|To: BioHero who wrote (4)||7/6/2020 11:29:13 AM|
|From: Glenn Petersen|
|Up 140% this morning.|
AYRO, Inc (AYRO) Completes Factory Expansion, Electric Vehicle Production Capacity Increases 200%
July 6, 2020 8:16 AM EDT
AYRO, Inc. (NASDAQ: AYRO), a manufacturer of light-duty, emissions-free electric vehicles, today announced the completion of its factory expansion in Austin from 10,000 square feet to 24,000 square feet. The expansion includes new assembly lines and additional engineering and product development facilities to accommodate new staffing in battery technology, powertrain, supply chain, service and application services solutions.
"Our previous facility was only capable of producing up to 200 vehicles per month and we knew that we would soon outgrow its capabilities if we met our projected growth targets," said Rod Keller, Chief Executive Officer of AYRO. "The capital infusions we received over the past few months have enabled us to complete the new expansion and accelerate our growth plans. The new manufacturing facility was designed to allow us to handle up to 600 electric vehicles per month, representing a 200% increase in production against a 140% expansion of floor space.
Rod Keller added, "Our position within the electric vehicle market should be strengthened by our manufacturing capacity expansion and our presence in Austin. Tesla is on the verge of finalizing its newest and largest $1 billion "gigafactory" in Austin, while Hyliion, an Austin-based electric-powered heavy-duty truck company is expected to merge with Tortoise Acquisition Corp. later this year. Austin is fast becoming a powerful force in the electric vehicle industry and we are thrilled to be right in the middle of it with our great product line-up and fleet sales orientation for purpose-built vehicles. Underlying the expected demand for our vehicles - both existing models and newly engineered designs nearing completion - is the coronavirus pandemic which continues to force businesses to rethink campus and urban mobility relative to accelerating on-demand delivery models. Our electric vehicles have the potential to be a part of this changing landscape for how food, goods, equipment, materials and related items are transported."
AYRO is positioning itself as an emerging leader in the purpose-built electric vehicle market by partnering with institutional brands like Club Car and other global leaders in marketing, manufacturing, and other strategic areas to serve a large growing global market.
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|From: The Ox||2/11/2021 9:28:14 AM|
|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 globenewswire.com .
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