Replies to post #20 on Sono Group NV (SEVCQ)

[Enterprising Investor]

Sevcon Raises $10 Million in Oversubscribed Rights Offering (9/17/14)

Sevcon, Inc. a world leader in the design and manufacture of controls for zero emission electric and hybrid vehicles, today announced the closure and distribution of shares following its successful rights issue for Series A Convertible Preferred Stock. Stockholders of record will receive their entitlement of shares by close of business today.

Sevcon President and CEO Matt Boyle said, "We are delighted by the response of our shareholders to the rights issue and especially grateful to our larger shareholders, Gabelli Funds and Wells Fargo, for their substantial oversubscription. We also thank our employees, who subscribed for a significant number of shares. Our plans for deploying the capital raised in the offering are being worked through, and we look forward to updating stockholders on our progress in the coming months. It was extremely important for us to raise these funds in order to facilitate the continuing growth of the business, both organically and inorganically."

Subscribers may obtain further information by contacting the Information Agent for the rights offering at [phone].

About Sevcon, Inc.

Sevcon is a world leader in the design and manufacture of controls for zero emission electric and hybrid vehicles. The controls are used to vary the speed and movement of vehicles, to integrate specialized functions, and to optimize the energy consumption of the vehicle's power source. Sevcon supplies customers throughout the world from its operations in the USA, the UK, France and the Asia Pacific region and through an international dealer network. Sevcon's customers are manufacturers of on and off road vehicles including cars, trucks, buses, motorcycles, fork lift trucks, aerial lifts, mining vehicles, airport tractors, sweepers and other electrically powered vehicles. For more information, visit www.sevcon.com.

http://www.marketwatch.com/story/sevcon-raises-10-million-in-oversubscribed-rights-offering-2014-09-17

[Enterprising Investor]

BorgWarner Enters Into Agreement to Acquire Sevcon (7/17/17)

AUBURN HILLS, Mich., July 17, 2017 /PRNewswire/ -- BorgWarner announced today that it has entered into a definitive agreement to acquire Sevcon, Inc., a global player in electrification technologies. Sevcon complements BorgWarner's power electronics capabilities utilized to provide electrified propulsion solutions.

"This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric," said James Verrier, President and CEO of BorgWarner. "We look forward to welcoming Sevcon's talented employees to BorgWarner."

The completion of the transaction is subject to certain terms and conditions, including the approval of Sevcon's stockholders and receipt of required competition law approval.  The expected enterprise value of the transaction at closing is approximately $200 million. The transaction is expected to close in the fourth quarter of 2017 subject to the satisfaction of closing conditions. 

About BorgWarner

BorgWarner Inc. (NYSE: BWA) is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. With manufacturing and technical facilities in 62 locations in 17 countries, the company employs approximately 27,000 worldwide. For more information, please visit borgwarner.com.

About Sevcon

Sevcon is a global supplier of control and power solutions for zero-emission, electric and hybrid vehicles. Its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution. Sevcon's Bassi Division produces battery chargers for electric vehicles; power management and uninterrupted power source systems for industrial, medical and telecom applications; and electronic instrumentation for battery laboratories. The company supplies customers from its operations in the U.S., U.K., France, Germany, Italy, China and the Asia Pacific region, as well as through an international dealer network. Learn more about Sevcon at www.sevcon.com.

http://www.prnewswire.com/news-releases/borgwarner-enters-into-agreement-to-acquire-sevcon-300488941.html

[Enterprising Investor]

Rights offering was a non-event for my portfolio.

Or so I thought...

Since I only received a few shares of SEVAP at $21.50 in the rights offering, I, believe it or not, just stopped following the SEV.

Sold!

Thank you, BorgWarner, for helping me make a 200-percent return on what I thought was dead money.