Life Electric Vehicles Holdings, Inc. Announces Share Exchange

Life Electric Vehicles Holdings, Inc. (OTC Pink: LFEV) (“Life EV Nevada”) announced on April 17, 2023, that the proposed exchange of shares of its capital stock for shares of Life Electric Vehicles, Inc. (“Life EV Florida”) capital stock will move forward pursuant to an amended Share Exchange Agreement. The shares exchanged by Life EV Florida’s shareholders will represent approximately 40% of Life EV Florida’s equity.

Under the terms of the Share Exchange Agreement, 40% of each of the related shares of Life EV Florida will exchange as follows: (i) each share of Life EV Florida’s common stock will be exchanged for a five year pre-funded warrant to acquire thirty-five shares of Life EV Nevada common stock (ii) each share of Life EV Florida’s Class FS Preferred Stock will be exchanged for one (1) share of Life EV Nevada Class FS Preferred Stock and (iii) each share of Life EV Florida Class A, B, C, D and E Preferred Stock will be exchanged for one (1) share of Life EV Nevada Class C Preferred Stock.

As a result of the share exchange, Life EV Florida will become a 40% owned subsidiary of Life EV Nevada. The shareholders of Life EV Florida will 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 outstanding share of the common stock of Second Street Capital, Inc. was converted into one share of common stock of Life Electric Vehicles Holdings, Inc.. Second Street Capital prior had undergone a change of control in 2021 with Life Electric Vehicles, Inc. having acquired 71.1% of Second Street Capital Inc.'s outstanding common stock.

In 2022, Life Electric Vehicles Holdings, Inc. formed Sierra eLife, Inc.  as a wholly owned subsidiary.  Sierra eLife, Inc. sells electric vehicles and component parts on a wholesale and retail basis in addition to Private Label manufacturing. Sierra eLife, Inc. markets multiple brands of e-bikes, e-trikes, e-scooters, and light EV components with a view towards becoming an industry leader for the American micro-mobility market. Sierra eLife has recently become an Authorized Distributor for Serial 1, Life EV, Emojo, Runner X and E-Tek. Sierra eLife, Inc.’s Mission: To provide the world with electric vehicles, and change people’s lifestyle by experiencing the freedom of light electric vehicles.

About Life Electric Vehicles, Inc.: Life Electric Vehicles, Inc. is a Florida based corporation, involved in the design, manufacturing and commercialization of electric vehicles, with a current emphasis on electric bicycles “eBikes”. Electric bicycles have become the leading selling EV in both the USA and Europe. Life EV manufactures its products utilizing a foreign-trade zone process, eliminating duties and tariffs in most cases and allowing for a USA Certificate of Origin. Life Electric Vehicles, Inc.’s leadership team has vast eMobility manufacturing experience having founded prior the USA’s largest eBike manufacturer.

Life Electric Vehicles, Inc. has recently executed a Purchase Agreement to acquire a leading eBike brand with approximately $50mm in revenues in the prior 2 years. The closing is anticipated to occur in the next 45 days.