SONDORS, which makes electric bikes and motorcycles, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also replaced underwriters D.A. Davidson and Lake Street with A.G.P.
The Malibu, CA-based company now plans to raise $18 million by offering 2.5 million shares at a price range of $6 to $8. The company had previously filed to offer the same number of shares at a range of $8 to $10. At the midpoint of the revised range, SONDORS will raise 22% less in proceeds than previously anticipated.
SONDORS manufactures premium electric bikes through a collection of kits designed to comfortably handle conditions ranging from paved-roads to rugged mountain biking terrain. Through a partnership agreement, SONDORS aims to make e-bikes more accessible to riders by offering its entry level model to Costco customers. Additional e-bike models are sold direct-to-consumer, enabling the end customer to make customizations across its portfolio of products, ranging from full-suspension, mid-drive mountain bikes, to MadMods offerings, which feature wide tires and customizable style kits. The company has delivered over 63,000 e-bikes in 72 countries since 2015, and currently has over 10,000 pre-orders for its e-motorcycle in development.
SONDORS was founded in 2013 and booked $22 million in sales for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol SODR. A.G.P. is the sole bookrunner on the deal.
