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Life Electric Vehicles Holdings, Inc. Announces Acquisition of 40% Equity Interest in LEV Manufacturing
Life Electric Vehicles Holdings, Inc. Announces Acquisition of 40% Equity Interest in LEV Manufacturing.
About this update from Life Electric Vehicles Holdings Inc.
[{"type":"text","content":"DEERFIELD BEACH, FL, December 5, 2023 - Life Electric Vehicles Holdings, Inc. (OTC Pink: LFEV) (“Life EV Nevada”) announced on December 5, 2023, that it has completed the previously announced exchange of shares of its capital stock for shares of LEV Manufacturing, Inc. (formerly known as Life Electric Vehicles, Inc.) capital stock pursuant to an amended Share Exchange Agreement. The shares exchanged by LEV Manufacturing’s shareholders represent approximately 40% of LEV Manufacturing’s equity.Under the terms of the amended Share Exchange Agreement, 40% of each class of capital stock of LEV Manufacturing, Inc. (“LEV Manufacturing”) was exchanged as follows: (i) each share of LEV Manufacturing’s common stock was exchanged for a five year warrant to purchase thirty-five shares of Life EV Nevada common stock at an exercise price of $.0001 per share, (ii) each share of LEV Manufacturing Class A, B, C, D and E Preferred Stock was exchanged for one (1) share of Life EV Nevada Series C Preferred Stock and (iii) each share of LEV Manufacturing’s Class FS Preferred Stock was exchanged for one (1) share of Life EV Nevada Series FS Preferred Stock.A total of 3,500,000 shares of Series C Preferred Stock, 200,000 shares of Series FS Preferred Stock and Warrants to purchase a total of 79,529,555 shares of Life EV Nevada Common Stock were issued to LEV Manufacturing shareholders in the share exchange. Each share of Life EV Nevada’s Series C Preferred Stock is convertible into 35 shares of Life EV Nevada Common Stock. Each share of Life EV Nevada’s Series FS Preferred Stock is convertible into 350 shares of Life EV Nevada Common Stock.As a result of the share exchange, LEV Manufacturing is now a 40% owned subsidiary of Life EV Nevada. The shareholders of LEV Manufacturing own shares representing over 90% of the voting power of Life EV Nevada.About Life Electric Vehicles Holdings, Inc.: Life Electric Vehicles Holdings, Inc. is a Nevada corporation, having completed a reincorporation from New Jersey to Nevada in 2022. The reincorporation was accomplished by the merger of Second Street Capital, Inc., a New Jersey corporation, with and into its wholly owned subsidiary, Life Electric Vehicles Holdings, Inc., a Nevada corporation. As a result of the reincorporation, the issuer’s name was changed to Life Electric Vehicles Holdings, Inc. and each outstan...