|View printer-friendly version|
|ADOMANI's Reg A+ Offering Is Qualified by the SEC for Up to $22 Million; Announces NASDAQ Listing With Lead Underwriter Boustead Securities|
LOS ANGELES, CA--(Marketwired - Apr 27, 2017) - Boustead Securities, LLC, lead underwriter for ADOMANI, Inc.'s planned offering of up to $22 million, announced today that the offering has been qualified by the SEC under Tier II of Regulation A+. ADOMANI, Inc. (the "Company" or "Adomani") has received conditional NASDAQ listing approval, pending closing of the offering. Network 1 Financial Securities, Inc. is co-underwriter. In addition to traditional marketing methods used in public offerings by the underwriters, the Adomani offering will be exclusively marketed to online investors via FlashFunders, Inc., which operates a FINRA-registered clearing firm and web-based securities platform, at www.flashfunders.com .
Dan McClory, Head of Equity Capital Markets at underwriter Boustead Securities, said that "We believe Adomani will be the first company to conduct a Reg A+ offering on NASDAQ, and we are excited to bring this offering to market using all our funding resources, including FlashFunders, Inc."
California-based ADOMANI, Inc. provides school bus and fleet operators with complete Zero Emission Vehicles and plug-in hybrid solutions. ADOMANI brings together proven electric drivetrain technology, customized products, and trusted service partners to cut total cost of ownership, boost vehicle reliability, and unlock the many benefits of green technology. For more information, visit www.adomanielectric.com .
"The intersection of an offering on NASDAQ through Boustead Securities, combined with open access to investors through Reg A+ and the broad marketing power of the Internet at FlashFunders.com provides issuers like Adomani with an unprecedented opportunity for capital, and a streamlined path to becoming a public company," stated FlashFunders' President, Brian Park.
Regulation A+ and the Offering
The Adomani offering of up to 4,400,000 shares of the Company's common stock is on a "best efforts" underwritten basis. Certain stockholders of the Company may participate in the offering and raise up to $3 million once the Company has raised $22 million; the additional proceeds funding their sale of up to 600,000 shares of common stock. The minimum purchase requirement per investor is $500. Adomani intends to use the proceeds for general corporate purposes, including working capital, sales and marketing activities, and general and administrative expenses.
Jim Reynolds, CEO of Adomani, said that "We are excited to be leveraging the strength and experience of Boustead Securities as Lead Underwriter for our offering and listing on NASDAQ, while taking advantage of the broad marketing and distribution capabilities of Internet-based capital-raising through FlashFunders. In addition, the Reg A+ framework means that our offering is open to all investors to participate. There are no barriers," he concluded.
About Boustead Securities, LLC
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No money or other consideration is being solicited at this time with respect to such an offering, and if sent in response to these materials for such an offering, it will not be accepted. No securities may be sold, and no offer to buy securities can be accepted and no part of the purchase price can be received for an offering under Regulation A, until an offering statement is qualified by the U. S. Securities and Exchange Commission, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. An indication of interest made by a prospective investor in a Regulation A offering is non-binding and involves no obligation or commitment of any kind.
CONTACT INFORMATIONBoustead Securities, LLC:
Head of Equity Capital Markets
+1 (949) 502 4408
+1 (310) 467-0049
Michael K. Menerey
Chief Financial Officer
+ 1 (626) 483-3280