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SRIVARU Holding Limited, symbol: SVMH, is a pioneering company in the two-wheeled vehicle (TWV) industry, focusing on developing vehicles powered by renewable energy. With a commitment to safety, performance, and comfort, SRIVARU aims to provide a secure and enjoyable riding experience to its customers.
Operating in the vehicle manufacturing segment, SRIVARU's flagship product line, the Prana, is an E2W (Electric Two-Wheeler) vehicle that is setting new standards in the category. The Prana line includes the Prana-Grand and the upcoming Prana-Elite, which will utilize the same platform but offer enhanced features and range.
SRIVARU has recently made significant strides in innovation with the introduction of the Prana 2.0 Grand and Elite models. These models feature the company's version 2.0 intelligent battery system, which extends the on-road driving range to 150km and 250km per charge, significantly surpassing the average daily commute distance by 2-4 times.
The company is actively engaged in engineering and design work, aiming to continually upgrade and enhance its product offerings. Recent developments include the establishment of a robust supply chain and the submission of vehicles for road and safety certification.
For the latest updates and more information, SRIVARU Holding Limited encourages investors and media to contact Crescendo Communications, LLC at +1-212-671-1020 or via email at ir@svmh.ai. Images and further announcements can be found at their official news sections on platforms such as GlobeNewswire.
SRIVARU Holding (Nasdaq: SVMH) has completed its upsized public offering, raising approximately $6.8 million in gross proceeds. The offering consisted of 106,250,000 units priced at $0.064 per unit, with each unit comprising one ordinary share and one warrant. The warrants are exercisable at $0.096 per share upon shareholder approval and expire after five years. The underwriters have a 45-day option to purchase up to an additional 15,937,500 ordinary shares and warrants. Maxim Group served as the sole book-running manager for the offering.
SRIVARU Holding (Nasdaq: SVMH) has announced the pricing of an upsized public offering of 106,250,000 units at $0.064 per unit, expecting to raise $6.8 million in gross proceeds. Each unit includes one ordinary share and one warrant exercisable for two ordinary shares. The warrants will be exercisable at $0.096 per share upon shareholder approval and expire after five years. The company granted underwriters a 45-day option to purchase up to additional 15,937,500 ordinary shares and warrants. The offering, managed by Maxim Group , is expected to close on October 31, 2024.
SRIVARU (Nasdaq: SVMH) announced its expansion into Kerala, India, through a new joint dealership with Electrogreen Motors in Thiruvananthapuram. The partnership will offer PRANA 2.0 electric motorcycles, featuring models with 250km range per charge and 0-60 km/h acceleration under 4 seconds. The joint dealership model allows SRIVARU to partner with established local dealers while minimizing costs. Kerala's supportive EV policies, including free registration, road tax exemptions, and free parking, make it an ideal market for expansion. The state's major cities are already significant contributors to India's luxury automobile segment.
SRIVARU Holding (Nasdaq: SVMH) has announced the commencement of customer deliveries for its PRANA 2.0 models, marking the beginning of the company's revenue generation phase. This milestone follows SRIVARU's receipt of the CMVR certification from the Indian Road Transport Authority, confirming compliance with India's safety, performance, and environmental standards.
The PRANA 2.0 series, including the Grand and Elite models, offers a superior riding experience with advanced technology, impressive range, and high-performance capabilities. The Prana Elite boasts a driving range of 250 kilometers per charge and can accelerate from 0 to 60 km/h in under 4 seconds. These electric motorcycles feature iOT enabled smart clusters, LTE and Bluetooth connectivity, and advanced Controller Area Communications (CAN) between core components.
CEO Mohanraj Ramasamy expressed excitement about entering the revenue generation phase and the growth opportunities in the electric two-wheeler segment, particularly in India's rapidly growing EV market.
SRIVARU Holding (NASDAQ:SVMH) has obtained certification from India's Central Motor Vehicles Rules (CMVR) agency for its PRANA 2.0 models, including the PRANA Grand and PRANA Elite. This certification marks the final federal technical compliance, paving the way for vehicle deliveries in India. The PRANA 2.0 series, designed for urban commuters and eco-conscious riders, offers a range of 250 kilometers per charge and can accelerate from 0 to 60 km/h in under 4 seconds.
The CMVR certification process involved extensive testing, ensuring PRANA 2.0 meets the highest industry standards. This achievement positions SRIVARU to capitalize on the growing demand for electric vehicles in India, where the premium yet affordable segment has seen over 23% year-over-year growth. CEO Mohanraj Ramasamy stated that this milestone is necessary to begin revenue generation and demonstrates the company's commitment to delivering a commercially viable product.
SRIVARU Holding (Nasdaq: SVMH, SVMHW) has secured certification from India's Central Motor Vehicles Rules (CMVR) agency for its PRANA 2.0 models, including the PRANA Grand and PRANA Elite. This certification marks the final federal technical compliance needed for customer deliveries in India. The PRANA 2.0 series, designed for urban commuters and eco-conscious riders, offers a range of 250 kilometers per charge and can accelerate from 0 to 60 km/h in under 4 seconds.
The CMVR certification process involved extensive testing of battery safety, environmental impact, and vehicle performance. This achievement positions SRIVARU to capitalize on India's rapidly growing electric two-wheel vehicle market, which has seen over 23% year-over-year growth in the premium yet affordable segment. With this milestone, the company is now moving forward with full commercial operations and delivery planning.
SRIVARU Holding (Nasdaq: SVMH, SVMHW), an electric motorcycle innovator, has received approval from the Nasdaq Hearings Panel for continued listing. The decision grants SRIVARU time to regain compliance with Nasdaq's listing requirements. By November 14, 2024, the company must:
- Submit a public filing and financial statements confirming compliance with Nasdaq's shareholder equity requirements
- Provide detailed 12-month income projections with underlying assumptions
If SRIVARU demonstrates compliance with the stockholders' equity standard by the deadline, it will be granted additional time to complete a reverse share split if needed to meet the minimum bid price requirement. The company must promptly notify Nasdaq of any significant developments during this period.
SRIVARU Holding (Nasdaq: SVMH) has launched its PRANA 2.0 electric motorcycle in Chennai, India. The company aims to increase production capacity to nearly 10,000 units per month by the end of 2024 and plans to establish a pan-India sales network. India's motorcycle market is projected to grow from $25.6 billion in 2023 to $36.1 billion by 2027, with electric motorcycles expected to capture 50% market share by 2030.
PRANA 2.0 features over 100 new components, advanced technology, and innovative features. The Coimbatore facility currently produces more than 2,000 units monthly on a single production line. The motorcycle boasts a top speed of 123 kmph, four driving modes, and an integrated mobile app for real-time tracking and diagnostics.
SRIVARU Holding (Nasdaq: SVMH) is set to launch its highly anticipated electric motorcycle, PRANA 2.0, on August 22nd, 2024, in Chennai, India. The unveiling marks a significant milestone for the company, showcasing years of innovation in electric motorcycle technology. PRANA 2.0 boasts impressive features, including a 250 km range per charge and acceleration from 0 to 60 km/h in under 4 seconds, making it the fastest and most efficient electric motorcycle in its class in India.
CEO Mohanraj Ramasamy emphasized the vehicle's focus on rider experience, quality, style, and total cost of ownership. CFO Adron Leow noted that this launch initiates Phase 2 of SRIVARU's corporate strategy, aligning with the company's medium and long-term goals. The event will take place at the Radisson Blu, Chennai City Centre, at 10:00 AM IST.
SRIVARU Holding (Nasdaq: SVMH, SVMHW), a premium electric motorcycle manufacturer, has received an additional delisting notification from Nasdaq on July 30, 2024. The company failed to maintain the required minimum Market Value of Publicly Held Shares of $15,000,000 and minimum Market Value of Listed Securities of $50,000,000. This comes on top of a previous notification regarding the inability to maintain a minimum Bid Price of $1.00.
On July 31, 2024, SRIVARU submitted a request for a hearing with a Nasdaq Hearing Panel to appeal these determinations. The delisting process is now on hold, and the company's securities will continue trading on Nasdaq pending the Panel's decision. SRIVARU plans to present a comprehensive compliance plan at the hearing but acknowledges there's no guarantee of an extension or successful compliance within any granted period.
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