TORONTO, May 26, 2023
/CNW/ - E Automotive Inc. d/b/a EINC (TSX: EINC)
("EINC" or the "Company") announced today that
it will take up and purchase for cancellation 1,317,239 of its
common shares (the "Common Shares") at a purchase price of
C$3.50 per Common Share under the
Company's substantial issuer bid (the "Offer"), for
aggregate consideration of approximately C$4.61 million.
Common Shares purchased under the Offer represent approximately
2.49% of the issued and outstanding Common Shares on a non-diluted
basis as at April 18, 2023, when the
terms of the Offer were announced. After giving effect to the Offer
and the Company's private placement of Common Shares to finance the
Offer, 57,767,448 Common Shares will be issued and outstanding.
A total of 1,317,239 Common Shares were properly tendered to the
Offer and not withdrawn. Payment for the purchased Common Shares
will be effected by TSX Trust Company (the "Depositary") in
accordance with the Offer and applicable law.
The full details of the Offer are described in the offer to
purchase and issuer bid circular dated April
18, 2023, as well as the related letter of transmittal and
notice of guaranteed delivery, copies of which were filed and are
available on SEDAR at www.sedar.com.
This news release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell Common Shares.
About EINC
EINC's mission is to optimize the online vehicle buying,
selling, and management experience for automotive dealers and
consumers. EINC has a digital platform (the "Platform") that
provides automotive dealerships with access to an online wholesale
auction marketplace where they can purchase or sell vehicles to
other dealers, as well as access innovative software solutions to
support dealers' digital retailing and inventory management. Access
to EINC's Platform is complemented by ancillary service offerings
to assist dealers with supplementary auction-related needs,
including driving consumer traffic to their digital properties and
optimizing other business processes. E Inc.'s digital wholesale
marketplace goes to market under the brand EBlock, and EINC's
digital retail suite of products goes to market under the brand
EDealer.
SOURCE E Automotive Inc.