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Palladium Capital Serves as Financial Advisor to $41,800,000 Registered Direct Offering by AYRO, Inc. (NASDAQ: AYRO)

Feb. 11, 2021:

Palladium Capital Group, LLC  served as financial advisors to AYRO, Inc. for the following transaction.

AYRO, Inc. (the “Company”) (NASDAQ: AYRO), a manufacturer of light-duty, emissions-free electric vehicles, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 4,400,001 shares of the Company’s common stock, at a purchase price of $9.50 per share, in a registered direct offering priced at-the-market under Nasdaq rules. In addition, the Company granted to the investors in the offering the right to acquire an aggregate of 3,300,001 shares of the Company’s common stock at a purchase price of $11.50 per share until the one-year anniversary of the closing date of the offering. The closing of the offering is expected to occur on or about February 16, 2021, subject to the satisfaction of customary closing conditions.

The gross proceeds to the Company from this offering are expected to be approximately $41,800,000, before deducting financial advisory fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

The shares of common stock are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-251001) previously filed with the Securities and Exchange Commission (the “SEC”) on November 27, 2020, and declared effective by the SEC on December 2, 2020. The offering of the securities is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov .

Palladium Capital Group, LLC and Spartan Capital Securities, LLC acted as financial advisors to AYRO, Inc. in connection with the offering.

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

About AYRO

Texas-based AYRO, Inc., designs and delivers compact, emissions-free electric fleet solutions for use within urban and short-haul markets. Capable of accommodating a broad range of commercial and consumer requirements, AYRO’s vehicles are the emerging leaders of safe, affordable, efficient and sustainable logistical transportation. AYRO was founded in 2017 by entrepreneurs, investors, and executives with a passion to create sustainable urban electric vehicle solutions for Campus Management, Last Mile Delivery, Urban Commuting, and Closed Campus Transport. For more information, visit: www.ayro.com

To view our vehicles, visit: https://ayro.com/media