EZGO Announces Closing of $9.6 Million Registered Direct Offering

CHANGZHOU, China, Sept. 13, 2023 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq:EZGO) ("EZGO" or the "Company"), a leading short-distance transportation solutions provider in China, today announced the closing of its previously announced registered direct offering with certain institutional investors for the purchase and sale of 8,498,125 ordinary shares, along with associated warrants (as further described herein) at a combined purchase price of $1.13 per ordinary share and associated warrants. Each one ordinary share was sold together with one common warrant exercisable for one ordinary share at an exercise price of $1.13 per ordinary share and four exchange warrants each exercisable for one ordinary share at an exercise price of $1.13 per ordinary share. The common warrants and exchange warrants each have a three-year term. In addition to the customary cashless exercise rights provided in both the common warrants and the exchange warrants, the exchange warrants also provide an alternate right to exercise on a cashless exercise basis to receive the total number of ordinary shares which the holder would have received if exercised, in full, for cash.