EZGO Technologies Ltd. Announces Closing of Upsized $12 Million Registered Direct Offering

EZGO Technologies Ltd. (Nasdaq: EZGO) (“EZGO” or the “Company”), a leading short-distance transportation solutions provider in China, today announced that it has closed a registered direct offering of an aggregate of 2,564,102 units of its securities (each, a “Unit”), with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.7 ordinary share for aggregate gross proceeds of approximately $12 million. The warrants are exercisable immediately, have an exercise price of $4.68 per share and expire two years from the date of issuance.

After deducting the placement agent’s commissions and other offering expenses payable by EZGO, the net proceeds to the Company are approximately $10.9 million. EZGO has approximately 13,402,602 ordinary shares outstanding after the offering. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes.

FT Global Capital, Inc. is acting as the exclusive placement agent in connection with the offering. Ellenoff Grossman & Schole LLP acted as counsel to the Company and Sheppard Mullin LLP acted as counsel to the Placement Agent in connection with the offering.

The offering was made pursuant to a registration statement on Form F-1 (SEC File No. 333-256311), previously filed with the Securities and Exchange Commission (“SEC”) on May 20, 2021, subsequently amended and declared effective on May 26, 2021, and an additional registration statement on Form F-1 (File No. 333-256525) filed on May 27, 2021 pursuant to Rule 462(b) of the Securities Act of 1933, as amended, which became effective automatically upon filing. A prospectus describing the terms of the offering have been filed with the SEC and is available on the SEC’s website located at www.sec.gov.

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

Source: EZGO Technologies Ltd.