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Monday, April 17, 2023 9:30:13 PM
Life Electric Vehicles Holdings, Inc. (OTC Pink: LFEV) ("Life EV Nevada") announced on April 17, 2023, that the proposed exchange of shares of its capital stock for shares of Life Electric Vehicles, Inc. ("Life EV Florida") capital stock will move forward pursuant to an amended Share Exchange Agreement. The shares exchanged by Life EV Floridas shareholders will represent approximately 40% of Life EV Floridas equity.
Under the terms of the Share Exchange Agreement, 40% of each of the related shares of Life EV Florida will exchange as follows: (i) each share of Life EV Floridas common stock will be exchanged for a five year pre-funded warrant to acquire thirty-five shares of Life EV Nevada common stock (ii) each share of Life EV Floridas Class FS Preferred Stock will be exchanged for one (1) share of Life EV Nevada Class FS Preferred Stock and (iii) each share of Life EV Florida Class A, B, C, D and E Preferred Stock will be exchanged for one (1) share of Life EV Nevada Class C Preferred Stock.
As a result of the share exchange, Life EV Florida will become a 40% owned subsidiary of Life EV Nevada. The shareholders of Life EV Florida will own shares representing over 90% of the voting power of Life EV Nevada.
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