Sono Group N.V. announced crucial milestones in its strategic path to uplisting on the Nasdaq Capital Market, including the implementation of a 1-for-75 reverse share split on January 6, 2025. This action aims to meet the minimum bid price requirements for a national exchange listing.
The company also entered into a securities purchase agreement for a new $5 million debenture, providing additional capital. Furthermore, Sono Group signed an exchange agreement for the exchange of all its debt to equity, which is expected to significantly strengthen its balance sheet and capital structure.
These combined financial maneuvers are designed to improve Sono Group's financial position and facilitate its planned uplisting. The reduction of debt through equity exchange and securing new financing are critical steps for the company's long-term stability and growth.
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