Benzinga | May 27, 2021 09:16AM EDT

EZGO Technologies Announces Pricing Of Upsized $12M Registered Direct Offering Of 2.564M Shares

EZGO Technologies Ltd. (NASDAQ:EZGO) ("EZGO" or the "Company"), a leading short-distance transportation solutions provider in China, today announced that it entered into securities purchase agreements with certain institutional investors in connection with a registered direct offering of an aggregate of 2,564,102 units of its securities (each, a "Unit"), with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.7 ordinary share (the "Warrants"), for aggregate gross proceeds of $12 million (which offering was upsized from the previously sized $10 million), before deducting the placement agent's fees and other estimated offering expenses. The Warrants will be immediately exercisable after the date of issuance (the "Initial Exercise Date") at an exercise price of $4.68 per share, subject to adjustments, and will expire two years after the Initial Exercise Date. The offering is expected to close on or about June 1, 2021, subject to the satisfaction of customary closing conditions.

FT Global Capital, Inc. is acting as the exclusive placement agent in connection with the offering.

The Company currently intends to use the net proceeds of the offering for working capital and general corporate purposes.

The Company's securities described above are being offered pursuant to an effective registration statement on Form F-1 (SEC File No. 333-253950), that was previously filed with the Securities and Exchange Commission ("SEC") on May 20, 2021, subsequently amended and declared effective on May 26, 2021, and by means of a prospectus a copy of which has been filed with the SEC and is available on the SEC's website at www.sec.gov. The offering is being made only by means of such prospectus.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.