EV Technology Group Ltd. (the “Company” or “EV Technology Group”) (OTCQB: EVTGF, NEO: EVTG, DE: B96A), announces today that it intends to offer up to C$2.5 million aggregate principal amount of unsecured convertible notes (the “Notes”) on a private placement basis (the “Offering”).

The Notes will mature one year from the date of issuance (the “Maturity Date”), unless repurchased, redeemed, or converted in accordance with their terms prior to the Maturity Date and shall accrue interest at the rate of 7.0% per annum. At the Company’s election, the Notes may be converted to common shares of the Company (“Common Shares”) on the Maturity Date at a price equal to the trading price of the Common Shares on the Cboe Canada, the new business name of the NEO Exchange, less a 10% discount (the “Maturity Conversion Price”). Furthermore, upon the occurrence of a qualifying transactions, including for example a public offering of the securities of the Company in the United States or a merger, amalgamation or combination of the Company with a public company whose securities are listed on the Nasdaq Stock Market, the NYSE American or the New York Stock Exchange (a “Qualifying Transaction”), the Notes shall automatically convert into Common Shares at a conversion price at a price equal to the ascribed price per Common Share in the relevant transaction giving rise to the automatic conversion less a 75% discount (the “QT Conversion Price”), provided that the Maturity Conversion Price and the QT Conversion Price shall not be lower than C$0.045 per Common Share.

The Offering is subject to a number of conditions, including final approval of the Cboe Canada. Funds from the Offering will be used for general working capital, acquisitions and to advance the Company’s business.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

Corporate Update

This Offering occurs at a key moment of growth for EV Technology Group, and at its completion will help the Company continue to execute on its strategy of acquiring and electrifying iconic automotive brands.

EV Technology Group’s strategic partner MOKE International continues to prove out the power of this strategy. It has recently opened its order books for the new Electric MOKE Californian, and inspired the public in its appearances at Goodwood and with Miami photographer Jordan Braun.

EV Technology Group’s strategic partner MOKE International continues to prove out the power of this strategy. It has recently opened its order books for the new Electric MOKE Californian, and inspired the public in its appearances at Goodwood with Miami photographer Jordan Braun.

Wouter Witvoet, CEO and Founder of EV Technology Group said: “As the MOKE brand’s continued growth demonstrates, our strategy of acquiring and electrifying iconic automotive brands has resonance with a large market. This Offering is being made in a context of funding continued transformational growth for EV Technology Group and our strategic partners.”

EV Technology Group

EV Technology Group was founded in 2021 with a vision of electrifying iconic brands –and a mission of redefining the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience — acquiring and partnering with iconic brands with significant growth potential in unique markets and controlling end-to-end capabilities. To learn more visit: https://evtgroup.com/

EV Technology GroupWouter WitvoetCEO and Chairman of the Boardwouter@evtgroup.com

Forward-Looking Information

This news release contains forward-looking statements including, but not limited to, the Offering and the Note, the terms and conditions of the Notes, the Maturity Conversion Price and QT Conversion Price of the Notes, occurrence of any Qualifying Transaction, future acquisitions and the expected use of proceeds of the Offering. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements, including those factors discussed under “Risk Factors” in the filing statement and annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. 

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

THE CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE 

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