How Capital first reported, writes Sono Motors in a current Mandatory notification to the US Securities and Exchange Commission (SEC):
“Our auditors have expressed significant doubts about our ability to continue as a going concern.”
The next audit report is expected to conclude "that our capitalization at the time of the audit report will be insufficient to sustain our business operations." Due to ongoing losses and uncertainty regarding further financing rounds, there is a "significant risk that we could cease to exist as a company and become insolvent," Sono Motors said in the statement.
Can Sono Motors refund the Sion deposits?
First End of February The Munich-based startup has abandoned its Sion solar car project. The company had previously attempted to secure an additional 3,000 pre-orders for the car in a large-scale campaign to finance further development. After the campaign failed, the company announced that it would focus on B2B business in the future. Sono offers solar technology for retrofitting and integration into third-party vehicles.
Laurin Hahn, co-founder and CEO of Sono Motors, said at the time:
"Even though we had to discontinue our original passion project with the Sion program, shifting our entire focus to B2B solar solutions offers us the opportunity to continue developing innovative products in the solar industry. Despite more than 45,000 reservations and pre-orders for the Sion, we were forced to respond to the ongoing instability in the financial markets and streamline our business."
How Capital As reported, the company still had approximately €29 million in cash on hand as of December 31, 2022. However, more than €40 million would be needed just to reimburse the down payment already made for the failed solar car. Sono Motors also states that it is currently not generating "significant revenue" from its solar division. To reposition itself, the company is currently seeking further investments. A further €25 million is needed to continue operations until the end of the year.
