Envirotech Vehicles Inc (EVTV)

[LexTrader]

At the first closing of the PIPE Financing on December 29, 2020, the Company raised aggregate gross cash proceeds of $5,425,000. The second closing resulted in the sale and issuance of 38,333,333 shares of the Company's common stock at a purchase price equal to $0.45 per share and warrants to purchase up to an aggregate of 19,166,667 shares of its common stock at an exercise price of $1.00 per share, which resulted in $16,275,001 cash proceeds. The share and warrant amounts in the second closing include 2,166,666 shares and 1,083,330 warrants issued in lieu of paying $975,000 of placement agent fees in cash.