | | | 61.80% | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(in € millions)
|
| |||||||||||||||
Revenue
|
| | | | 0.0 | | | | | | — | | | | | | — | | |
Cost of sales
|
| | | | (0.0) | | | | | | — | | | | | | — | | |
Gross loss
|
| | | | (0.0) | | | | | | — | | | | | | — | | |
Cost of research and development
|
| | | | (40.6) | | | | | | (30.5) | | | | | | (4.9) | | |
Selling and distribution expenses
|
| | | | (3.2) | | | | | | (9.1) | | | | | | (2.1) | | |
General and administrative expenses
|
| | | | (15.1) | | | | | | (14.4) | | | | | | (2.4) | | |
Other operating income/expenses
|
| | | | (0.2) | | | | | | (0.0) | | | | | | 0.2 | | |
Impairment losses on financial assets
|
| | | | (0.0) | | | | | | (0.0) | | | | | | — | | |
Operating loss
|
| | | | (59.2) | | | | | | (54.0) | | | | | | (9.3) | | |
Interest and similar income
|
| | | | — | | | | | | 0.0 | | | | | | — | | |
Interest and similar expense
|
| | | | (4.8) | | | | | | (2.0) | | | | | | (0.7) | | |
Loss before tax
|
| | | | (63.9) | | | | | | (56.0) | | | | | | (10.0) | | |
Tax on income
|
| | | | — | | | | | | — | | | | | | — | | |
Deferred taxes on expense
|
| | | | (0.0) | | | | | | — | | | | | | — | | |
Loss for the period
|
| | | | (64.0) | | | | | | (56.0) | | | | | | (10.0) | | |
Other comprehensive income (loss)
|
| | | | 0 | | | | | | (0) | | | | | | — | | |
Total comprehensive loss for the period
|
| | | | (63.9) | | | | | | (56.1) | | | | | | (10.0) | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(in € millions)
|
| |||||||||||||||
Net cash used in operating activities
|
| | | | (47.1) | | | | | | (1.2) | | | | | | (8.8) | | |
Net cash used in investing activities
|
| | | | (1.7) | | | | | | (0) | | | | | | (1.1) | | |
Net cash from financing activities
|
| | | | 138.6 | | | | | | 44.1 | | | | | | 8.8 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 89.8 | | | | | | 42.9 | | | | | | (1.1) | | |
Cash and cash equivalents at the beginning of the financial year
|
| | | | 43.3 | | | | | | 0.4 | | | | | | 1.5 | | |
Cash and cash equivalents at end of the year
|
| | | | 132.9 | | | | | | 43.3 | | | | | | 0.4 | | |
| | |
Carrying
amount |
| |
Less than
1 year |
| |
1 – 5
years |
| |
More than
5 years |
| ||||||||||||
| | |
(in € millions)
|
| |||||||||||||||||||||
Trade and other payables
|
| | | | 7.6 | | | | | | 7.6 | | | | | | — | | | | | | — | | |
Loans and participation rights
|
| | | | 3.7 | | | | | | 0.2 | | | | | | 4.1 | | | | | | — | | |
Lease liabilities
|
| | | | 3.0 | | | | | | 0.5 | | | | | | 2 | | | | | | 1 | | |
Total | | | | | 14.4 | | | | | | 8.3 | | | | | | 6.1 | | | | | | 1 | | |