EZGO - EZGO Technologies drops 15% on $8.5M direct offering

2023-06-06 06:54:12 ET

• EZGO Technologies ( NASDAQ: EZGO ), a short-distance transportation solutions provider in China, enters into a securities purchase agreement with certain purchasers, whereby the company will issue an aggregate of 10M units at $0.85 per unit.
• The aggregate purchase price of $8.5M in a registered direct offering.
• Each unit consists of one ordinary share, par value $0.001 per share, and one warrant to purchase one ordinary share at a price of $1.20 per share.
• The company expects to receive net proceeds of ~$8.47M for working capital and general business purposes.
• The stock price slumps 15% on news.

For further details see: