ADOMANI, a California-based provider of electric and hybrid drivetrain solutions, has completed a Regulation A common stock offering, and is now listed on NASDAQ under the ticker symbol ADOM. The initial offering yielded proceeds to the company of approximately $9.2 million.
The market value of company crossed $1 billion, as its share price jumped 129% since the IPO on June 15.
ADOMANI will use the new funding to accelerate the design, manufacture and marketing of its electrified drivetrains for school buses and medium- to heavy-duty commercial fleet vehicles.
Last November, ADOMANI and Quebec-based bus manufacturer Lion Bus announced a dealership relationship under which ADOMANI will be the exclusive dealer of electric eLion buses in several western states.
“School districts across the nation are increasingly looking to replace older diesel-powered school buses with zero-emission vehicles that improve air quality, reduce fuel and service costs, and benefit general community health,” said Jim Reynolds, CEO of ADOMANI.