- Ayro (AYRO +1.7%) entered into definitive agreements with two existing institutional investors for the purchase and sale of 3.33M at a purchase price of $6/share in a registered direct offering.
- It has agreed to issue to the investors unregistered warrants to acquire 3.33M shares at $6.93/shar, exercisable six months after the closing and terminating 2.5 years after issuance date.
- Gross proceeds are expected to be ~$20M; proceeds to be used for general corporate purposes.
- Offer closing expected on or about Jan. 27, 2021.