LOBO EV Technologies Ltd. Announces Closing of Initial Public Offering

WUXI, China, March 25, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric vehicle manufacturer and seller, today announced the closing of its initial public offering of 1,380,000 ordinary shares, at an initial public offering price of $4.00 per share. Gross proceeds of the offering, prior to deducting underwriting discounts, commissions and offering expenses payable by the Company, were approximately $5.5 million. In addition, LOBO has granted the underwriters a 45-day option to purchase an additional 207,000 ordinary shares at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments.

The shares began trading on the Nasdaq Capital Market on March 21, 2024 under the ticker symbol “LOBO.”

Kingswood, a division of Kingswood Capital Partners, LLC (“Kingswood”), acted as sole bookrunner for the offering.

A registration statement on Form F-1 (File No. 333-270499) relating to the offering has been filed with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective on March 20, 2024. A copy of the registration statement can be accessed through the SEC’s website at www.sec.gov. The offering was made only by means of a prospectus. A copy of the final prospectus relating to the offering may be obtained on the SEC’s website and from Kingswood, via email at [e-mail] or by calling 561-961-0505 or standard mail at Kingswood Capital Partners, LLC, 7280 W Palmetto Park Rd., Suite 301, Boca Raton, FL 33433.

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

About LOBO EV Technologies Ltd.

LOBO is an innovative electric vehicle manufacturer and seller. LOBO designs, develops, manufactures and sells e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles such as golf carts and mobility scooters for the elderly and disabled persons. LOBO also provides automobile information and entertainment software development and design services to customers. Leveraging its cutting-edge technologies in connectivity, multimedia interactive systems and artificial intelligence, LOBO re-defines and develops its products in order to provide users with convenient, affordable and pleasant driving experiences. For more information, visit: www.loboebike.com. Any information contained on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.