TEL AVIV - REE Automotive Ltd. (NASDAQ:REE), an innovator in electric vehicle technology, has announced an underwritten public offering of 2,000,000 Class A ordinary shares at a price of $6.50 each. The offering, which is expected to close on March 5, 2024, could increase by up to 300,000 additional shares if the underwriter exercises an over-allotment option within 20 days.
Roth Capital Partners is serving as the sole book-running manager for the transaction. REE Automotive plans to allocate the net proceeds from the offering for general corporate purposes, which include working capital as well as the progression of product development and commercialization efforts.
This offering follows a shelf registration statement filed with the Securities and Exchange Commission (SEC) on August 16, 2022, which became effective on August 25, 2022. A preliminary prospectus supplement related to the offering has been filed with the SEC. Potential investors are advised to thoroughly review the preliminary prospectus supplement, the accompanying prospectus, and other documents filed with the SEC before making any investment decisions.
REE Automotive is recognized for its modular electric vehicle platforms that feature the proprietary REEcorner technology, which integrates critical vehicle components into a single module. This design allows for a flat EV platform, maximizing space for passengers, cargo, and batteries. The company's by-wire technology for drive, steer, and brake control is also noteworthy for eliminating mechanical connections, making it the first to certify a fully by-wire vehicle in the US.
While this press release contains forward-looking statements regarding REE's expectations and future events, such statements are based on current information and may be subject to change. Investors should consider the risks and uncertainties that could affect the company's performance, detailed in the SEC filings, before investing.
REE's offering announcement comes as the electric vehicle industry continues to grow, with companies seeking to capitalize on the increasing demand for environmentally friendly transportation solutions. The company's approach to vehicle design and technology positions it within a competitive market where innovation and efficiency are key to success.
This article is based on a press release statement from REE Automotive Ltd.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.