LOS ANGELES, CA – Boustead Securities, LLC client ADOMANI, Inc. (NASDAQ: ADOM), ("ADOM," "Adomani," "the Company," "we" or "us"), a provider of advanced zero-emission electric and hybrid vehicles and replacement drivetrains, announced that within four days of Qualification by the SEC, it has received in escrow subscriptions totaling in excess of the $10.6 million minimum amount for its Regulation A+ Tier 2 offering (the "Offering"). The Offering is for a total of up to $25 million, including up to $3 million from certain of the Company's stockholders.
"We continue to be excited about the launch of our offering and the fact that we have exceeded the minimum amount required," said President and CEO Jim Reynolds of ADOMANI, Inc. "We look forward to its successful completion soon, which will enable us to aggressively execute our business plan.
Dan McClory, Head of Equity Capital Markets at Boustead Securities, Adomani's Lead Underwriter, congratulated Adomani. "Exceeding the Minimum Offering Amount with deposits into escrow pending acceptance is an important accomplishment for Adomani, as it makes further progress on the way to becoming what we believe will be the first Reg A+ offering to trade on NASDAQ," McClory stated.
The Company is offering a minimum of 2,120,000 common shares and a maximum of 4,400,000 common shares at an offering price of $5.00 per share. Any interested parties should read the Company's Offering Statement on Form 1-A, including the financial statements and risk factors, and other reports the Company may file with the SEC, and after having done so, should contact the Company for more information.
About ADOMANI, Inc.
ADOM is a provider of zero-emission electric and hybrid vehicles and replacement drivetrains that is focused on reducing the total cost of vehicle ownership. ADOM helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. ADOM designs, manufactures and installs advanced zero-emission electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles. ADOM also designs, manufactures and installs unique and patented conversion kits to replace conventional drivetrain systems for diesel and gasoline powered vehicles, including buses, with zero-emission electric or hybrid drivetrain systems. In addition to benefitting our shareholders, we will also help improve the environment, and more importantly, improve the health of school children and citizens who live and work in and around traditional diesel and gasoline-fueled vehicles. For more information, visit www.adomanielectric.com
About Boustead Securities, LLC
Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead's core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States and around the world, Boustead's team moves quickly and provides a broad spectrum of sophisticated financial advice and services. For more information, visit www.boustead1828.com
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