The Zhitong Finance App learned that electric vehicle manufacturer SONDORS (SODR.US) lowered its IPO price on Tuesday local time. The company now plans to issue 2.5 million shares at a price of $6 to $8 to raise $18 million. The company had previously applied to issue the same number of shares at a price of $8 to $10. Based on the median value of the revised issue price range, its plan will raise 22% less capital than previously anticipated.

SONDORS was founded in 2013 with sales of $22 million for the 12 months ending September 30, 2022, and plans to be listed and traded on the NASDAQ under the stock code “SODR”. In the latest documents, the company also announced the replacement of underwriters (D.A. Davidson and Lake Street) with A.G.P. AGP is the sole bookkeeper for this transaction.

It is reported that SONDORS mainly manufactures high-quality electric vehicle products through a series of kits. These kits are designed to comfortably cope with various conditions from paved roads to rough mountain bike terrain. Through a partnership agreement, SonDors is committed to providing entry-level models to Costco customers. The company's other e-bike models are sold directly to consumers, enabling end customers to customize their product portfolio, which ranges from fully cushioned, medium-speed drive mountain bikes to MadMods products with wide tires and customizable styling kits. Since 2015, the company has delivered more than 63,000 electric bikes in 72 countries/regions, and currently has more than 10,000 pre-orders for the electric motorcycles it is developing.