AYRO terminates Club Car procurement agreement; receives Nasdaq bid price extension

Fabric.AI, Inc.

Terminated exclusive MPA with Club Car after it failed to meet 500-vehicle annual minimum for 2020-2022.
No termination penalties incurred by AYRO or its subsidiary AYRO Operating.
Nasdaq granted additional 180-day compliance period for minimum bid price until October 2, 2023.
Company intends to cure bid price deficiency via reverse stock split if necessary.
Previous compliance period ended April 3, 2023; stock remains below $1.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Fabric.AI, Inc. terminated Master Procurement Agreement with Club Car LLC valued at Termination of exclusive right to sell AYRO 411 Fleet vehicles in North America; no termination pena (effective 2023-04-04).

Action: termination
Agreement: supply
Counterparty: Club Car LLC
Value: Termination of exclusive right to sell AYRO 411 Fleet vehicles in North America; no termination pena
Effective: 2023-04-04

Exact text from the filing

Company”), entered into a master procurement agreement (the “MPA”) with Club Car LLC (“Club Car”). The MPA grants Club Car the exclusive right to sell the Company’s 411 and 411x vehicles (the “AYRO 411 Fleet”) in North

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Fabric.AI, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-011654

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