AYRO Closes $10.0 Million Registered Direct Offering

Financing was strategically led by an investment arm of Wanxiang America

AUSTIN, Texas, Nov. 24, 2020 (GLOBE NEWSWIRE) -- AYRO, Inc. (Nasdaq: AYRO) (“AYRO” or the “Company”), a manufacturer of light-duty, urban, and short-haul electric vehicles (EVs), today announces the closing of its previously announced registered direct offering for an aggregate of $10 million in gross proceeds with Carnegie Hudson Resources, an investment arm of Wanxiang America, along with several existing institutional investors.

Wanxiang America is a subsidiary of Wanxiang Group, a Chinese conglomerate and owner of Karma Automotive and A123 Systems, a developer of EV batteries and supplier to automotive manufacturers worldwide. The Karma Automotive Innovation and Customization Center (KICC) recently signed a strategic manufacturing, engineering, and design partnership with AYRO.

“We are thrilled with the strategic investment in AYRO by CHR Capital, an investment arm of Wanxiang America. This strategic investment further expands our relationship with Karma and provides better access to Wanxiang’s global supply-chain, as well as A123’s leadership in automotive lithium battery technology,” commented AYRO’s Chief Executive Officer Rod Keller. “COVID-19 is changing the world, and the need for cost-effective delivery EVs has never been bigger and will only continue to grow. This important investment should help AYRO accelerate our mission to provide next generation, purpose-built EV solutions designed for the urban, last-mile, and food delivery markets. We believe that this strategic investment by Wanxiang and existing investors is a testament to our future potential. With this support, we plan to continue to build strong fundamentals, expand production capacity beyond our current 600 cars per month, drive stronger market penetration, and position AYRO to meet ever growing demand with a variety of EV products across our value chain. In particular, we believe that this capital can help us drive growth with our partners and customers that include Karma, Club Car, and Gallery Carts, among others.”

Spartan Capital Securities, LLC & Palladium Capital Group, LLC acted as advisors to the offering.

About AYRO, Inc.

Texas-based AYRO, Inc., manufactures purpose-built electric vehicles to enable sustainable fleets. With rapid, customizable deployments that meet specific buyer needs, AYRO’s agile EVs are an eco-friendly microdistribution alternative to gasoline vehicles. The AYRO 411 Club Car is the only zero-emission, light duty EV known to AYRO that can be optimized for the needs of any sustainable fleet, while the AYRO 311 EV can be configured for a variety of urban last-mile transportation needs. AYRO innovates with speed, discipline, and agility and was founded in 2017 by entrepreneurs, investors, and executives with a passion for creating sustainable urban electric vehicle solutions for micromobility. For more information, visit: www.ayro.com