AYRO Announces Results of Annual Meeting of Stockholders and Provides Summary of Business Update
16 December 2021 - 1:25AM
AYRO, Inc. (Nasdaq: AYRO) (“AYRO” or the “Company”), a designer and
manufacturer of electric, purpose-built delivery vehicles and
solutions for micro distribution, micro mobility, and last-mile
delivery, announces results from its Annual Meeting of Stockholders
held on December 14, 2021.
Seven directors (Thomas M. Wittenschlaeger,
Joshua Silverman, Wayne R. Walker, George Devlin, Sebastian
Giordano, Zvi Joseph, and Greg Schiffman) were elected to serve a
one-year term on the Board.
The appointment of Friedman LLP as AYRO’s
independent registered public accounting firm for the fiscal year
ending December 31, 2021 was ratified.
Additionally, CEO Thomas M. Wittenschlaeger
provided a business update to shareholders. Here is a summary of
discussion topics covered in the business update:
- Record revenue, driven by record
unit shipments, is expected for the fourth quarter of 2021.
- Since being named CEO in late
September 2021, Mr. Wittenschlaeger has led an evaluation of all
aspects of AYRO’s business at every level, examining both revenue
and expenses, existing and potential partnerships, and overall
strategy from a product portfolio standpoint.
- Due to supply chain disruptions and
escalating shipping costs, AYRO expects to undergo a process of
on-shoring the sourcing of components for the Club Car Current, its
low-speed electric vehicle (EV), from Asia to North America.
- A process of evaluating and
clarifying products targeted at both the low-speed vehicle (LSV)
and high-speed vehicle (HSV) markets is underway to ensure that
AYRO is targeting the highest value-add components possible within
the EV and delivery markets. This holistic examination includes the
evaluation of the vehicle component themselves for both the LSV and
HSV market segments.
- An evaluation of AYRO’s current
partnerships with Club Car, Gallery Carts, and Element Fleet
Management is underway to ensure these partnerships are bringing
optimized value to the Company and properly leveraging their
respective expertise.
- AYRO is evaluating its cost
structure to better align its expenses with its product development
cycle. Additionally, the Company will consolidate its Austin
manufacturing and office footprints.
A transcript of Mr. Wittenschlaeger’s business
update is attached as an exhibit to a Current Report on Form 8-K
that was previously filed by the Company with the SEC, and can be
read
here:https://www.sec.gov/ix?doc=/Archives/edgar/data/0001086745/000149315221031394/form8-k.htm
About AYRO,
Inc.
Texas-based AYRO, Inc. designs and produces
all-electric, purpose-built vehicles that are powered by technology
and usable by anyone. Driven by insight gained from partners,
customers, and research, AYRO delivers profitable and sustainable
e-delivery solutions that empower organizations to enable
sustainable fleets that extend both their brand value and
exceptional user experience throughout the delivery process.
Founded in 2017 by entrepreneurs, investors, and executives with a
passion for creating sustainable electric vehicle solutions, AYRO
is focused on adaptable, eco-friendly solutions that can impact
change in campus, micro distribution, micro mobility, and last-mile
delivery. For more information, visit: www.ayro.com.
Forward-Looking Statements
This press release may contain forward-looking
statements. These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to be materially
different from any expected future results, performance, or
achievements. Words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “may,” “plan,” “will,” “would” and their
opposites and similar expressions are intended to identify
forward-looking statements and include the expected value of the
purchase order and the assembly, customization and offering of
vehicles by AYRO’s strategic partners. Such forward-looking
statements are based on the beliefs of management as well as
assumptions made by and information currently available to
management. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements include, without limitation: the ability of AYRO’s
suppliers to deliver parts and assemble vehicles; the ability of
the purchaser to terminate or reduce purchase orders; AYRO has a
history of losses and has never been profitable, and AYRO expects
to incur additional losses in the future and may never be
profitable; the impact of public health epidemics, including the
COVID-19 pandemic; the market for AYRO’s products is developing and
may not develop as expected and AYRO, accordingly, may never meet
its targeted production and sales goals; AYRO’s limited operating
history makes evaluating its business and future prospects
difficult and may increase the risk of any investment in its
securities; AYRO may experience lower-than-anticipated market
acceptance of its vehicles; developments in alternative
technologies or improvements in the internal combustion engine may
have a materially adverse effect on the demand for AYRO’s electric
vehicles; the markets in which AYRO operates are highly
competitive, and AYRO may not be successful in competing in these
industries; AYRO relies on and intends to continue to rely on a
single third-party supplier in China for the sub-assemblies in
semi-knocked-down state for all of its vehicles; AYRO may become
subject to product liability claims, which could harm AYRO’s
financial condition and liquidity if AYRO is not able to
successfully defend or insure against such claims; increases in
costs, disruption of supply or shortage of raw materials, in
particular lithium-ion cells, could harm AYRO’s business; AYRO may
be required to raise additional capital to fund its operations, and
such capital raising may be costly or difficult to obtain and could
dilute AYRO stockholders’ ownership interests, and AYRO’s long term
capital requirements are subject to numerous risks; AYRO may fail
to comply with environmental and safety laws and regulations; and
AYRO is subject to governmental export and import controls that
could impair AYRO’s ability to compete in international market due
to licensing requirements and subject AYRO to liability if AYRO is
not in compliance with applicable laws. A discussion of these and
other factors with respect to AYRO is set forth in our most recent
Annual Report on Form 10-K and subsequent reports on Form 10-Q.
Forward-looking statements speak only as of the date they are made
and AYRO disclaims any intention or obligation to revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For
media inquiries: |
For investor
inquiries: |
Chelsea Lauber |
Joseph Delahoussaye III |
for AYRO, Inc. |
for AYRO Inc. |
ayro@antennagroup.com |
investors@ayro.com |
|
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