ADOMANI Inc. has completed its IPO to the NASDAQ using a Regulation A+ offering and listed on the NASDAQ Capital Market, becoming the first company to complete an IPO to the NASDAQ.
ADOMANI Inc. (NASDAQ:ADOM), based in Newport Beach, CA, is a provider of advanced zero emission vehicle solutions. The company and some selling stockholders sold 2.5 million shares in the offering at $5 per share, raising capital for the company of $9.2 million, completing on June 15, 2017.
The ADOMANI transaction is the first Regulation A+ offering to be listed on NASDAQ. The “Regulation A+” provisions, enhance the ability of mid and early-stage companies to raise capital by allowing them to raise up to $50 million per year from accredited or non-accredited investors worldwide.
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 school buses and commercial vehicles. ADOMANI vehicles and drivetrain systems also help improve air quality and the health of their operators, customers and the communities in which they operate.
“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.” said ADOMANI CEO Jim Reynolds.
Rod Turner is the founder and CEO of Manhattan Street Capital, the #1 Growth Capital marketplace for mature startups and mid sized companies to raise capital using Regulation A+. Turner has played a key role in building successful companies including Symantec/Norton (SYMC), Ashton Tate, MicroPort, Knowledge Adventure and more. He is an experienced investor who has built a Venture Capital business (Irvine Ventures) and has made angel and mezzanine investments in companies such as Bloom, Amyris (AMRS), Ask Jeeves and eASIC.
Manhattan Street Capital, 5694 Mission Center Rd, Suite 602-468, San Diego, CA 92108.