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Technology Stocks : AYRO =MC $38 M /Shares Out 12.5 M =Next TESLA ? MEGA OPP
AYRO 5.390-2.0%Apr 13 4:00 PM EDT

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From: The Ox2/11/2021 9:28:14 AM
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AYRO, Inc. Announces $41,800,000 Registered Direct Offering Priced At-the-Market under Nasdaq Rules

Thu, February 11, 2021, 8:00 AM
Austin, Texas, Feb. 11, 2021 (GLOBE NEWSWIRE) -- AYRO, Inc. (the “Company”) (NASDAQ: AYRO), a manufacturer of light-duty, emissions-free electric vehicles, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 4,400,001 shares of the Company’s common stock, at a purchase price of $9.50 per share, in a registered direct offering priced at-the-market under Nasdaq rules. In addition, the Company granted to the investors in the offering the right to acquire an aggregate of 3,300,001 shares of the Company’s common stock at a purchase price of $11.50 per share until the one-year anniversary of the closing date of the offering. The closing of the offering is expected to occur on or about February 16, 2021, subject to the satisfaction of customary closing conditions.

The gross proceeds to the Company from this offering are expected to be approximately $41,800,000, before deducting financial advisory fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

The shares of common stock are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-251001) previously filed with the Securities and Exchange Commission (the "SEC") on November 27, 2020, and declared effective by the SEC on December 2, 2020. The offering of the securities is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at .
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