Noticias y eventos de Sono Group NV (SSM)SSMSono Group NV

Sono Group and Sports One Sign Letter of Intent to Merge

Sono Group and Sports One announced that they have entered into a non-binding letter of intent to combine. The proposed combination is intended to create a publicly traded, permanent-capital company that acquires and holds minority interests in NFL, NBA, MLB and NHL franchises, paired with an operating sports intelligence business serving athletes, teams, universities, brands and sponsors. It would represent a new strategic direction for the company; upon completion, the company is expected to be renamed Sports One. Concurrently with the signing of the Letter of Intent, a group of investors, including investors affiliated with Sports One, purchased 283,500 ordinary shares of the company, representing 19.9% of the Company's outstanding ordinary shares, in a registered direct offering. The investment was made at market price, with no discount and no warrant coverage, a structure the parties believe underscores investor conviction in the proposed combination. Each investor in the offering has also entered into a 180-day lock-up agreement with Sports One, subject to waiver upon the satisfaction of certain conditions. Proceeds will be used for working capital and general corporate purposes. Under the Letter of Intent, the Company and Sports One intend to enter into a definitive agreement pursuant to which the two would combine, with the former equity holders of both entities holding equity in the combined public company listed on a national stock exchange, and with Sports One's existing equity holders owning a super-majority of the combined public company. The Surviving Company would be led by the Sports One management team, including private equity executive Paul Misir, Founder and Chairman; Chris Kelly, Co-Founder and Chief Executive Officer (co-owner of the NBA Sacramento Kings); Reince Priebus, Co-Founder and Advisor; and Michael Spanos II, SVP Business Development (Spanos family owns the NFL Los Angeles Chargers), who bring direct, first-hand ownership experience in the major U.S. sports leagues. The final terms of the definitive agreement are subject to the completion of due diligence to the Company's satisfaction. Completion of the transaction remains subject to the negotiation and execution of definitive documentation and satisfaction of customary closing conditions stated in the Letter of Intent, including (i) completion of any required regulatory review and (ii) approval of the transaction by the Company's shareholders, as well as other customary conditions. The Letter of Intent is non-binding except for limited customary provisions. Accordingly, no assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.

Sono Group NV Trading Halted Due to Volatility Trading Pause

Sono Group NV trading halted, volatility trading pause

Sono Group NV Trading Halted Due to Volatility Trading Pause

Sono Group NV trading halted, volatility trading pause