CORONA, CA / ACCESSWIRE / August 22, 2019 / ADOMANI, Inc. (“ADOMANI”) (OTCQB:ADOM), a provider of advanced zero-emission electric and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, today announced that its stock will commence trading on the OTCQB® Venture Market on August 22, 2019 under the symbol “ADOM”. ADOMANI, Inc. previously traded on NASDAQ.
ADOMANI’s CFO Mike Menerey said: “We are disappointed by the fact that our recently disclosed strong second quarter results and backlog, plus our expanding product line, were not enough to promote the buying interest necessary to offset the impact of short sellers, and ultimately caused us to be unable to comply with NASDAQ’s minimum $1.00/share requirement to maintain our NASDAQ listing. Trading on OTCQB will enable us to maintain liquidity for our current and future stockholders.” Menerey continued: “We will endeavor to continue to execute our business plan and provide positive results for our stockholders. We do not anticipate any impact to our business or operations as a result of the move to OTCQB, and we reiterate our guidance for 2019 that we remain confident that we will convert the majority of our June 30, 2019 backlog to sales revenue in 2019, putting us in position to meet analyst consensus revenue estimates for the year.”
ADOMANI’s application for trading on the OTCQB® Venture Market has been accepted by the OTC Markets Group, and its common stock will be traded on the OTCQB Market under its current trading symbol “ADOM”. ADOMANI remains a reporting company under the Securities Exchange Act of 1934 and continues to be subject to the public reporting requirements of the Securities and Exchange Commission.
ADOMANI, Inc. is a provider of zero-emission electric and hybrid vehicle drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI is also a provider of new zero-emission electric and hybrid vehicles focused on reducing the total cost of vehicle ownership, and helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. For more information, visit www.ADOMANIelectric.com
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “planned,” “expects,” “believes,” “strategy,” “opportunity,” “anticipates,” “outlook,” “designed” and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Investor Relations Contacts:
Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 205
Renmark Financial Communications, Inc.
Joshua Lavers: firstname.lastname@example.org
Telephone: (416) 644-2020, ext 3409 or (514) 939-3989
SOURCE: ADOMANI, Inc.
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