Sono Group Stock Rises 44%

(RTTNews) - Sono Group N.V. (SSM) shares rose 44.10 percent to $3.86 on Tuesday, possibly following yesterday's announcement that the company and Sports One had entered into a non-binding letter of intent to combine.

The stock opened at $3.78 and traded between $3.67 and $4.40. Its 52-week range is $2.35 to $27.73 on the Nasdaq. Trading volume was 18.31 million shares, compared with an average volume of 118,647 shares.

Under the proposed transaction, the combined company would be renamed Sports One and would focus on acquiring and holding minority interests in NFL, NBA, MLB and NHL franchises, alongside a sports intelligence business serving athletes, teams, universities, brands and sponsors. Sports One equity holders would own a super-majority of the combined company if the deal is completed.

Alongside the announcement, investors including parties affiliated with Sports One purchased 283,500 ordinary shares, representing 19.9 percent of Sono's outstanding shares, through a registered direct offering at market price without a discount or warrants.