Benzinga | Jan 25, 2021 09:01AM EST

AYRO Announces $20M Registered Direct Offering With Two Existing Investors

AUSTIN, TX, Jan. 25, 2021 (GLOBE NEWSWIRE) -- AYRO, Inc. (NASDAQ:AYRO), a manufacturer of light-duty, emissions-free electric vehicles, today announced that it has entered into definitive agreements with two existing institutional investors for the purchase and sale of 3,333,334 shares of the Company's common stock, at a purchase price of $6.00 per share, in a registered direct offering. AYRO has also agreed to issue to the investors unregistered warrants to acquire 3,333,334 shares of common stock at $6.93 per share, exercisable six months after the closing and terminating two and a half years after the date of issuance. The closing of the offering is expected to occur on or about January 27, 2021, subject to the satisfaction of customary closing conditions.