SODR will hit the NYSE ASAP.
Electric mobility brand Sondors sure isn’t lacking ambition. The Malibu, California-based firm parlayed its successful e-bike business into an electric motorcycle market disruptor with the buzzworthy MetaCycle concept. After months of pandemic-induced delays, the production model MetaCycle started shipping to customers in November, 2022.
With that electric bird finally fleeing the nest, Sondors is on to its next big challenge: going public. The 17-employee company hopes to generate $22.5M in an initial public offering (IPO) on Thursday, December 8, 2022. With 2,500,000 shares available, Sondors (SODR) aims to raise those funds by charging between $8 and $10 per share.
IPO Scoop reports the e-mobility brand’s current market cap at $146M. Sondors also recorded $18.03M in revenue between June, 2021, and June, 2022. However, the firm operated at a $6.33M loss during that same period. Still, Sondors believes that its versatile e-bike lineup, the MetaCycle, and upcoming projects will attract investors to the startup.
“We currently have pre-orders for approximately 11,000 units of the MetaCycle,” the company disclosed in a released statement. “We intend to leverage our premier position within the e-mobility vertical to bring future products to market. We are currently designing an electric all-terrain vehicle (ATV), an electric dirt bike, a larger version of the MetaCycle, MetaCycle-stylized e-bikes, and other e-mobility products.”
On the other hand, the New York Stock Exchange (NYSE) wasn’t exactly receptive to Harley-Davidson electric off-shoot LiveWire when it went public in September, 2021. While the Motor Company expected the move to raise $545M, cash proceeds only amounted to $294M. Sondors hopes to avoid a similar fate when it lists its IPO.
Yes, the MetaCycle helped propel Sondors to prominence, but the company still needs further investment to help parlay its booming electric business into even more sectors.
