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Sono Motors Finds Investor



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This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.


Sono Motors was once hailed as a new hope for the German startup scene, listing early in the US in November 2021. The company wanted to increase the reach of electro-cars by adding solar cells.


As of November 27th, 2023, they filed a 6-K form with the SEC that they have found an investor that will cover expected operational costs for 2024, securing the company's survival for the next year. The investor is the hedge fund YA II PN Ltd, which is part of Yorkville Advisors Global, a hedge fund based in Mountainside USA with 150 MN US$ under asset management. According to the form, the hedge fund will cover operational expenses as convertible debentures, that will convert into ordinary shares.


Under the agreement, employees let go end of October, have the option to cancel such agreements and rejoin the company in their old role.

The two founders Laurin Hahn and Jona Christians will transfer shares and all of their high-voting shares to the new members of the management board, likely resulting in losing control of the company and much of their equity. There will also be changes in the supervisory board.


Jonas Christians - Courtesy of Sono Motors


Laurin Hahn - Courtesy of Sono Motors


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