#48 (EN): Youtube Live, Supervisory Board, Organic Bread Flatrate
Have a nice Sunday! A lot of organizational stuff happened in Sono land this week. The money from the IPO has arrived in the account, the management has faced a question and answer session, and the supervisory board has been announced.
+++ HIGHLIGHT: YOUTUBE LIVE +++
On Tuesday evening Sono had invited to Youtube Live. Unfortunately, due to Corona restrictions, there were no participants on site. The community was able to ask questions via Slido - more than 320 questions were asked, including two questions sent in by video from Asti and Andreas.
Many questions were asked more than once - and some were very far away from the topic "IPO", so it had to be sorted. The most important points from the live:
Finances:
$156,100,000 arrived in the Sonos account after expenses.
The community was not allowed to be offered shares with a right of first refusal, all investors must be treated equally for the IPO.
Thus, 84% of the shares of the Dutch Sono Group N.V. are in the hands of the three founders and existing shareholders, 16% of the shares are in free float that is the issued 11.5 million shares currently traded on the stock exchange. Hostile takeover is thus excluded.
Sono Group NV holds 100% of Sonomotors GmbH - and both are based in Munich. Taxes are paid in Germany.
Where will the additional capital come from? Three tools are available, among others: Issuing more shares, taking out loans, reservations.
Seeders shares are still with Seedrs - and may not be sold for 180 days. Each share is worth 1.71 new shares. Small investors should then look for pools to transfer the shares to reduce the fees incurred when transferring the shares.Infos about this are available directly from Seedrs.
There is something new about the Sono points (about 50% of the profit participation rights go to the community. Since there are the points only with the purchase of the Sion final, is also still some time, Sono must build among other things an IT system that manages 14,000 contracts. Everyone who has a point will get a contract towards the end of 2022, over 14,000 contracts. A first draft of the contract can be found here:
https://sonomotors.com/site/assets/files/5139/sono-motors-unterbeteiligung-sono-ce.pdf
https://sonomotors.com/site/assets/files/5138/sono-motors-sono-punkte-erklaerung-de-final.pdf
Production of the Sion:
"Design freeze" coming in December - to match the weather.
What about NEVS? NEVS is the plan A. They will continue the development together. it was said that there is also Plan B with European contract manufacturers with capacity. But NEVS is the favorite, and that's where things will start the fastest, because various agreements are already in place. The production contract can and will only be concluded once the vehicle has been finally defined.
Towing and drawbar loads are under review - they are looking for every gram.
I tried several times, but a date for the first SVC3 could not be elicited from the Sonos. 1 HY 2022, it did not get more precise than that.
Personnel is acquired worldwide, that went well despite Corona and the IPO helps in the acquisition of the next Mitarbeiter:innen, because the IPO has massively increased the awareness of Sono. Currently there are 230, but there will now be more quickly.
Sono Solar
Mathieu presents the current activities of the Sono Solar division, it is a serious business line next to Sion production, this becomes clear. Decreasing prices of PV, increasing efficiency of cells make it a business field NOW. The cells integrated in the injection molding replace the sheet metal as the outer skin. A very efficient production. What one does not see so clearly: Behind it, complex power electronics and software have been developed, various contracts and LOIs for solar integration in vehicles have been concluded.
Seeing is believing: Many are waiting for a test in which a prototype is filmed for a whole day as its battery slowly fills up via solar. Matthieu would like to show the test with the latest tech in SVC3 for actual values. The test will be there.
Criticism
The event was has been received very positive - there was little criticism: 6,000 views and only 8 thumbs down. Some complaints: almost only men on stage, the lighting a bit gloomy. And you can't buy Laurin's sweater. Sorry. It's a unique piece.
https://www.youtube.com/watch?v=tBPahSi_IZs
+++ WE ARE SUPERVISORY BOARD +++
Sono has announced the composition of the supervisory board: Wilko Stark (formerly Daimler) heads it, Martina Buchhauser (ex-Volvo among others) is vice, Robert Jeffe (from USA) is the financial expert. Johannes represents the employees and I am allowed to represent the community. In a way, we are all the supervisory board. It's your comments, your votes, your mails - and also your criticism that goes directly into making everything a little bit better. Just like the employees have a representation, we now have a place too.
+++ MEDIA +++
Robin TV reports and keeps its community also up to date.
+++ JOBS +++
Many jobs are currently open at Sono. Friedrich, the HR boss, has already stirred the advertising drum in the Youtube Live. In the last week, a whole bunch of intern positions were added - and the search for the "Automotive Cyber Security" expert was updated:
https://sonomotors.com/de/career/job/?id=414541
+++ SONO DIGITAL +++
In addition to solar and the Sion, there's also the digital squad, which continues to work on sharing and tinker with the app for the Sion. It has now been announced on Twitter that a payment provider has been found to manage the payment of the proceeds from sharing - and a solution for the issue of insurance, which takes over whenever the Sion is borrowed.
https://twitter.com/SonoMotors/status/1463466593950867470
+++ FUN FACT +++
In many job descriptions, Sono advertised an "organic bread flat rate" for all employees as part of the job perks. Even today, the phrase can be found in many job postings. Last Tuesday at the Youtube Live I was on the set a little erarly and thought to myself - "hunger". Why not try some of the organic bread? But I could not find any.
Rumor has it that "That was one of the first things the CFO cancelled" - but is probably just a rumor, The main reason seems to be Corona and the fact that many people are working remotely on many days. No matter what is true - the organic bread flat rate no longer exists. But coffee still exists! As a flat rate.
Have a nice Sunday! Stay healthy!