$Sono Group(SEV.US)$, the parent company to Sono Motors GmbH, has priced its initial public offering (IPO) of 10 million shares to the public at $15.00 per share.
The share jumps 83%, triggers circuit breakers multiple times today.
Sono Motors is developing the solar electric vehicle (SEV) for the masses, the Sion. It has reached more than 16,000 reservations with advance payments for the Sion.The company had earlier projected its IPO price range at $14.00 - $16.00 per share.
In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1.5 million common shares.
The company expects common shares to begin trading on the Nasdaq Global Market on November 17, 2021, under the ticker symbol "SEV."
The offering is expected to close on November 19, 2021.
Berenberg is acting as the sole global coordinator for the proposed offering, and Craig-Hallum is acting as co-manager.
What are circuit breakers?
Circuit breakers are measures implemented by exchanges when they consider price movements to be overly volatile. They can take the form of a trading suspension or limiting buying and selling of securities within a specific price range.
Purpose:
Circuit breakers can be triggered to curb panic-selling ormanic-buying.
Applicable assets:
The circuit breaker system applies to both individual securities and market indexes. As a result, it applies to the options market as well -- if the stock market triggers a circuit breaker, the affected listed options markets will also halt trading.
How circuit breakers work in different markets
Jurisdictions and stock exchanges have their own rules for what circuit breakers entail, when do they kick in, and for how long they are in place.
U.S. Stock Market
Asian Stock Markets
Source: CNBC, Investopedia
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