Sono Group shares surge on proposed merger with Sports One plan

Sono Group N.V. said Tuesday it plans to combine with Sports One and move into the professional sports ownership market. Sono Group and Sports One signed a nonbinding letter of intent Monday. Under the proposed deal, Sports One shareholders would own a supermajority of the combined company, and Sports One's management team would lead the business.

Sono Group expects to adopt the Sports One name. The company said it would acquire and hold minority stakes in NFL, NBA, MLB and NHL franchises. It also plans to operate a sports intelligence platform that would provide athlete data, social media value scores and sponsorship valuations. Any franchise investment would remain subject to league and team approval.

A group of investors bought 283500 Sono Group shares alongside the agreement. The investment represents 19.9% of the company's outstanding ordinary shares. Investors paid the market price without a discount or warrant coverage and agreed to a 180-day lockup. Sono Group said it will use the proceeds for working capital and general corporate purposes.

The transaction still needs due diligence, final agreements, regulatory clearance and shareholder approval, and the companies said they cannot guarantee completion. Sono Group operates as a digital asset treasury company focused on Bitcoin holdings and covered-call income. SSM price action: Sono Group shares were up 48.88% at $3.99 at the time of publication on Tuesday, according to Pro data.