Electric Bike Specialist Sondors Files Proposed $25 Million IPO In U.S. Leave a comment

On October 11, 2022, Sondors Incorporated officially filed a request for a proposed $25 million initial public offering (IPO) with the United States Securities and Exchange Commission. Information about the exact number of shares, as well as their pricing, was not included in the paperwork filed. However, several interesting pieces of information regarding Sondors’ electric motorcycle future was spelled out in greater detail than we’ve previously seen. 

Nestled within the lengthy prospectus that Sondors filed with the SEC are several key points that we found interesting, and think you will, too.

In describing the MetaCycle, Sondors states its intention to “set the standard for a new intermediary category between e-bike and e-motorcycle design going forward, with an uncomplicated, elegant style, and a superior riding experience. The lightweight, weld-free aluminum frame of the MetaCycle delivers a rider experience that is a step up from riding an e-bike without the intimidation and training required of a higher-powered traditional motorcycle.” 

It goes on to mention that Sondors has, as of the October 11, 2022 filing date, received approximately 11,000 pre-orders for MetaCycle units—but that’s not its only planned vehicle within the e-mobility category. The prospectus goes on to say that Sondors currently has the following new products in various stages of design: 

  • An electric ATV
  • An electric dirt bike 
  • A larger version of the MetaCycle 
  • Multiple MetaCycle-styled e-bikes (gotta love that cross-segment synergy!) 
  • Additional, unspecified e-mobility products 

Under the Expand Our Product Offerings and Partnerships heading, Sondors goes on to mention its plans to grow via brand partnerships, “which could include certain big-box retailers, designated SONDORS showrooms, digital sales, and augmented reality showrooms.”  

Notably, Sondors already has an existing partnership with Costco in the e-bike space. Whether or not this means that we should ever expect to see MetaCycles show up in Costco catalogs remains to be seen—although, I mean, the chain does already sell new and used cars. 

The prospectus also mentions that a Sondors smartphone app is coming soon, which isn’t any great surprise (the only thing surprising about it, perhaps, is that it didn’t already exist prior to October, 2022). The app will be offered as an aftermarket accessory to e-bike and MetaCycle users, and will allow user customizations including “horn sounds, music selection, speaker volume, battery range extension, standard lighting or aftermarket LED lighting,” as well as “modes for different types of driving, for example beach mode or city mode.” 

No specific release date for the app is mentioned, but it will be available for both Android and iOS users. It will also “provide Sondors customers access to qualified service technicians and/or bike shops and a video library of Sondors-generated content for troubleshooting or maintenance aspects of the various products.” Community forums are also a planned part of the upcoming app, as well. 

Other things to note include Sondors stating that it plans to continue utilizing third-part manufacturers and parts suppliers to manufacture its items to its specifications for the foreseeable future. Also, under the heading Sales and Regulatory Information, we find this: 

“In the second half of September 2022, we determined that we had inadvertently delivered a limited number of MetaCycles to some of our customers before we had obtained all necessary licenses. As a result, we have ceased delivering MetaCycles and are in the process of applying for and obtaining such licenses and we will commence deliveries of our MetaCycles once we obtain the requisite licenses. We expect to obtain our dealers license in the State of California by the early part of November 2022.” 

The SEC filing is quite lengthy, but if you’re so inclined, you can read the entire thing at the link in our Sources. 

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *