EZGO Technologies prices $9.6M registered direct offering at $1.13 per share

EZGO Technologies announced that it has entered into a definitive agreement with certain institutional investors for the purchase and sale of 8,498,125 ordinary shares, along with associated warrants at a combined purchase price of $1.13 per ordinary share and associated warrants. Each one ordinary share will be sold together with one common warrant exercisable for one ordinary share at an exercise price of $1.13 per ordinary share and four exchange warrants each exercisable for one ordinary share at an exercise price of $1.13 per ordinary share. The common warrants and exchange warrants will each have a three year term. In addition to the customary cashless exercise rights provided in both the common warrants and the exchange warrants, the exchange warrants will also provide an alternate right to exercise on a cashless exercise basis and receive the total number of ordinary shares which the holder would have received if exercised, in full, for cash. The aggregate gross proceeds to the Company are expected to be approximately $9.6 million, in consideration for which the Company will issue a total of 8,498,125 ordinary shares, common warrants to purchase up to 8,498,125 ordinary shares and exchange warrants to purchase up to 33,992,500 ordinary shares. The transaction is expected to close on or about September 13, 2023, subject to satisfaction of customary closing conditions. Aegis Capital Corp. is acting as the Exclusive Placement Agent.