SONDORS, which makes electric bikes and motorcycles, revised the terms for its upcoming IPO on Thursday. Its latest filing marks the company's second terms revision this week.
The Malibu, CA-based company now plans to raise $20 million by offering 4 million shares at a price range of $4 to $6. The company had most recently filed to offer 2.5 million shares at a range of $6 to $8. It originally planned to raise $23 million by offering 2.5 million shares at $8 to $10, before lowering the range on Tuesday. At the midpoint of the revised range, SONDORS will raise 14% more in proceeds than previously anticipated and command a fully diluted market value of $96 million (-20% vs. previous terms).
SONDORS manufactures premium electric bikes through a collection of kits designed to comfortably handle conditions ranging from paved-roads to rugged mountain biking terrain. It sells its e-bikes direct to consumer, as well as through a partnership agreement with Costco. 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. It is expected to price during the week of February 13, 2023.
