NEWPORT BEACH, Calif., May 12, 2017 (GLOBE NEWSWIRE) -- ADOMANI, Inc. (NASDAQ:ADOM), (“ADOM,” “the Company,” “we” or “us”), a provider of advanced zero-emission electric and hybrid vehicles and replacement drivetrains, today announced it has held the initial $11.845 million closing of its Regulation A+ Tier 2 offering (the “Offering”) for 2.369 million shares. The Offering is for a total of up to $25 million, including the sale of shares by certain Company stockholders for up to $3 million. The final closing date has not been determined.
“This is truly a milestone in ADOMANI’s quest to deliver our products and technology to the market,” said President and CEO Jim Reynolds of ADOMANI, Inc. “The net proceeds to us from this closing allows us to begin to execute our business plan, and we are thankful to our investors for having the confidence in us to enable us to do that.”
The Company is offering a minimum of 2,120,000 shares of common stock and a maximum of 4,400,000 shares of common stock at an offering price of $5.00 per share. Any interested parties should read the Company’s Offering Statement on Form 1-A, including the financial statements and risk factors, and other reports the Company may file with the SEC, and after having done so, should contact the Company for more information.
About the Company
ADOM is a provider of zero-emission electric and hybrid vehicles and replacement drivetrains that is focused on reducing the total cost of vehicle ownership. ADOM helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. ADOM designs, manufactures and installs advanced zero-emission electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles. ADOM also designs, manufactures and installs unique and patented conversion kits to replace conventional drivetrain systems for diesel and gasoline powered vehicles, including buses, with zero-emission electric or hybrid drivetrain systems. In addition to benefitting our shareholders, we will also help improve the environment, and more importantly, improve the health of school children and citizens who live and work in and around traditional diesel and gasoline-fueled vehicles.
Media and Investor relations Contact:
Michael K. Menerey, Chief Financial Officer
Telephone: (626) 483-3280
Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
ADOM’s address is 620 Newport Center Drive, Suite 1100, Newport Beach, CA 92660, and ADOM’s telephone number is (949) 200-4613. The ADOM corporate website address is www.ADOMANIelectric.com.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities of the Company, including without limitation the common stock. Any such offer is made exclusively through the Company’s Offering Circular dated April 28, 2017, as the same may be amended or supplemented (the “Final Offering Circular”). The Final Offering Circular is available at www.flashfunders.com, https://www.sec.gov/cgi-bin/browse-edgar?company=adomani%2C+inc.&owner=exclude&action=getcompany, or may be obtained from Boustead Securities at (949) 502-4409 or email@example.com.
Safe Harbor Statement
The company has made statements in this press release that are considered “forward-looking statements” which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in the “Risk Factors” section of the Final Offering Circular. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.