Adomani Set to Become First Issuer to List on NASDAQ
Adomani (NASDAQ:ADOM), a provider of zero-emission electric and hybrid vehicles and replacement drivetrains, has announced it has received in escrow subscriptions totalling in excess of the $10.6 million (£8.21 million) minimum amount for its Reg A+ offering. Solid investor interest means that Adomani may claim the title of the first company to list on NASDAQ by crowdfunding.
The offering is for a total of up to $25 million (£19.34), including up to $3 million (£2.32 million) from certain existing stockholders. Adomani is offering a minimum of 2,120,000 common shares and a maximum of 4,400,000 common shares at an offering price of $5.00 (£3.87) per share.
“We continue to be excited about the launch of our offering and the fact that we have exceeded the minimum amount required,” said President and CEO Jim Reynolds of Adomani. “We look forward to its successful completion soon, which will enable us to aggressively execute our business plan.”