SRIVARU Holding Limited (SVMH)
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SRIVARU (SVMH) Announces Closing of Upsized $6.8 Million Underwritten Public Offering
GRAND CAYMAN, Cayman Islands, Oct. 31, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (Nasdaq: SVMH, SVMHW) (“SRIVARU” or the “Company”), a manufacturer of premium electric motorcycles, today announced the closing of its previously announced public offering of 106,250,000 units at a public offering price of $0.064 per unit. Each unit consists of one ordinary share and one warrant to purchase one ordinary share, which can be exercisable for two ordinary shares pursuant to an alternative cashless exercise provision. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 15,937,500 ordinary shares and 15,937,500 warrants to cover over-allotments at the public offering price, less the underwriting discount. The warrants will be exercisable on the date of shareholder approval at a price of $0.096 per share and will expire five years from the date of shareholder approval. The ordinary shares and accompanying warrants could only be purchased together in this public offering, but were issued separately and were immediately separable upon issuance. Gross proceeds to the Company, before deducting underwriting commissions and other offering expenses, were approximately $6.8 million.
SRIVARU (SVMH) Announces Pricing of Upsized $6.8 Million Underwritten Public Offering
GRAND CAYMAN, Cayman Islands, Oct. 30, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (Nasdaq: SVMH, SVMHW) (“SRIVARU” or the “Company”), a manufacturer of premium electric motorcycles, today announced the pricing of its public offering of 106,250,000 units at a public offering price of $0.064 per unit. Each unit consists of one ordinary share and one warrant to purchase one ordinary share, which can be exercisable for two ordinary shares pursuant to an alternative cashless exercise provision. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 15,937,500 ordinary shares and 15,937,500 warrants to cover over-allotments at the public offering price, less the underwriting discount. The common warrants will be exercisable on the date of shareholder approval at a price of $0.096 per share and will expire five years from the date of shareholder approval. The ordinary shares and accompanying warrants can only be purchased together in this public offering, but will be issued separately and will be immediately separable upon issuance. Gross proceeds to the Company, before deducting underwriting commissions and other offering expenses, are expected to be $6.8 million. The offering is expected to close on October 31, 2024, subject to the satisfaction of customary closing conditions.
SRIVARU (SVMH) Expands to Kerala, a Leading State in EV Adoption in India, with Innovative Joint Dealership for PRANA 2.0 Electric Motorcycles in Thiruvananthapuram
GRAND CAYMAN, Cayman Islands, Oct. 23, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (Nasdaq: SVMH, SVMHW) (“SRIVARU” or the “Company”), a manufacturer of premium electric motorcycles, today announced its expansion into the Indian State of Kerala with the launch of its PRANA 2.0 electric motorcycle through a new joint dealership with Electrogreen Motors in Thiruvananthapuram, Kerala's capital.
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SRIVARU Holding Limited Profile
| Auto - Manufacturers Industry | Consumer Cyclical Sector | Mohanraj Ramasamy CEO | NASDAQ (NMS) Exchange | KYG8403L1361 ISIN |
| KY Country | 45 Employees | - Last Dividend | 11 Dec 2023 Last Split | - IPO Date |
Overview
SRIVARU Holding Limited is an innovative company that stands at the forefront of the electric vehicle (EV) industry in India. With a focus on the development, manufacturing, and sale of electric vehicles, SRIVARU Holding Limited has made significant strides in promoting sustainable and eco-friendly transportation solutions. Situated in Grand Cayman, Cayman Islands, the company has carved a niche for itself by offering electric two-wheelers (E2W), along with a range of related products, accessories, and value-added services, under the highly regarded Prana brand name.
Products and Services
- Electric Two-Wheeled (E2W) Vehicles:
SRIVARU Holding Limited specializes in electric two-wheeled vehicles, catering to the evolving needs of environmentally conscious consumers. These E2Ws, marketed under the Prana brand, are known for their efficiency, performance, and contribution to reducing carbon footprints. Designed to meet the diverse needs of the Indian market, Prana E2Ws offer a sustainable alternative to traditional gasoline-powered motorcycles and scooters.
- Related Products and Accessories:
In addition to electric vehicles, SRIVARU Holding Limited provides a comprehensive range of related products and accessories. This includes spare parts for maintenance, upgrades, and customization options to enhance the functionality and aesthetics of their E2Ws. From safety equipment like helmets and gloves to performance-boosting components, customers can find everything they need to personalize their Prana electric two-wheeler experience.
- Value-Added Services:
The company goes beyond merely selling electric vehicles by offering a suite of value-added services. This encompasses after-sales support, maintenance services, and warranty facilities, ensuring that Prana owners receive the utmost care and assistance for their E2Ws. SRIVARU Holding Limited prides itself on delivering exceptional customer service and technical support, fostering a community of satisfied and loyal customers.
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