AYRO raises $22M via convertible preferred stock and warrants from existing investors

Fabric.AI, Inc.

Gross proceeds $22M from sale of 22,000 Series H-7 convertible preferred shares (stated value $1,000) and warrants for 22M common shares.
Conversion/exercise price $1.00 per share, a ~39% premium to Aug 7 close of $0.72.
Preferred shares carry 8% annual dividend, redeemable in 12 monthly installments starting Feb–Aug 2024/2025 at 105% of stated value or in stock.
Net proceeds to fund development and manufacturing ramp of Vanish LSEV and general corporate purposes.
Stockholder approval required for full conversion/warrant exercise; officers holding ~3.9% shares agree to vote in favor.

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