Life Electric Vehicles Holdings, Inc. Announces Acquisition of 40% Equity Interest in LEV ManufacturingAcquisition, Merger, Takeover Announcement | 12/05/2023
DEERFIELD BEACH, FL, December 5, 2023 - Life Electric Vehicles Holdings, Inc. (OTC Pink: LFEV) ("Life EV Nevada") announced on December 5, 2023, that it has completed the previously announced exchange of shares of its capital stock for shares of LEV Manufacturing, Inc. (formerly known as Life Electric Vehicles, Inc.) capital stock pursuant to an amended Share Exchange Agreement. The shares exchanged by LEV Manufacturings shareholders represent approximately 40% of LEV Manufacturings equity.
Under the terms of the amended Share Exchange Agreement, 40% of each class of capital stock of LEV Manufacturing, Inc. (LEV Manufacturing) was exchanged as follows: (i) each share of LEV Manufacturings common stock was exchanged for a five year warrant to purchase thirty-five shares of Life EV Nevada common stock at an exercise price of $.0001 per share, (ii) each share of LEV Manufacturing Class A, B, C, D and E Preferred Stock was exchanged for one (1) share of Life EV Nevada Series C Preferred Stock and (iii) each share of LEV Manufacturings Class FS Preferred Stock was exchanged for one (1) share of Life EV Nevada Series FS Preferred Stock.
A total of 3,500,000 shares of Series C Preferred Stock, 200,000 shares of Series FS Preferred Stock and Warrants to purchase a total of 79,529,555 shares of Life EV Nevada Common Stock were issued to LEV Manufacturing shareholders in the share exchange. Each share of Life EV Nevadas Series C Preferred Stock is convertible into 35 shares of Life EV Nevada Common Stock. Each share of Life EV Nevadas Series FS Preferred Stock is convertible into 350 shares of Life EV Nevada Common Stock.
As a result of the share exchange, LEV Manufacturing is now a 40% owned subsidiary of Life EV Nevada. The shareholders of LEV Manufacturing own shares representing over 90% of the voting power of Life EV Nevada.
About Life Electric Vehicles Holdings, Inc.: Life Electric Vehicles Holdings, Inc. is a Nevada corporation, having completed a reincorporation from New Jersey to Nevada in 2022. The reincorporation was accomplished by the merger of Second Street Capital, Inc., a New Jersey corporation, with and into its wholly owned subsidiary, Life Electric Vehicles Holdings, Inc., a Nevada corporation. As a result of the reincorporation, the issuers name was changed to Life Electric Vehicles Holdings, Inc. and each outstanding share of the common stock of Second Street Capital, Inc. was converted into one share of common stock of Life Electric Vehicles Holdings, Inc. Second Street Capital had previously undergone a change of control in 2021 with Life Electric Vehicles, Inc. having acquired 71.1% of Second Street Capital Inc.'s outstanding common stock.
In 2023, Life Electric Vehicles Holdings, Inc. formed E-Life Distributors, LLC, as a wholly owned subsidiary. E-Life Distributors sells electric vehicles and component parts on a wholesale and retail basis in addition to Private Label manufacturing. E-Life Distributors will market multiple brands of e-bikes, e-trikes, e-scooters, and light EV components with a view towards becoming an industry leader for the American micro-mobility market. E-Life Distributors has recently become an Exclusive Distributor for Life EV, Outlaw, Islander and ProdecoTech and entered an Exclusive Distribution Agreement to sell Serial 1 Cycle Company E-Bikes to the North America Independent Bicycle Dealers channel.
About LEV Manufacturing, Inc.: LEV Manufacturing, Inc. is a Florida based corporation, involved in the design, manufacturing and commercialization of electric vehicles, with a current emphasis on electric bicycles eBikes. Electric bicycles have become the leading selling EV in both the USA and Europe. LEV Manufacturing manufactures its products utilizing a foreign-trade zone process, eliminating duties and tariffs in most cases and allowing for a USA Certificate of Origin. LEV Manufacturing, Inc.s leadership team has vast eMobility manufacturing experience having founded prior the USAs largest eBike manufacturer.
In July 2023, LEV Manufacturing acquired a 91.01% equity and control position in Serial 1 Cycle Company, LLC, a United States based designer and developer of E-Bikes. Serial 1 Cycle Company is an electric bicycle company developed by Harley Davidson. The current Serial 1 bikes are marked: powered by Harley Davidson.
