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AYRO, Inc. (NASDAQ: AYRO), founded in 2017 and headquartered in Round Rock, Texas, is a progressive company specializing in the design and manufacture of light-duty, emissions-free electric vehicles. AYRO's core business revolves around developing sustainable transportation solutions for urban and community transport, local delivery, and closed campus mobility. Their product line includes notable models like the AYRO 311, a versatile 3-wheeled vehicle for both professional and personal use; the Club Car 411, designed for low-speed logistics and cargo services on campuses; and the AYRO 511 4×4 concept vehicles.
AYRO's mission is to redefine sustainability through innovative electric vehicles. Their latest offering, the AYRO Vanish, leverages a new Common Core Chassis design platform, making it adaptable for various applications. This low-speed electric vehicle (LSEV) has garnered significant attention, especially after receiving all necessary regulatory certifications and entering Low-Rate Initial Production (LRIP). The Vanish is already in use by hospitality provider Cruising Kitchens and has been approved for easy import into Canada.
AYRO's commitment to innovation is underscored by their recent achievements, including the recognition of their first revenue from Vanish sales and the award of four additional patents. Financially, AYRO maintains a strong balance sheet with nearly $48 million in cash and marketable securities, positioning them well for future growth. The company is focused on optimizing its production processes to transition from LRIP to full production and aims to reach break-even per-unit costs by the second half of 2024.
Recent news highlights AYRO's strategic moves, such as their first fleet order for a Fortune 100 retailer and their inclusion in Transport Canada's Appendix G Pre-clearance Program, facilitating easier import of their vehicles into Canada. Additionally, AYRO's feature on the Viewpoint television series hosted by Dennis Quaid will further showcase their commitment to sustainable transportation solutions.
For more information, visit www.ayro.com.
AYRO, a manufacturer of short-haul electric vehicles, will participate in the Benzinga Global SmallCap Conference on December 8-9, 2020. CEO Rod Keller will present at 4:45 p.m. ET on December 8 and join an EV Panel on December 9 at 2:35 p.m. ET, discussing key topics like the impact of the Biden administration on the EV sector. Investors can schedule one-on-one meetings and register for the conference for free, gaining access to the full agenda. AYRO is focused on providing eco-friendly urban EV solutions tailored to sustainable fleets.
AYRO, Inc. (Nasdaq: AYRO) has successfully closed a registered direct offering, raising $10 million in gross proceeds. This investment, led by Carnegie Hudson Resources, part of Wanxiang America, aims to enhance AYRO's operations in the electric vehicle (EV) market. The capital will support increased production capacity beyond 600 vehicles per month and strengthen AYRO's market presence, especially in urban delivery solutions. AYRO is focused on sustainable fleets and aims to leverage Wanxiang's global supply chain for future growth.
AYRO, Inc. announced a strategic financing agreement led by Carnegie Hudson Resources, an investment arm of Wanxiang America. The offering comprises approximately 1,650,165 shares of common stock priced at $6.06 per share, aiming for gross proceeds of about $10 million. Investors will also receive warrants to acquire additional shares at higher prices. AYRO intends to use the funds for manufacturing, operations, and market expansion. The offering is expected to close on November 24, 2020, subject to customary conditions.
AYRO, Inc. (Nasdaq: AYRO) reported its Q3 2020 financial results with revenues of $388,654 and a net loss of $3.1 million. The adjusted EBITDA loss was $2.1 million, with total debt at $241,399 and cash reserves of $27.9 million as of September 30, 2020. The company expanded its Austin facility to increase production from 200 to 600 vehicles monthly and established a partnership with Karma Automotive aiming to deliver 20,000 vehicles over three years.
AYRO also announced $24.25 million raised through equity offerings and received initial orders worth $584,000 for mobile food trucks.
AYRO announces its third quarter 2020 financial results will be reported on November 6, 2020, before market open. CEO Rod Keller and CFO Curt Smith will lead a conference call at 8:30 a.m. ET to discuss the results and corporate developments. Interested attendees can submit questions via email and will have the opportunity to join the live conference call or listen to a webcast. AYRO focuses on manufacturing light-duty electric vehicles for urban and short-haul use, targeting sustainable fleet solutions in various sectors.
AYRO, Inc. (NASDAQ:AYRO), a manufacturer of electric vehicles, announced its participation in several upcoming investor conferences. Notable events include the LD Micro LD-500 Virtual Conference on September 1-2, where CEO Rod Keller will present and engage in one-on-one meetings with investors. Additionally, AYRO will attend the Colliers Institutional Investor Conference on September 10 and the Cowen & Co. Global Transportation and Sustainable Mobility Conference on September 11. Presentations will be accessible on AYRO's investor relations webpage.
AYRO, Inc. (NASDAQ:AYRO) announced its Q2 2020 financial results, revealing revenues of $286,000 and a net loss of $1.53 million. The company reported $881,000 in total debt and $7.9 million in cash by June 30. Notably, AYRO raised approximately $24.8 million in equity after the quarter and secured $584,000 in orders for its EV hospitality truck. A 200% increase in production capacity was achieved, bringing monthly output potential to 600 vehicles. The backlog stands at $525,000.
AYRO, Inc. (NASDAQ:AYRO) reported financial results for Q2 2020, with revenues of $286,000 and a net loss of ($1.53) million. The company had $7.9 million in cash and total debt of $881,000 as of June 30, 2020. Post-quarter, AYRO raised approximately $24.8 million in equity and secured $584,000 in orders for its EV solutions. A plant expansion is set to increase production capacity by 200% to 600 vehicles per month. AYRO's backlog stands at approximately $525,000. Despite COVID-19's impact, demand for electric vehicles is rising, positioning AYRO for growth.
AYRO, Inc. (NASDAQ: AYRO) has announced a registered direct offering of its common stock at $5.00 per share, aiming to raise approximately $9.25 million before offering expenses. The transaction involves institutional and accredited investors, with the option to purchase additional shares up to 75% of the acquired amount until October 19, 2020. The closing is anticipated around July 24, 2020. Proceeds will support working capital and general corporate purposes. This offering is made under a previously filed effective shelf registration with the SEC.
AYRO, Inc. (NASDAQ: AYRO) has entered into definitive agreements for a registered direct offering of common stock at $4.75 per share, aiming for gross proceeds of about $15 million. The closing is anticipated around July 8, 2020, pending customary conditions. The funds will be allocated for working capital and general corporate purposes. The offering relies on a previously effective shelf registration statement. Palladium Capital Group acted as a financial advisor for this transaction.
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