Shares of Ayro Inc. (NASDAQ: AYRO) plummeted by 23.49% during the trading session on Tuesday. The firm has disclosed that it has completed the listed direct offering for a total of $10 million in gross profits with the unit of Wanxiang America, Carnegie Hudson Resources, and other institutional investors.
Wanxiang America is the owner of Karma Automotive. Karma Automotive Innovation and Customization Center (KICC) has earlier entered into a strategic partnership contract with AYRO. The grant of KICC in AYRO will give the firm access to the global supply chain of Wanxiang. Palladium Capital Group, LLC and Spartan Capital Securities, LLC acted as advisors to the offering.