AYRO, Inc. Announces $9.25 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules

Austin, Texas, July 21, 2020 (GLOBE NEWSWIRE) -- AYRO, Inc. (the “Company”) (NASDAQ: AYRO), a manufacturer of light-duty, emissions-free electric vehicles, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of shares of the Company’s common stock, at a purchase price of $5.00 per share, in a registered direct offering priced at-the-market under Nasdaq rules. Investors were also given the option to purchase a number of shares of common stock equal to 75% of the number of shares acquired on the closing date on or before October 19, 2020. The closing of the offering is expected to occur on or about July 24, 2020, subject to the satisfaction of customary closing conditions.

The gross proceeds to the Company from this offering are expected to be approximately $9.25 million, before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. 

The shares of common stock are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-227858) previously filed with the Securities and Exchange Commission (the "SEC") on October 16, 2018, and declared effective by the SEC on November 9, 2018. The offering of the securities is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov .

Palladium Capital Group, LLC acted as a financial advisor in connection with the offering.

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