EZGO Technologies sells 18M shares at 80c in registered direct offering

EZGO Technologies announced that it has entered into a definitive securities purchase agreement with ten purchasers, each an unrelated third party to the company. Pursuant to the purchase agreement, the purchasers agreed to subscribe for and purchase, and the company agreed to issue and sell to the purchasers, an aggregate of 18,000,000 ordinary shares of the company, with a par value of $0.001 per share, at a purchase price of 80c per share, and for an aggregate purchase price of $14.4M in a registered direct offering. The company expects to receive net proceeds of approximately $14.3M from the issuance and sale of the shares, after payment of offering expenses, including legal fees, and expects the settlement thereof to occur in accordance with the terms of the Purchase Agreement, on or around March 15. The company intends to use the net proceeds from the offering to fund the growth of its business in China, primarily working capital, and for general corporate purposes, as well as to acquire or invest in technologies, products and/or businesses that Company believes will enhance the value of the company.