LOS ANGELES, CA--(Marketwired - Jun 15, 2017) - Boustead Securities, LLC client ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero emission vehicle solutions, began trading its shares on the NASDAQ Capital Market today in an historic first for any Regulation A+ common stock offering. ADOMANI, Inc. and certain selling stockholders sold a total of 2,852,275 million shares in the offering at $5 per share, for a total of approximately $14.3 million. The ADOM shares closed up 45% at $7.25 in their standard-setting first day of trading.
Dan McClory, Head of Equity Capital Markets at Boustead Securities, LLC, the Lead Underwriter in the ADOMANI IPO, stated, "It truly is an exceptional milestone for ADOMANI to become the first ever Reg A+ IPO to list on NASDAQ. Boustead Securities congratulates ADOMANI for its pioneering achievement," McClory continued. Network 1 Financial Securities, Inc. served as Co-Underwriter of the ADOMANI Offering.
"Electric fleets will be an important part of tomorrow's transportation infrastructure," said ADOMANI CEO Jim Reynolds. "This capital raise is a milestone achievement that will allow us to grow quickly and take first-mover advantage at a transformative time in the market, while allowing our new and existing investors to share in the exciting road ahead," Reynolds concluded.
The IPO enables ADOMANI to use its patented technology to accelerate the design, manufacture and marketing of its zero-emission electric and hybrid drivetrains for new vehicles and for use in existing vehicles, including targets of school buses and medium to heavy-duty commercial fleet vehicles. The replacement drivetrain systems can reduce the total cost of vehicle ownership for fleet operators and help them unlock further benefits of green technology, such as addressing the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. ADOMANI vehicles and drivetrain systems also help improve air quality and the health of their operators, customers and the communities in which they operate.
As stated previously, the ADOMANI IPO transaction is the first Regulation A offering to be listed on NASDAQ. The amended "Regulation A+" provisions, part of the Jumpstart Our Business Startups (JOBS) Securities Act, enhance the ability of small companies to obtain financing by allowing for up to $50 million of funding from accredited or non-accredited investors.
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.
About ADOMANI, Inc.
California-based ADOMANI, Inc. provides school bus and fleet operators with Zero Emission Vehicle and plug-in hybrid solutions. ADOMANI brings together proven patented 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
About Boustead Securities, LLC
Boustead Securities, LLC ("Boustead") is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead's core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States and around the world, Boustead's team moves quickly and provides a broad spectrum of sophisticated financial advice and services. For more information, visit www.boustead1828.com