Adomani, an early-stage manufacturer of drivetrain systems for electric and hybrid buses, raised $16 million by offering 3.2 million shares (11% insider) at $5. Adomani had planned to raise a minimum of $10 million and a maximum of $25 million in a "best efforts" Regulation A+ offering. At its IPO price, the company commands a fully diluted market value of $443 million. Adomani plans to list on the Nasdaq under the symbol ADOM and begin trading on June 15. Boustead Securities and Network 1 Financial Securities acted as lead managers on the deal.
The Reg+ offering will not be included in our IPO stats.
