Sono Group N.V.
For the period ended Dec 31, 2024. Filed Apr 17, 2025.
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FY2024 · Filed Apr 17, 2025
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Item 3. Legal Proceedings
From time to time, we have been and may again become involved in various claims and legal proceedings that arise in the ordinary course of our business.
In July 2023, we received a demand letter from Yorkville claiming that we and our directors and officers made various material misrepresentations and omissions to fraudulently induce Yorkville to enter into a securities purchase agreement and purchase the 2022 Convertible Debentures. In the Restructuring Agreement, Yorkville agreed, subject to closing of the transactions envisaged in the Restructuring Agreement and certain other conditions, not to pursue claims against our former directors and officers. We believe that the claims made in the demand letter are unjustified. We will defend ourselves against the claims made in the demand letter, should Yorkville decide to pursue these claims.
Regardless of the outcome, litigation can have an adverse effect on us because of defense and settlement costs, diversion of management resources and other factors.
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