Electric bike and motorcycle maker Sonders Inc. on Thursday cut the price range for its planned initial public offering for the second time this week, lowering it to range of $4 to $6 from a prior $6 to $8. The company had originally set a range of $8 to $10 in December. Sonders is planning to offer 4 million share in the deal to raise $24 million at the top of the range. The company has applied to list on Nasdaq under the ticker ‘SODR.’ The company had a net loss of $4.23 million in the nine months through Sept. 30, 2022, wider than the loss of $1.78 million posted in the year-earlier period. Revenue rose to $16.8 million from $11.2 million. “We are a California-based, design-focused electric mobility company manufacturing and delivering premium electric bicycles and an electric motorcycle,” the company said in its filing documents. The Renaissance IPO ETF IPO has fallen 41% in the last 12 months, while the S&P 500 SPX has fallen 10%.
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