Monitor for any subsequent amendments to this 13D that signal activist intent (board nominations, strategic review demands, or sale push). The 21.5% stake gives Alpine Fox significant blocking power on any shareholder vote requiring supermajority approval. Watch for increased trading volume or price volatility as the market digests this concentrated ownership position in a thinly traded micro-cap.
Price Chart
Executive Summary
Alpine Fox Capital LLC filed a Schedule 13D disclosing a 21.5% stake in Sono Group N.V. (SSM), acquired for approximately $370,691 in open-market purchases from September 22-30, 2026. The filing states the stake is for investment purposes only with no present plans for control changes, but the large passive-like position in a deeply distressed company (market cap ~$7.2M as of June 2025, recent 10-K shows ongoing reliance on Yorkville convertible debt financing) warrants close monitoring for potential activist escalation.
Key Financial Metrics
Key Facts
- Alpine Fox Capital LLC and Alpine Fox, LP filed a Schedule 13D disclosing beneficial ownership of 315,295 ordinary shares of Sono Group N.V. (SSM), representing approximately 21.5% of outstanding common stock.
- The shares were purchased in open-market transactions from September 22-30, 2026 at a weighted average price of $1.1756 per share, for an aggregate purchase price of approximately $370,691.
- The filing states the securities were acquired for investment purposes and that the reporting persons have no present plans or proposals relating to any of the actions specified in Items 4(a)-(j) of Schedule 13D (including control changes, board seats, or strategic transactions).
- The 10-K filed April 1, 2026 shows Sono Group had a market value of non-affiliate held shares of approximately $7.2 million as of June 30, 2025, and continues to rely on Yorkville convertible debt financing with multiple debenture tranches outstanding.
- As of March 25, 2026, the company had 1,424,834 ordinary shares, 40,000 high voting shares, and 1,401 preferred shares outstanding.
Financial Impact
21.5% stake acquired for ~$370,691 at ~$1.18/share; company market cap ~$7.2M as of June 2025
Risk Factors
- The filing explicitly disclaims any present plans for control changes, reducing near-term catalyst probability
- Sono Group's precarious financial condition (ongoing Yorkville convertible debt, history of German insolvency proceedings) creates binary risk regardless of activist involvement
- The 21.5% stake may create overhang if Alpine Fox decides to exit, given the stock's low liquidity
- Alpine Fox Capital is an exempt reporting adviser with no publicly known activist track record, making outcomes highly uncertain
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D Filing (Primary) | 0002096493-26-000005 |
| Document: 0002096493-26-000005-index.html | 0002096493-26-000005 |
| Document: 0002096493-26-000005.txt | 0002096493-26-000005 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | SC 13G/A | $1.30 $1.17 | ▲ +10.00% | ▲ +8.85% | $1.09 (+16.15%) |
Oct 1, 2026 25d ago | SC 13D | $2.21 $1.30 | ▼ −41.40% | ▼ −42.70% | $1.09 (−50.68%) |
Sep 2, 2026 7w ago | 424B5 | $3.50 $2.11 | ▲ +39.71% | ▲ +38.57% | $1.09 (+68.86%) |
Aug 31, 2026 8w ago | 425 | $4.76 $2.31 | ▼ −51.52% | ▼ −51.61% | $1.09 (−77.08%) |
May 15, 2026 23w ago | EFFECT | $3.90 $3.79 | ▲ +2.70% | ▲ +3.66% | $1.09 (+72.02%) |
Mar 19, 2026 31w ago | DEFA14A | $6.24 $6.01 | ▼ −3.70% | ▼ −1.55% | $1.09 (−82.53%) |
Mar 16, 2026 32w ago | DEFA14A | $6.90 $6.37 | ▼ −7.68% | ▼ −5.03% | $1.09 (−84.20%) |
Feb 24, 2026 34w ago | 8-K | $7.05 $7.25 | ▲ +2.84% | ▲ +3.94% | $1.09 (−84.54%) |
US Market Status
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