AYRO Closes $10.0 Million Registered Direct Offering
November 24 2020 - 9:00AM
AYRO, Inc. (Nasdaq: AYRO) (“AYRO” or the “Company”), a
manufacturer of light-duty, urban, and short-haul electric vehicles
(EVs), today announces the closing of its previously announced
registered direct offering for an aggregate of $10 million in gross
proceeds with Carnegie Hudson Resources, an investment arm of
Wanxiang America, along with several existing institutional
investors.
Wanxiang America is a subsidiary of Wanxiang Group, a Chinese
conglomerate and owner of Karma Automotive and A123 Systems, a
developer of EV batteries and supplier to automotive manufacturers
worldwide. The Karma Automotive Innovation and Customization Center
(KICC) recently signed a strategic manufacturing, engineering, and
design partnership with AYRO.
“We are thrilled with the strategic investment in AYRO by CHR
Capital, an investment arm of Wanxiang America. This strategic
investment further expands our relationship with Karma and provides
better access to Wanxiang’s global supply-chain, as well as A123’s
leadership in automotive lithium battery technology,” commented
AYRO’s Chief Executive Officer Rod Keller. “COVID-19 is changing
the world, and the need for cost-effective delivery EVs has never
been bigger and will only continue to grow. This important
investment should help AYRO accelerate our mission to provide next
generation, purpose-built EV solutions designed for the urban,
last-mile, and food delivery markets. We believe that this
strategic investment by Wanxiang and existing investors is a
testament to our future potential. With this support, we plan to
continue to build strong fundamentals, expand production capacity
beyond our current 600 cars per month, drive stronger market
penetration, and position AYRO to meet ever growing demand with a
variety of EV products across our value chain. In particular, we
believe that this capital can help us drive growth with our
partners and customers that include Karma, Club Car, and Gallery
Carts, among others.”
Spartan Capital Securities, LLC & Palladium Capital Group,
LLC acted as advisors to the offering.
About AYRO,
Inc.
Texas-based AYRO, Inc., manufactures purpose-built electric
vehicles to enable sustainable fleets. With rapid, customizable
deployments that meet specific buyer needs, AYRO’s agile EVs are an
eco-friendly microdistribution alternative to gasoline vehicles.
The AYRO 411 Club Car is the only zero-emission, light duty EV
known to AYRO that can be optimized for the needs of any
sustainable fleet, while the AYRO 311 EV can be configured for a
variety of urban last-mile transportation needs. AYRO innovates
with speed, discipline, and agility and was founded in 2017 by
entrepreneurs, investors, and executives with a passion for
creating sustainable urban electric vehicle solutions for
micromobility. For more information, visit: www.ayro.com
Forward-Looking StatementsThis press release
may contain forward-looking statements. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements
to be materially different from any expected future results,
performance, or achievements. Words such as "anticipate,"
"believe," "could," "estimate," "expect," "may," "plan," "project,"
"will," "would" and their opposites and similar expressions are
intended to identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management
as well as assumptions made by and information currently available
to management. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements include, without limitation: we have a history of losses
and has never been profitable, and we expect to incur additional
losses in the future and may never be profitable; the market for
our products is developing and may not develop as expected; our
business, results of operations and financial condition may be
adversely impacted by public health epidemics, including the recent
COVID-19 outbreak; our limited operating history makes evaluating
its business and future prospects difficult and may increase the
risk of any investment in its securities; we may experience
lower-than-anticipated market acceptance of its vehicles;
developments in alternative technologies or improvements in the
internal combustion engine may have a materially adverse effect on
the demand for our electric vehicles; the markets in which we
operate are highly competitive, and we may not be successful in
competing in these industries; we rely on and intends to continue
to rely on a single third-party supplier for the sub-assemblies in
semi-knocked-down for all of its vehicles; we may become subject to
product liability claims, which could harm our financial condition
and liquidity if we are not able to successfully defend or insure
against such claims; increases in costs, disruption of supply or
shortage of raw materials, in particular lithium-ion cells, could
harm our business; we will be required to raise additional capital
to fund its operations, and such capital raising may be costly or
difficult to obtain and could dilute our stockholders' ownership
interests, and our long-term capital requirements are subject to
numerous risks; we may fail to comply with environmental and safety
laws and regulations; and we are subject to governmental export and
import controls that could impair our ability to compete in
international market due to licensing requirements and subject us
to liability if we are not in compliance with applicable laws. A
discussion of these and other factors is set forth in our
registration statement on Form S-4 filed on February 14, 2020, as
amended, and our subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date they are made,
and we disclaim any intention or obligation to revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For media
inquiries: |
For investor inquiries: |
Liz Crumpacker |
Joseph Delahoussaye III |
for AYRO, Inc. |
for AYRO Inc. |
ayro@antennagroup.com |
investors@ayro.com |
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