AYRO - Ayro skyrockets on $10M registered direct offering

Ayro ([[AYRO]] +24.5%) entered into definitive agreements with Carnegie Hudson Resources, an investment arm of Wanxiang America, and several existing institutional investors, for the sale of ~$1.65M shares at $6.06/share in a registered direct offering priced at-the-market for gross proceeds of ~$10M.Also, the company agreed to issue to the investors unregistered Series A warrants to acquire ~1.24M shares at $8.09/share and unregistered Series B warrants to acquire ~825,083 shares at $8.91/share.Proceeds to be used for manufacturing, production, operations, product portfolio market expansion, and general working capital.Offer expected to close on or about Nov.24, 2020.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.Recently, Karma signed a strategic manufacturing, engineering and design partnership with AYRO.

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Ayro skyrockets on $10M registered direct offering