Torsten Kiedel: First of all, let’s start with the ATM. Or in the past, the committed equity facility. As you probably saw, our daily average trading stock volume increased significantly ever since we went to the US in order to present our solar technology and the Sion. Prior to the US tour, the weeks prior to that, we averaged around 300,000 on a single day. And now, we’re looking at more than a million. I believe that latest number was 1.7 million for the last month of average daily trading volume. So significant improvement there. As I mentioned before, since we now signed the convertible debenture with Yorkville, we will limit the usage of the formerly committed equity facility, in the future ATM, in order not to put too much pressure on the stock.
So, it’s limited to 2%, and there’s an exception for very high trading volume days where we can use it to a bigger extent. But of course, interest here is to keep dilution as low as possible. We spoke extensively about the community down payments, about the marketing campaign, and why we believe this is the right next step. It’s non-dilutive. It’s an incredible community we have out there. And this would reduce the overall standing amount significantly. And of course, as you can imagine, one of the feedbacks in the past was, you still need a lot of money. We know it’s not a lot of money from an OEM perspective, it’s not a lot of money in comparison to many of our peers. But having to raise more than €200 plus million still until start off production is quite some money.
And this is why we believe achieving a successful community campaign or marketing campaign will reduce that amount significantly and that will make it easier for equity investors to realize the potential there is in our technology and in the stock as well.
Andres Sheppard: Maybe as a follow up, can you just remind us what the kind of the cash burn or the cash outflow expectations are maybe on a quarterly or annual basis? I think in the past, you had mentioned the operating and investment cash flow outflow of about €165 million for the second half of this year and a little bit north of €150 million in 2023. So have those numbers changed? Are they kind of expected to be the same?
Torsten Kiedel: What has changed is, of course, we try to adapt to market environment as much as possible. So we try to postpone some expenses. And we did the hiring freeze that Thomas talked about, and started that in November, to be as efficient as possible with the money we have received. I think this is key. We decided against layoffs. Of course, there are many tech companies right now laying off people. It comes at a price. And this is why we decided let’s take the step of a hiring freeze. Looking forward, the internal burn rate is less than €5 million a month, mainly for salaries, the 400 plus employees we currently employ here in Munich, and then some other OpEx. Of course, what we need to do is continue to invest in CapEx. Majority of the use of funds, as indicated in the past, is for production machinery and toolings.
We trigger the purchase orders, so we drive the €“ when we need to pay for those orders. And this then is connected to when do we get access to the money in order to then purchase the production machinery toolings.
Andres Sheppard: Congrats again on the quarter.
Operator: We will take our next question. And the question comes from the line of Austin Zocco from Freedom Capital Markets.
Austin Zocco: Congrats on a successful third quarter. Just had a couple of questions here. So, like as you’ve probably seen, last month your competitor Lightyear announced that they’ve begun production and are planning to scale early next year. So, what is Sono’s plans around staying ahead of a competitor in the space like Lightyear in the solar auto industry?
