Sono Group N.V.

Stock futures traded lower early Tuesday, with Dow futures down 0.65%, S&P 500 futures down 0.62%, and Nasdaq-100 futures down 1.06%. GoPro shares surged over 82% premarket after YouTube creator Mark Fischbach, known as Markiplier, disclosed an 8.5% stake in the company, making him its largest individual shareholder. Robinhood rose 2.6% after Morgan Stanley upgraded it to Overweight with a $150 price target. Novartis climbed nearly 4% on positive late-stage trial data for its MS drug remibrutinib. Sono Group jumped about 55% after announcing a non-binding letter of intent to combine with Sports One, creating a publicly traded company that would acquire minority stakes in major sports leagues. Duolingo gained 3.8% after Evercore ISI raised its price target to $210.

Sono Group N.V. announced on Monday that it signed a non-binding letter of intent with Sports One to combine and create a publicly traded sports-focused company. Under the proposed deal, the combined company is expected to be renamed Sports One, with Sports One equity holders owning a super-majority stake. The combined company will acquire and hold minority interests in NFL, NBA, MLB, and NHL franchises, subject to applicable league and team approvals. Additionally, investors purchased 283,500 ordinary shares, representing 19.9% of Sono Group's outstanding shares, in a registered direct offering at market price with no discount or warrants. The net proceeds will be used for working capital and general corporate purposes, and investors are subject to a 180-day lock-up. The planned sports intelligence business would provide athlete-level data and NIL valuation intelligence to teams, universities, brands, sponsors, and betting-related businesses. The transaction remains subject to due diligence, a definitive agreement, regulatory review, and shareholder approval, with no assurance of completion.